Sales for the 4th quarter (FY end is 31 March) were $14.7m --12% higher than the previous 4th quarter, but 15% lower than Q3 (this was due to unusually high absenteeism due to Omicron which delayed manufacture and dispatch).

That being said, the final month of the quarter was a record for the company, and represented almost half of the total sales for the entire quarter. The company says this shows good momentum going into FY23, but it maybe also represents some catch up from the covid delays described above.

For the full year, FY22 delivered $59.9m in revenue, which is an 18% lift on the FY22. This does not include any contribution from the Healthy Mummy (THM) Acquisition which was consolidated into the company on April 1st.

That's a strong lift, but it's also worth noting that on a per share basis, sales went from 18.6cps in FY21, to 14.9cps in this latest year. Of course, the lift in shares is associated with the acquisition of THM, which last year delivered around $21m in sales -- so if you account for that sales per share come in around 20.2c -- around 9% higher. Not bad, but half the growth that management highlight (remember, our ownership currency is on a per share basis).

One area of concern was a 40% lift in raw materials cost (hello inflation!) and a rise in staff costs as casual labour was employed and overtime incurred to mitigate the covid related absenteeism, but these employee costs should normalise going forward.

The company did improve its cash burn despite these challenges -- with the business down $3.9m compared to $8.2m in the prior year. It still has $8.9m in the bank.

THM, though not captured in this reported period, did see a 13% uplift in revenue for March compared with a year ago. Digital subscriptions were up 22% and app downloads were 40%.

There's a lot more detail that you can dive into in the actual ASX announcement (here)

But all told, you have a business on something like $80m in forward annual revenue, currently trading at around $24m market cap. Of course, it's still sub-scale and is very much a low margin, volume dependent business -- and one facing cost pressures and that operates in a cyclical and discretionary sector. Still, @TEPCapital has laid out a good case and there certainly seems to be a good margin of safety in the price.

I hold a small parcel on SM and in real life.