Bod Australia achieves quarter-on-quarter sales growth of 61%

By Trevor Hoey. Published at Apr 1, 2021, in ASX Biotechs

Medicinal cannabis and CBD and hemp healthcare products company, Bod Australia Limited (ASX:BDA) achieved record medicinal cannabis sales growth during the March quarter of fiscal 2021, filling 3789 MediCabilisTM prescriptions.

This represents a 61% increase on the previous quarter (Q2 FY2021: 2360), a major achievement for Bod as it takes the total volume of MediCabilisTM units sold during fiscal 2021 to 7730, a 93% increase on total fiscal 2020 volumes when prescriptions were in the order of 4000.

Bod is a cannabis-centric healthcare company with a global focus on product innovation with a view to transforming the lives of people through various means of improving health and well-being.

In these endeavours the company provides support to healthcare professionals on cannabinoid applications through education, research and trials.

Bod has now sold a total of 11,810 MediCabilisTM products since first prescriptions in January 2019.

Repeat business an encouraging sign for the future

It is worth noting that 62% of quarterly sales were repeat prescriptions, reflecting a strong endorsement from physicians and patients alike.

Management said that the growing volume of repeat business provided a platform for future growth.

Underpinning Bod’s robust growth has been its strong relationships with approved prescribers, educational initiatives with physicians and the company’s Australia-wide clinical study to test the efficacy of MediCabilisTM when prescribed for conditions including anxiety, insomnia and Post Traumatic Stress Disorder.

Recruitment for the trial remains ongoing, and relevant background for potential patients can be accessed through the company’s website.

The upward trajectory in MediCabilisTM prescription volumes will add to the company’s growing revenue profile.

Bod anticipates that sales will continue to increase over the coming quarters in both Australia and the UK.

Bod to benefit from established operations in Australia and the UK

Discussing some of Bod’s competitive advantages and commenting on the group’s outlook for the remainder of the year, chief executive Jo Patterson said, “MediCabilisTM is commonly prescribed for a range of chronic conditions including chronic pain and anxiety.

"These conditions are widespread and will always require a GMP pharmaceutical grade, standardised and consistent product, which is one of the key strengths of Bod’s offering.

"This competitive advantage is also one of the major reasons we continue to achieve strong prescription growth and maintain a significant share of the highly competitive full-plant high CBD market in Australia.

"We expect that medicinal cannabis will gain further traction in the Australian and UK market.

"Bod has established operations in place in both of these territories, so we expect our prescription volumes to continue to trend upwards, and this will add to the company’s growing revenue profile across the coming months.”

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