Nuchev Limited reported a remarkable FY25 with revenue doubling to $22.9 million, driven by strong growth in Oli6® Nutritional sales and the acquisition of bWellness. The company improved margins, reduced losses, and expanded into new international markets including Vietnam.
- Revenue surged 110% to $22.9 million
- Net contribution margin improved to 26%, up 2,176 basis points
- Adjusted EBITDA loss narrowed by 49% to $3.2 million
- Practitioner channel sales from bWellness reached $8.5 million
- International expansion into Vietnam and China CBEC markets
Strong Revenue Growth and Margin Expansion
Nuchev Limited has delivered a standout performance for the financial year ended 30 June 2025, doubling its revenue to $22.9 million. This surge was largely driven by a 31% increase in sales of its flagship Oli6® Nutritional products, alongside the successful integration of the bWellness acquisition, which contributed $8.5 million in sales through the Practitioner channel. The company’s net contribution margin rose sharply to 26%, reflecting both organic growth and a favourable product mix shift towards higher-margin offerings.
Path to Profitability Evident in Improved Earnings
While Nuchev remains in a loss position, the adjusted EBITDA loss narrowed by nearly half to $3.2 million, and operating loss after tax was reduced by 48%. These improvements underscore the company’s disciplined cost control, efficient working capital management, and strategic focus on higher-margin channels. The general and administrative cost ratio improved significantly, supporting a leaner operating model as the business scales.
Strategic Acquisitions and Channel Diversification
The acquisition of bWellness has been a pivotal move, providing Nuchev with a foothold in the Practitioner channel, which offers higher margins and a diversified revenue base. The company has already initiated new product development projects within this channel, aiming to accelerate growth and deepen market penetration. This diversification complements the strong retail presence of Oli6® in major Australian grocery and pharmacy chains such as Coles, Woolworths, and Chemist Warehouse.
International Expansion Gains Traction
Nuchev’s international ambitions are taking shape with the launch of Oli6® in Vietnam, generating $1.6 million in revenue in its first year. The company’s strategic distribution agreement with H&S Group continues to unlock growth in China’s cross-border e-commerce market, with sales up 4% year-on-year to $6.4 million. These moves position Nuchev well to capitalize on high-growth markets in Asia, diversifying its geographic footprint beyond Australia and New Zealand.
Outlook and Strategic Focus
CEO Nathan Cheong highlighted FY25 as a transformative year, marking Nuchev’s evolution into a diversified wellness business spanning infant nutrition, practitioner-led therapeutics, and retail pharmacy. Despite macroeconomic headwinds, the company remains focused on disciplined execution, innovation-led growth, and progressing toward profitability. The recent capital injection from the conversion of performance options further strengthens the balance sheet, supporting ongoing expansion and product development initiatives.
Bottom Line?
Nuchev’s FY25 results signal a clear trajectory toward profitability, but execution risks and market conditions will test its growth momentum in FY26.
Questions in the middle?
- How will Nuchev sustain growth and margin improvements amid global economic uncertainties?
- What new products are in the pipeline for the Practitioner channel and how soon will they impact sales?
- How significant will the Vietnam and broader Asian market expansions be to Nuchev’s long-term revenue mix?