PharmLink sales & growth dashboard

Period: December 2025 – April 2026 · Data as at 30 April 2026

▼ April dip — see flag122 pharmacies registered

Total GMV (ex GST)

$23,066

Apr: $5,844 (−33% m/m)

PharmLink revenue

$3,765

Apr: $533 (−67% m/m)

Blended margin

16.3%

Apr month: 9.1% — see flag

Active pharmacies

25 / 122

97 in pipeline

Catalog utilisation

3.5%

50 of 1,425 SKUs sold

▼

April pulled back sharply — GMV −33% ($8,725→$5,844), PharmLink revenue −67% ($1,601→$533), month margin 18.3%→9.1%. Two separate drivers, neither a data error (April is a complete month, 1–30): (1) Buyer churn + volume. Four March buyers ordered nothing in April (Nib Thrive, NDSP, INSTACARE, Glenray Plan Mgmt ≈$1,700 combined) and Birrang dropped from $2,829 to $703; partly offset by LiveBetter growth and new buyers (Glenray Industries, NSW Trustee). Line items fell 83→47. (2) Margin mix, not price. Per-SKU continence margins are identical month-on-month — the drop came from mix: March's high-margin PharmLink-Direct lines (Nundies Youth Pants, ~$776 at 100%) didn't recur, and April leaned on a single $1,659 low-margin Fresubin order (6.3%). Action: the 9.1% month sits on the commercial-sustainability floor — recovering it depends on reactivating direct-fulfilled SKUs and lapsed buyers, not repricing.

Monthly GMV & PharmLink revenue

GMVPL Revenue

Margin & order volume

Margin %Line items

Financial risk & collections analysis

⚠

Simply Helping ACT & Queanbeyan — 100% uncollected. All 3 invoices totalling $403.83 are overdue (54–78 days). This is the only buyer with systemic non-payment. Recommend suspending further orders until resolved.

Collection rate

86.7%

$15,648 of $18,045 collected

Total outstanding

$2,397

17 invoices uncollected

Genuinely overdue (30d+)

$404

3 invoices · 1 buyer only

PharmLink exposure

$513

Unpaid margin owed to PL

Receivables ageing

Current (0–7d) In cycle (7–30d) Overdue (30d+)

Settlement speed: Median 5 days from order to collection. 68% collected within 7 days. No invoice beyond 18 days except the overdue Simply Helping account.

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

$18,045 invoiced

2. Directo collects from HCP

PharmLink has no control over collections timing

$15,648 collected · $2,397 outstanding

3. Directo pays pharmacies (product cost)

Pharmacies are paid first — they fulfilled the order

$12,872 paid · $1,884 owing

4. Directo pays PharmLink (margin)

PharmLink receives last — absorbs default risk

$2,775 paid · $513 owing

Collection risk by buyer

Buyer	Total invoiced	Collected	Outstanding	% uncollected	Risk	Notes
Simply Helping ACT	$404	$0	$404	100%	High	54–78 days overdue. Systemic non-payment
Nib Thrive Pty Ltd	$386	$0	$386	100%	Monitor	Only 4 days old — likely in cycle
Right at Home ACT	$3,466	$2,395	$1,071	30.9%	Monitor	Recent invoices (1–11 days). Historically pays on time
Pearl Home Care Central West	$1,306	$1,054	$253	19.4%	Low	1–7 day invoices. Normal cycle
LiveBetter Community Services	$3,079	$2,839	$240	7.8%	Low	Only latest invoice pending. Excellent history
Birrang Enterprise Development	$4,453	$4,410	$43	1.0%	Low	Best payer — near 100% collected
NDSP Plan Managers	$1,894	$1,894	$0	0%	Low	Fully collected
Pearl Home Care Canberra	$1,699	$1,699	$0	0%	Low	Fully collected
Glenray Plan Management	$1,126	$1,126	$0	0%	Low	Fully collected

⏱

Directo settlement to PharmLink runs 20–50 days after month-end. January bill ($437) took 3 payments over 48 days and still has $69 owing. February bill ($1,028) was mostly settled in one payment at 20 days but $45 remains. PharmLink carries working capital cost during this gap. Total owed by Directo to PharmLink: $114.

Directo monthly settlement to PharmLink

Month	Bill amount	Paid	Still owing	Settlement timing	Days to first payment
Dec 2025	$207.12	$207.12	$0	Paid in full 9 Feb 2026	40 days
Jan 2026	$437.30	$368.13	$69.17	3 partial payments · $10 credit note	20 days
Feb 2026	$1,028.45	$983.49	$44.96	Mostly paid 20 Mar	20 days
Total	$1,672.87	$1,558.74	$114.13		avg 27 days

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.

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

Active — ordering

Placing orders on the portal. ACT (12), NSW (12), QLD (1)

Training complete — no orders yet

Trained and ready. Lowest-friction conversion opportunity

Training TBC

Registered, awaiting training session scheduling

New registrations / not yet assigned

Mostly March sign-ups. National expansion: VIC (18), QLD (13), WA (10), TAS (4), NT (1)

Registrations by state

ActivePipeline

Metro vs regional

15 pharmacies trained & ready — highest conversion potential

Pharmacy	Location	State	Type	Follow-up
Capital Chemist Crace	Crace	ACT	Metro	Sent
Capital Chemist Tuggeranong Sq	Greenway	ACT	Metro	Sent
Capital Chemist Calwell	Calwell	ACT	Metro	Sent
Capital Chemist Lyneham	Lyneham	ACT	Metro	Sent
TerryWhite Chemmart Kambah	Kambah	ACT	Metro	Sent
Hogans Pharmacy Orange	Orange	NSW	Regional	Sent
Peter Smith TWC Orange	Orange	NSW	Regional	Sent
Life Pharmacy Orange	Orange	NSW	Regional	Sent
Kooringal Pharmacy Wagga	Wagga Wagga	NSW	Regional	Sent
Flannery's Pharmacy Forbes	Forbes	NSW	Regional	Sent
Dougherty's Pharmacy Lithgow	Lithgow	NSW	Regional	Sent
Oberon Pharmacy	Oberon	NSW	Regional	—
Keirles Pharmacy Wellington	Wellington	NSW	Regional	Sent
The Broulee Pharmacy	Broulee	NSW	Regional	Sent
Smythesdale Pharmacy	Smythesdale	VIC	Regional	Priority

Buyer (HCP / client)	GMV	PL revenue	Margin	Share	Lines
LiveBetter Community Services	$5,684	$1,194	21.0%	26%	31
Birrang Enterprise Development	$4,376	$945	21.6%	20%	30
Right at Home ACT	$4,054	$357	8.8%	19%	47
Pearl Home Care Canberra	$1,616	$201	12.4%	8%	8
Pearl Home Care Central West	$1,595	$128	8.0%	7%	35
NDSP Plan Managers	$1,311	$143	10.9%	6%	4
Glenray Plan Management	$1,096	$153	13.9%	5%	4
Simply Helping ACT	$386	$76	19.6%	2%	3
Glenray Industries	$381	$53	13.9%	2%	1
Nib Thrive Pty Ltd	$376	$258	68.6%	2%	2

Pharmacy	GMV	Product cost	PL revenue	Margin	Lines
Capital Chemist Orange	$6,060	$5,468	$592	9.8%	27
Capital Chemist Kambah	$2,233	$2,052	$181	8.1%	14
Flannerys Pharmacy Forbes	$1,798	$1,668	$130	7.2%	2
PharmLink Direct	$1,733	$0	$1,733	100%	6
Blooms the Chemist Orange	$1,687	$1,538	$149	8.8%	10
Capital Chemist Bathurst	$1,373	$1,260	$113	8.2%	35
Capital Chemist Southlands	$993	$901	$92	9.3%	28
Capital Chemist OConnor	$885	$784	$101	11.4%	6
Other pharmacies (16)	$4,694	$4,218	$475	10.1%	51

Product	GMV	PL rev	Margin	Sold
Depend Realfit Underwear Women XL	$1,459	$144	9.9%	4
Molicare Premium Mobile 10D Large (pack)	$1,235	$78	6.3%	7
TENA ProSkin Pants Plus Bariatric XXL	$952	$132	13.9%	3
Nutrison Energy Optri 1000mL Direct	$804	$804	100%	1
Molicare Premium Mobile 10D Medium	$795	$54	6.9%	5
Main Meal (400g) — meal credit	$763	$136	17.8%	15
Huggies Baby Wipes FF 80pk	$539	$105	19.4%	5
Nundies Youth Pants 4-7yrs Direct	$520	$520	100%	2
Sustagen Hospital Formula Vanilla 840g	$435	$78	17.9%	2
Depend Brief Super Plus XL	$436	$4	0.8%	2
TENA Pants Night Medium 12pk	$392	$40	10.1%	1
TENA Pads Maxi Night 14pk	$356	$59	16.7%	5

Category	GMV	PL revenue	Margin	Lines	% total
Disposable Pads & Pants	$14,479	$2,060	14.2%	92	67%
Ready-made Meals	$1,201	$146	12.2%	33	6%
Wipes	$511	$98	19.1%	9	2%
Supplements	$3,321	$1,029	31.0%	8	15%
Dressings	$448	$75	16.7%	8	2%
Other (6 categories)	$1,497	$160	10.7%	29	7%

Platform development

$333,944

21 invoices · Jul '25 – Apr '26

Monthly service fee

$5,500

Fixed monthly to Directo

Break-even GMV

$29,500/mo

At 18.8% blended margin

Progress to break-even

30%

$8,725 of $29,500 target

Monthly PL revenue vs Directo operating cost

PL RevenueDirecto Fees

Key insights & opportunities

▲

Explosive registration growth

122 pharmacies registered across all 7 states/territories, but only 25 active. Converting the 15 trained pharmacies could double order volume. 60+ March sign-ups from VIC, WA, QLD, TAS and NT signal national demand.

★

PharmLink Direct is the margin engine

$1,685 at 100% margin from just 5 line items. Expanding the direct-fulfilled product range is the single highest-ROI move. Even modest expansion could add $5–10K/month at full margin.

◆

Massive untapped catalog

Only 50 of 1,425 active SKUs have sold (3.5%). Supplements (278 SKUs), Dressings (111), and Moisturising (128) are virtually untouched. Cross-selling to existing buyers could dramatically lift average order values.

●

Collection risk is contained — one problem buyer

86.7% collection rate overall. The only genuinely overdue debt ($404) is Simply Helping ACT — 100% non-payment across all 3 invoices. All other outstanding amounts are within normal settlement windows. Recommend suspending Simply Helping until resolved.

◎

Payment waterfall puts PharmLink at risk

PharmLink is paid last in the chain (after pharmacies). Current exposure is $513 in unpaid margin. As volumes scale, consider negotiating simultaneous settlement or a PharmLink-first split to reduce working capital strain.

▶

LiveBetter is the anchor account — and still growing

LiveBetter is now the #1 buyer cumulatively ($5,684 GMV, 21.0% margin) and was the one major account that grew in April ($2,734). Nib Thrive remains the margin standout at 68.6% but ordered nothing in April. Reactivating lapsed high-margin buyers and replicating the LiveBetter profile across new geographies is the clearest path back above 12%.

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)