Bubs Australia pares early losses amid plan to cut expenses

Bubs Australia

06/07/2023 06:55

** Shares of Bubs Australia  BUB.AX  reverses course to gain
2.2% to A$0.23 as at 0548 GMT, after falling as much as 8.9%
earlier in the session
    ** BUB stock at its highest level since April 11
    ** Baby formula maker says it has launched a plan to reduce
operating expenses and cash burn
    ** Co sees monthly cash burn to fall to A$2 mln ($1.33 mln)
by Q2 of 2024 from A$5 mln at present
    ** Sees net sales revenue to grow 35% to A$80 mln for 2024,
and gross profit margin of 40%
    ** Stock down 25% YTD, as of last close


($1 = 1.5067 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))