Live Verdure boosts revenue as US expansion and product development continue

Live Verdure (ASX: LV1) has revealed a 206% increase in revenue for the half year ending December 2021 (H1 FY2022).

Revenue for the period had risen from $284,451 in H1 FY2021 to $871,400 in H1 FY2022.

Propelling the higher revenue was an increase in online sales, which Live Verdure noted was a result of additional marketing expenditure.

The company also received $116,052 in other income for H1 FY2022, which was primarily from previous research and development tax incentive grants.

With higher revenue, Live Verdure posted a reduced loss for H1 FY2022 of $2.022 million.

This was down 15.1% on the previous corresponding period.

Live Verdure closed out the half year with $2.4 million in cash.

Rapid expansion and product development

During the period, Live Verdure focused on its rapid market expansion strategy for its hemp-based 13 Seeds health and wellness products, while continuing development of its 8 Seeds skincare line.

The products from both brands are all plant-based.

In the December quarter, Live Verdure launched its TheraNight+ sleep capsules, which are also approved by Australia’s Therapeutic Goods Administration.

TGA approval allows Live Verdure to make specific claims about the product’s ability to provide long-term sleep improvements.

TheraNight+ was Live Verdure’s second product to be launched under the 13 Seeds brand in 2021, with the first, TheraJoint+ also securing TGA approval.

Live Verdure is developing its products in consultation with some of Australia’s top pharmaceutical scientists.

Earlier this month, Live Verdure revealed it had engaged TruLife Distribution to sell its 13 Seeds products throughout e-commerce and bricks-and-mortar retailers in the US.

Prior to launching the products in the US, TruLife is working with Live Verdure to ensure all product labelling is compliant with the US Food and Drug Administration.

TruLife will use its existing relationships and channels to distribute Live Verdure’s products through mass national nutritional and drug retailers, regional retailers and specialty health and nutrition stores.

These make up thousands of retail store fronts across the country.

According to Live Verdure managing director Ran Vaingold, the US market entry comes after three months of market testing of its 13 Seeds products in the region.

8 Seeds

Meanwhile, the 8 Seeds skincare brand is under development, with Mark Tucker appointed in August to spearhead its refinement and launch.

Mr Tucker is the former managing director of L’Oréal Australia, and during his tenure he grew revenue from $12 million to more than $400 million.