PharmLink sales & growth dashboard

Period: December 2025 – July 2026 · Data as at 31 July 2026 (July actuals)

▲ Record July: $13.9K GMV33 pharmacies · 4 states transacting

Total GMV (ex GST)

$59,109

Jul: $13,868 (+10% m/m) — record

PharmLink revenue

$8,210

Jul: $1,163 (−43% m/m)

Blended margin

13.9%

Jul: 8.4% — no Direct lines sold

Active pharmacies

33 / 122

20 traded in Jul · VIC + QLD live

Catalog utilisation

12.1%

194 of 1,606 SKUs (was 3.5%)

Monthly GMV & PharmLink revenue

GMVPL Revenue

Margin & order volume

Margin %Line items

Margin peaks (Feb 31%, Jun 16%) line up with PharmLink Direct sales months. Pharmacy-fulfilled margin runs a steady 8–10%.

Financial risk & collections analysis

✓

Resolved — Simply Helping ACT & Queanbeyan has paid in full. All 3 invoices ($403.83) flagged as systemic non-payment in the April dashboard are now collected. No buyer currently shows 100% non-payment behaviour.

⚠

New watch list: $1,722 is 30+ days overdue across 18 invoices and 5 buyers. Right at Home ACT leads with $1,021, followed by Right at Home Goldfields Grampians Murray ($411) and LiveBetter Rockhampton ($204). RaH ACT has historically paid — recommend a direct follow-up before this ages further.

Collection rate

91.0%

$56,270 of $61,813 collected (gross)

Total outstanding

$5,543

48 invoices · mostly July in-cycle

Genuinely overdue (30d+)

$1,722

18 invoices · 5 buyers

PharmLink exposure

$1,198

Unpaid margin — $1,194 is July, in cycle

Receivables ageing

In cycle (8–30d) Overdue (30d+)

$3,820 of the $5,543 outstanding is July invoices inside the normal settlement window. Every month from Dec–Jun is now ≥99.6% collected — the book self-clears, but only with lag.

Payment waterfall — who bears the risk

PharmLink sits last in the payment chain. When an HCP doesn't pay, pharmacies are paid first and PharmLink absorbs the shortfall.

1. HCP/client places order

Directo invoices the HCP on behalf of PharmLink

$61,813 invoiced

2. Directo collects from HCP

PharmLink has no control over collections timing

$56,270 collected · $5,543 outstanding

3. Directo pays pharmacies (product cost)

Pharmacies are paid first — they fulfilled the order

$40,015 paid · $13,420 owing (July settlement run pending)

4. Directo pays PharmLink (margin)

PharmLink receives last — absorbs default risk

$7,181 paid · $1,198 owing

Collection risk by buyer — outstanding balances

Buyer	Outstanding	Of which 30d+	Risk	Notes
Right at Home Goldfields Grampians Murray	$2,017	$411	Monitor	New VIC buyer (May '26). Bulk is July in-cycle; watch the $411 tail
Right at Home ACT	$1,580	$1,021	Monitor	Largest 30d+ balance. Historically pays — chase before it ages
Click Plan Management	$907	$0	Low	All July invoices, normal cycle. New buyer — first full month
Pearl Home Care Central West	$432	$0	Low	July in-cycle. Reliable payer
LiveBetter Rockhampton	$204	$204	Monitor	New QLD entity — entire balance overdue. Small but 100% uncollected
Cooinda Village Inc	$124	$0	Low	July in-cycle
At Home Together Queanbeyan	$107	$43	Low	Small balance, part aged
Others (5 buyers)	$173	$43	Low	Incl. Trilogy Care $43 (30d+), Marymead, LiveBetter Orange, Dovida
Total	$5,543	$1,722		Birrang, NDSP, Nib Thrive, both Pearls, Glenray, Simply Helping: fully collected

⏱

Directo settlement to PharmLink still runs ~20–50 days after month-end. Dec–Jun margin is now fully settled ($4.28 residual from May). July's $1,194 margin bill is unpaid but within the normal lag. Pharmacy payables of $13,420 (June/July) are also awaiting the next settlement run — PharmLink carries working-capital timing risk on both legs as volumes scale.

Directo monthly settlement to PharmLink (margin, gross)

Month	Margin billed	Paid to PharmLink	Still owing	Status
Dec 2025	$207.12	$207.12	$0	Settled
Jan 2026	$427.30	$427.30	$0	Settled
Feb 2026	$1,028.46	$1,028.46	$0	Settled
Mar 2026	$1,624.88	$1,624.88	$0	Settled
Apr 2026	$549.85	$549.85	$0	Settled
May 2026	$1,249.98	$1,245.70	$4.28	Residual only
Jun 2026	$2,097.20	$2,097.20	$0	Settled
Jul 2026	$1,193.56	$0.00	$1,193.56	In normal settlement lag
Total	$8,378.35	$7,180.51	$1,197.84

Pharmacy zero — Capital Chemist Bathurst case study

Capital Chemist Bathurst is where PharmLink was developed and piloted. Comparing the same 12-month period before and after the platform launched shows the transformative impact on pharmacy revenue — particularly through the Meals category which grew 1,798%, creating an entirely new revenue stream. Note: these figures measure the store's own category sales uplift, not on-platform invoiced GMV.

Total NDIS/HC sales growth

+76%

$298K → $526K year on year

Gross profit growth

+127%

$73.9K → $167.7K

GP margin improvement

+7.1pp

24.8% → 31.9%

Meals (PharmLink-driven)

+1,798%

$4.8K → $90.4K new revenue

Category sales — year on year ($K)

Apr '23–'24 Apr '25–'26

GP margin improvement by category

Category detail — year on year comparison

Category	Y1 Sales	Y2 Sales	Growth	Y1 GP%	Y2 GP%	GP$ growth
Continence	$165,368	$218,938	+32%	24.8%	37.8%	+$41,683
Independent Living	$20,438	$62,234	+205%	29.6%	25.5%	+$9,822
Functional Foods (incl. Meals)	$30,774	$121,693	+295%	36.7%	31.9%	+$27,574
↳ Meals subcategory	$4,762	$90,364	+1,798%	25.1%	29.4%	+$25,323
Nutritional Feeds	$40,292	$60,534	+50%	11.1%	21.5%	+$8,534
Medical & Surgical	$41,436	$62,523	+51%	26.9%	27.7%	+$6,152
TOTAL	$298,308	$525,922	+76%	24.8%	31.9%	+$93,764

Pharmacy pipeline — near-term growth potential

Registration data from the pharmacy register last exported 31 Mar 2026; transaction status updated to 31 Jul 2026. Stores registered after 31 Mar are not reflected in pipeline counts.

Active — have transacted

NSW (20), ACT (8), VIC (3), QLD (2) · 20 traded in July · up from 25 in March

Trained, no orders yet

4 of March's 15 converted (Smythesdale, Flannery's, Dougherty's, Hogans). These 11 remain the fastest wins

Registered pipeline (training TBC / unassigned)

National spread: VIC (16), ACT (15), NSW (31), QLD (12), WA (10), TAS (4), NT (1) awaiting training or assignment

Registrations by state

Active (transacted)Pipeline

Metro vs regional (register, 31 Mar)

March's 15 trained-and-ready pharmacies — 4 converted, 11 remain

Pharmacy	Location	State	Type	Status
Smythesdale Pharmacy	Smythesdale	VIC	Regional	Active Apr '26 — now #2 pharmacy ($7.2K)
Flannery's Pharmacy Forbes	Forbes	NSW	Regional	Active Apr '26 — $3.9K, 13.3% margin
Dougherty's Pharmacy Lithgow	Lithgow	NSW	Regional	Active May '26
Hogans Pharmacy Orange	Orange	NSW	Regional	Active Jun '26
Capital Chemist Crace	Crace	ACT	Metro	Follow-up sent
Capital Chemist Tuggeranong Sq	Greenway	ACT	Metro	Follow-up sent
Capital Chemist Calwell	Calwell	ACT	Metro	Follow-up sent
Capital Chemist Lyneham	Lyneham	ACT	Metro	Follow-up sent
TerryWhite Chemmart Kambah	Kambah	ACT	Metro	Follow-up sent
Peter Smith TWC Orange	Orange	NSW	Regional	Follow-up sent
Life Pharmacy Orange	Orange	NSW	Regional	Follow-up sent
Kooringal Pharmacy Wagga	Wagga Wagga	NSW	Regional	Follow-up sent
Keirles Pharmacy Wellington	Wellington	NSW	Regional	Follow-up sent
The Broulee Pharmacy	Broulee	NSW	Regional	Follow-up sent
Oberon Pharmacy	Oberon	NSW	Regional	—

26 buyers have ordered (10 in March) · 17 ordered in July alone · top-3 concentration 65% full-period, 57% in July

Buyer (HCP / client)	GMV	PL revenue	Margin	Share	Lines
Birrang Enterprise Development	$16,435	$3,002	18.3%	28%	98
LiveBetter Community Services Orange	$12,359	$1,967	15.9%	21%	68
Right at Home ACT	$9,444	$794	8.4%	16%	117
Pearl Home Care Central West	$3,519	$274	7.8%	6%	58
Right at Home Goldfields Grampians Murray New — VIC	$3,309	$293	8.8%	6%	34
NDSP Plan Managers	$2,779	$338	12.2%	5%	11
Click Plan Management New — Jul	$2,018	$182	9.0%	3%	19
Glenray Industries	$1,850	$251	13.6%	3%	6
Pearl Home Care Canberra	$1,616	$201	12.4%	3%	8
Glenray Plan Management	$1,096	$153	13.9%	2%	4
Nib Thrive Pty Ltd	$1,067	$310	29.0%	2%	7
MOIRA Financial Plan Management New — Jul	$675	$26	3.9%	1%	7
Others (14 buyers)	$2,942	$419	14.2%	5%	70

33 pharmacies have transacted · pharmacy-fulfilled margin 9.2% overall · PharmLink Direct excluded from pharmacy rows

Pharmacy	GMV	Product cost	PL revenue	Margin	Lines
Capital Chemist Orange	$13,201	$11,936	$1,266	9.6%	63
Smythesdale Pharmacy VIC	$7,158	$6,575	$582	8.1%	72
Blooms the Chemist Orange	$4,698	$4,265	$432	9.2%	18
Bourke Pharmacy	$4,084	$3,794	$290	7.1%	30
Flannery's Pharmacy Forbes	$3,868	$3,352	$516	13.3%	14
Capital Chemist Kambah	$3,807	$3,528	$279	7.3%	25
PharmLink Direct	$3,065	$0	$3,065	100%	15
Capital Chemist Bathurst	$2,160	$1,999	$161	7.4%	47
Atherton Wholelife Pharmacy QLD	$2,112	$1,866	$246	11.6%	14
Capital Chemist Hughes	$2,090	$1,938	$153	7.3%	18
Capital Chemist Southlands	$2,019	$1,810	$209	10.4%	60
Forbutts Pharmacy Bathurst	$1,438	$1,329	$110	7.6%	8
Parkes Pharmacy	$1,038	$939	$99	9.5%	6
Other pharmacies (20)	$8,371	$7,569	$802	9.6%	117

Product	GMV	PL rev	Margin	Lines
Molicare Premium Mobile 10D Large x14 (singles)	$3,344	$211	6.3%	19
Main Meal (400g) — meal credit	$2,739	$265	9.7%	50
TENA ProSkin Pants Plus Bariatric XXL	$2,666	$371	13.9%	7
Molicare Premium Elastic 10D Medium (carton)	$2,319	$146	6.3%	9
Depend Realfit Underwear Women XL	$2,036	$200	9.8%	5
Fresubin Jucy Drink Orange (carton 24)	$1,659	$104	6.3%	1
Molicare Premium Mobile 10D Large (carton)	$1,636	$101	6.2%	8
Sodium Chloride 0.9% 5mL Ampoule (pack 50)	$1,554	$352	22.7%	3
Resource 2.0 Fibre Vanilla (carton 24)	$1,484	$155	10.5%	1
Molicare Premium Elastic 6D Small (carton)	$1,472	$43	2.9%	3
Molicare Premium Mobile 10D Medium (carton)	$1,431	$98	6.9%	9
Petite Meal (280g) — meal credit	$1,410	$84	5.9%	38
Nutrison Energy Optri 1000mL Direct	$804	$804	100%	1

Molicare cartons and singles cluster at 2.9–6.9% margin — the biggest single drag on blended margin. Meals volume is strong (88 credit lines) but margins have thinned to 5.9–9.7%.

Category	GMV	PL revenue	Margin	Lines	% total
Disposable Pads & Pants	$36,270	$4,754	13.1%	215	61%
Supplements	$7,635	$716	9.4%	31	13%
Ready-made Meals	$4,319	$360	8.3%	107	7%
Wipes	$1,868	$315	16.9%	31	3%
Wound Protection	$1,581	$355	22.5%	5	3%
Dressings	$1,196	$79	6.6%	29	2%
Direct bulk (All Products)	$804	$804	100%	1	1%
Other (20 categories)	$5,436	$827	15.2%	88	9%

Category mapping uses the July Directo product export (1,687 SKUs) with the April extract as fallback. High-margin niches — Wound Protection 22.5%, Catheters 39.4%, Cleansing 20.7% — are tiny but prove premium pricing holds outside continence.

Platform development

$364,029

25 invoices · Jul '25 – Jun '26 (incl. Phase 3B)

Directo operating fees (Jul)

$5,663

$5,500 service + $163 transaction fees

Break-even GMV

$40.7K/mo

At 13.9% blended · $67K at July's 8.4%

Progress to break-even

34%

Jul GMV $13,868 of $40,700 target

Monthly PL revenue vs Directo operating cost

PL RevenueDirecto Fees

Transaction fees now scale with volume: $18 (Dec) → $163 (Jul), a ~9× rise. June was the best coverage month — PL revenue covered 36% of operating fees; July slipped to 21% on the margin dip.

Key insights & opportunities

●

July's headline: record GMV, weakest margin

GMV hit a record $13,868 (+10% m/m) but PL revenue fell 43% to $1,163 because zero PharmLink Direct lines shipped in July. Blended margin of 8.4% sits at the sustainability floor. Pharmacy-fulfilled margin has been stable at 8–10% for six months — Direct is the only lever that lifts blended above 12%.

★

Restart the Direct pipeline — highest-ROI move

$3,065 at 100% margin from just 15 line items to date. Feb (78% of revenue) and Jun (49%) show what Direct does to the P&L. At July's volume, replicating June's Direct mix would have added ~$1,000 of pure margin. Investigate why Direct went to zero in July and re-promote the range.

▲

National footprint is now real

VIC and QLD went from zero to transacting: Smythesdale (VIC) converted in April and is already the #2 pharmacy at $7.2K — July's largest at $5.7K. Atherton and Yeppoon (QLD), Mansfield and Yackandandah (VIC) followed. The playbook that converted Smythesdale from "priority follow-up" to top performer in 4 months is repeatable across the 89-store pipeline.

◆

Buyer base is broadening fast

17 buyers ordered in July vs 11 in June — Click Plan Management ($2.0K) and Right at Home Goldfields Grampians Murray ($3.3K, VIC) arrived as instant anchors. Top-3 concentration eased from 65% (full period) to 57% in July. Plan managers (NDSP, Click, Glenray, MOIRA) are emerging as a distinct, lower-touch channel.

✓

Collections: April's problem solved, new watch list small

Simply Helping paid all 3 overdue invoices — the only systemic non-payer is cleared, and Dec–Jun months are ≥99.6% collected. The 30d+ book is $1,722 across 5 buyers, led by Right at Home ACT ($1,021). Chase now while relationships are warm; nothing yet looks like default.

◎

Break-even needs margin mix, not just volume

At 13.9% blended margin, break-even GMV is ~$41K/mo (July reached 34%). At July's 8.4% it balloons to $67K/mo. The path to covering Directo's $5.7K monthly fees is GMV growth plus a steady Direct share — roughly $30K/mo GMV with June's mix gets there a year earlier than pharmacy-only growth.

Management dashboard

PharmLink sales & growth dashboard

1. HCP/client places order

2. Directo collects from HCP

3. Directo pays pharmacies (product cost)

4. Directo pays PharmLink (margin)