Provexis Share Discussion Threads

[winner31] 16/4/2024 13:27

By health now have a “going global “policy ………;…….
Byhealth Co.,Ltd
+0.31%
Gelonghui, April 16 | Tomson Beijian (300146.SZ) said on the investor interactive platform that the company adheres to the omni-channel single focus strategy for multiple brands and categories, and will establish a network-wide digital media center and digital platform for members through the establishment of a group digital marketing center to strengthen the Group's overall e-commerce strategy and enable high-quality omnichannel growth. The company implements a “going global” strategy, continues to explore the core market in Southeast Asia, and lays out traditional pharmacy channels, cross-border and local e-commerce channels in many countries. Currently, the volume of overseas business is still relatively small.

[redprince] 28/3/2024 11:10

Bareknee - agreed on all points.Personally my gut view is that we are likely to need funds one way or another regarding funding the By-Health raw ingredients stock up prior to launch.Good to see that shelf life is not an issue and that DSM see value in taking paper from us as opposed to cash!

[bareknee] 28/3/2024 09:56

It gets us over a hump RedPrince.

If, putting aside stock issues, the business can become cash generative, then it's a trick we can repeat as sales hopefully grow, but it's a bit early to say we're at that point yet. I'd hoped we'd be much closer to break even pre ByHealth buying stock than we actually seem to be, but I suspect we're still loss making and the Annual Report in Sept will still have the "... while we remain loss-making ..." kind of line in it.

However, today's news is good news because it removes one, well probably two, uncertainties, one on funding and the other on shelf life.

[redprince] 28/3/2024 09:17

Not clear if todays rns means funding issues have been entirely resolved?So far the market seems content with the placing anyway.

[winner31] 28/2/2024 17:25

Over 6 months since submission to Samr . Can we hope to hear something soon !!

[gix er] 21/2/2024 07:30

The registration process (Blue Cap)is for an unknown number of products but these product registration applications should have been accepted by the CFE/SAMR at the same time as the new health function application.

How far down the road we are is any ones guess :(

[winner31] 20/2/2024 10:12

Registration process . 1/Data evaluation, data gap analysis, and literature search for the formula
2/Writing testing proposals, sending samples to certified labs
3/Translation and notarization of certifying documents
4/Dossier preparation and submission
5/Tracking the registration status and communication with SAMR Surely if stage 4 /was in August 23 we must be at 5/ by now .!!

[redprince] 03/2/2024 07:45

IF is competent in the day to day but he is imo deliberately opaque about a number of things - the way the royalties have been hidden including our own FF - nothing about the accounts makes easy reading if you want to try and actually understand the fundamentals.I am an acountant and acounts are meant to inform the reader as to the true financial position of an entity.

There was imo a deliberate obscuring of the true contribution FF+ by not disclosing the marketing support from DSM separately - i believe this was done to flatter the actual contribution from FF+.

Another reason why its really impossible to gain a true understanding of any growth has been purchases of stock and timing of marketing support which have a massive distortion on any given period.

Frankly i gave up trying to understand ours long ago.

As for hiding things - well he hid himself in Australia for literally years didn't he.

[gix er] 02/2/2024 07:00

BB,
Confidentiality clauses and agreements. But I do think IF hides behind this a little too much.

[bareknee] 01/2/2024 19:58

Gixer

If it was paid annually then I'm pretty sure it would be accrued for in the accounts and show as a liability, which he could have easily said.

I quite like Ford, there are far worse Chief Execs out there, but he does tend to paint a slightly rosy picture in the main text of the Reports while, at the same time, letting the text in the Going Concern section cover the "still loss making" part of the equation !

I feel for him a bit, he must be continually spinning plates to keep the show on the road, but then I remember he's getting well paid for doing so and my sympathy dies down a bit !

However, his way of ( not really ) communicating does make me wary of putting in any significant cash in here.

I'm just thinking out loud though !

[gix er] 01/2/2024 19:00

BB,
There is no reason not to say how the royalty was reported (IMO) as we would never figure out how much we are giving DSM anyway.
On the other hand, if we pay it annually then it wouldn't have been reported in the interim results and he might not want to make that info available to individuals looking for clarification.

[bareknee] 01/2/2024 17:25

180k a year for a business which keeps losing money is plainly not great, but who can blame him for keep taking the cash ? In his position, I'd probably do the same.

I do sometimes thinks he puts things into the Reports / RNSs knowing they are likely to be picked up on by PIs as being positive but aren't really that big a deal.

Case in point the diminishing, over 4 years, royalties we're due to pay DSM. I emailed him asking if he could confirm my assumption that be in "Selling and Distribution Costs" and didn't even get a reply saying "Sorry, can't say".

Obviously that could be interpreted in a few ways, such as no, it's in "Cost Of Goods", "Can't say without telling everyone formally via an RNS". The cynic in me has the favourite reason as being "You're right, it's in Selling and Distribution costs" which would mean the absolute royalty recorded in the accounts was diddly squat and, all things being equal ( which they probably won't be if/when sales to ByHealth kick in), that diddly squat amount will drop slowly to zero over the next 3 years or so.

Cynically Yours

Bernie

[redprince] 27/1/2024 12:04

Good point nestof rampers re IF's ludicrously cheap and undemanding share options - we pay yet again.Its why i asked for a show of strength years ago - sadly the pi's could not be bothered.

We are all paying for it and have been for years.

[winner31] 10/1/2024 16:40

Jan 18, 2024



From Dsm


It takes more than a single ingredient approach to deliver on consumers’ most pivotal health needs. That’s why we’ve launched Humiome® biotics – a revolutionary platform that pushes the boundaries of biotics innovation to inspire the next generation of Health from the Gut solutions.

Comprising science-backed probiotics and postbiotics plus multi-ingredient solutions delivered with Microbiome Targeted Technology™, our Humiome® biotics portfolio aims to unleash the true health potential of the gut microbiome. The end result? Solutions that do so much more than support digestive health alone.

Explore our NEW Humiome® biotics hub, content and more to win the hearts (and guts) of consumers.

[nestoframpers] 08/1/2024 18:06

Sells 5 mn buys 2.3 mn.

[nestoframpers] 08/1/2024 15:56

if he pulls the By Health deal off he will have been cheap.

Are you forgetting all the share options he has , tons of them he will be obscenely rich if BH deliver. Which he does not deserve , he is worth £20K a year maximum.

[vipdibas] 08/1/2024 15:35

What's going on in here any ideas !

[bareknee] 01/1/2024 20:50

Informer

Why are you surprised about the drop in Gross Margin ? We took a share of the profits from sales of FF from DSM under the AA so the old Cost Of Goods figures was purely down to our own FF+ product, whereas now we see the cost of FF in Cost Of Goods as well.

The previous Full Year results gave us a decent view of this. It appears that the Gross Margin on FF is down a bit from that in the results just posted, but not hugely.

FYI - I'm assuming that the Cost Of Goods and the GM on the FF+ side of the business aren't changing much and working out the FF SD only side of things from that.

edit : Just had a look at my spreadsheet. I estimated the Gross Margin on FF SD to be 34% between Jan and March. From the figures released the other day I estimated the GM to be 26%. Given the, smallish, uncertainties in those calcs, I think that's about right.

The overall GM has come down because the margin on FF+ is reasonably high ( ~65% ), but, as sales of the lower margin FF SD start to dominate revenues, then the overall GM comes down.

If you're going to contact Ford about the numbers you might also ask why, given he told you at the AGM that DSM customers were paying up front for FF, we're owed substantially more than this time last year. Those two things don't really add up, though it may be that recent sales have been to non-DSM customers who are on more standard 30, 60 or 90 day terms.

[informer] 01/1/2024 16:26

6 months Interims to September '23 show that Invoiced Sales have effectively doubled to £ 387,534 almost matching the £ 389,916 sales made during the whole of 22/23 confirming the good feeling felt by those who attended the recent AGM.

Sales for the quarter to 31st December were £270,000 with Sales of £320,000 currently being processed - a significant increase from the corresponding period in 22/23.

Cash at Bank to March '23 was £ 379,121 against £ 318,819 as at 31st December showing a Cash Burn of £60,000 confirming IF's hope that any additional funding in the short term would be unlikely.

All positives until you see that Cost of Sales have rocketed nearly 10 times from the corresponding period last year and almost 2 1/2 times the £ 95,000 for the whole of 22/23 - effectively reducing the GP from a healthy 75% to a poor 35% - nobody saw that coming ? I have requested clarification of this figure - watch this space......

It is noted however that a Royalty will become payable to DSM on Gross Profit generated from Fruitflow sales transferred from DSM over the next four years - have these been accrued on current sales ? A greatly reduced GP would of course be an advantage in this respect.

Whilst IF may be criticised as being an Accountant as opposed to a seasoned CEO it is his Accounting skills which I believe justify a significant part of his salary and he appears to take care of the Bank Balance as if it were his own. If he fails he will have been seriously overpaid - if he pulls the By Health deal off he will have been cheap. It is my belief that it would cost significantly more to replace him.

The position regarding Stocks being held and at DSM is unclear - how will they be affected by sales orders currently being processed ? How will the next manufacture be funded ?

Bottom line the Balance Sheet shows that Liabilities have effectively doubled thus substantially reducing Net Assets this is surely not ideal.

Hoping to get a breakdown or at least some explanation for the Cost of Sales figure.

[redprince] 30/12/2023 07:38

Yes on the margin front i suspect that when By-Health finally get over the line there will be large discounts - this is likely to take longer than most of us thought.

The only glimmer of hope By-Health aside is the micro gut interest from DSM - however my reading of that is basically the same lack of genuine interest from global brand owners that they have tried to spin for the last 14 years.

The only winners in this company are IF and the hapless Buck and Ford showed his usual contempt for shareholders once again yesterday.

This company proves the point time and again that Aim is little more than a playground for people to masquerade as directors whilst lining their pockets with undeserved riches.

[bareknee] 29/12/2023 12:52

Well, I was wrong on both counts.

Why on earth he couldn't have the Interims ready this morning beats me, and our cash position is better than I expected !

edit : Gross profit is down on the same period in the previous FY and our loss has increased by ~100k so we're, at best treading water and, with inventories down we're plainly going to have to source, and pay for, some FF II SS pdq

[bareknee] 29/12/2023 12:31

If I had to bet on it, I'd be putting money on a temporary suspension RNS after the bell.

Hope I'm wrong like, but, in my mind, we plainly need a cash injection to remain solvent

[redprince] 29/12/2023 12:20

Im going with a poster on the red channel - its either poor results or news on a fund raise hence waiting for the last possible moment before releasing.
Then again its the same thing every year.