A$2.74 ($1.90)

-0.02 (-0.72%)

Weekly Expected Move ±1.8%

A$3 A$3 A$3 A$3 A$3

ASX · Healthcare · Drug Manufacturers - Specialty & Generic · Tech Score Neutral · Power 57 · A$150.1M mcap · 12M float · 0.104% daily turnover

Analysis Technicals Weather Peers

Revenue

$93M +17.3% ▲

5Y CAGR: +14.9%

Gross Profit

$56M +18.6% ▲

5Y CAGR: +13.9%

Operating Income

$15M +25.7% ▲

5Y CAGR: +14.2%

Net Income

$10M +18.8% ▲

5Y CAGR: +11.4%

EPS (Diluted)

$0.18 +12.5% ▲

5Y CAGR: +8.4%

EBITDA

$16M +16.4% ▲

5Y CAGR: +12.0%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$57M	$67M	$74M	$80M	$93M
YoY Growth	+22.8%	+17.1%	+10.9%	+7.2%	+17.3%
Cost of Revenue	$22M	$27M	$32M	$32M	$37M
Gross Profit	$35M	$40M	$43M	$47M	$56M
Gross Margin	61.0%	59.4%	57.4%	59.4%	60.1%
R&D Expenses	$9K	$4K	$17K	$0	$0
SG&A Expenses	$22M	$27M	$29M	$33M	$41M
Operating Expenses	$24M	$29M	$30M	$36M	$41M
Operating Income	$11M	$11M	$12M	$12M	$15M
Operating Margin	19.8%	16.5%	16.5%	14.7%	15.7%
Interest Expense	$104K	$34K	$135K	$209K	$353K
Income Before Tax	$11M	$11M	$12M	$13M	$14M
Tax Expense	$3M	$3M	$3M	$4M	$4M
Net Income	$8M	$7M	$9M	$9M	$10M
Net Margin	14.5%	10.6%	12.2%	11.0%	11.2%
EPS (Diluted)	$0.16	$0.13	$0.17	$0.16	$0.18
EBITDA	$12M	$11M	$13M	$13M	$16M
Shares Outstanding	53M	54M	55M	55M	57M

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$34M	$35M	$39M	$39M	$40M	$46M	$48M	$48M
Cost of Revenue	$14M	$15M	$17M	$16M	$16M	$18M	$18M	$18M
Gross Profit	$20M	$20M	$23M	$23M	$24M	$27M	$30M	$31M
Gross Margin	59.0%	56.7%	58.1%	58.3%	60.6%	60.1%	62.1%	63.5%
R&D Expenses	$4K	$0	$17K	$0	$25K	$0	$0	$0
SG&A Expenses	$15M	$14M	$16M	$17M	$18M	$20M	$19M	$22M
Operating Expenses	$15M	$14M	$16M	$17M	$18M	$20M	$22M	$22M
Operating Income	$6M	$5M	$7M	$6M	$6M	$7M	$8M	$8M
Operating Margin	16.1%	15.9%	17.0%	15.0%	14.9%	15.3%	16.1%	17.3%
Interest Expense	$0	$8K	$127K	$101K	$108K	$198K	$155K	$99K
Income Before Tax	$5M	$5M	$7M	$6M	$7M	$7M	$8M	$8M
Tax Expense	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$3M
Net Income	$3M	$4M	$5M	$4M	$4M	$5M	$6M	$6M
Net Margin	10.1%	11.5%	12.9%	10.9%	11.2%	10.6%	11.7%	11.5%
EPS (Diluted)	$0.06	$0.07	$0.09	$0.08	$0.08	$0.09	$0.10	$0.10
EBITDA	$6M	$6M	$7M	$6M	$6M	$7M	$9M	$8M
Shares Outstanding	57M	55M	56M	55M	55M	56M	57M	55M

VLS.AX ASX