Bod Australia continues to break sales records
Bod Australia (ASX:BDA) today announced its highest ever monthly sales for its medicinal cannabis prescription products.
During April, BDA filled a total of 1,789 MediCabilisTM prescriptions in Australia, an 11% increase on the previous month (March 2021 prescriptions: 1,617).
The number takes the total MediCabilisTM prescriptions filled in FY2021 to 9,519.
“MediCabilisTM volumes continue to grow at a very pleasing rate and the recent prescription sales growth further highlight Bod’s ability to generate strong revenues across one of the Company’s two core operating divisions,” BDA CEO Jo Patterson said.
BDA is a cannabis focused healthcare company with an established revenue base from two verticals:
- Medicinal cannabis - sold via prescriptions, supported by clinical trials, and health professional education and awareness
- CBD and hemp consumer products - sold off the shelf, BDA’s products licensed to H&H Group globally to accelerate sales.
BDA attributes its current growth to its Australia wide clinical study to test the efficacy of MediCabilisTM when prescribed for conditions including anxiety, insomnia, and Post Traumatic Stress Disorder (PTSD).
It can also be attributed to ongoing engagement and strong relationships with approved prescribers, educational initiatives with physicians and healthcare professionals.
The overall numbers are pleasing with ~27% of the total Special Access Scheme Category B prescriptions filled across Australia (total: 6,682).
Total FY2021 prescriptions have currently increased 138% on FY2020 (FY2020 prescriptions: ~4,000), with the upward trend expected to continue.
64% of prescriptions dispensed during April 2021 were repeat prescriptions.
Sales growth is a continuing trend allowing BDA to generate consistent and recurring revenue, with the company expecting its market share to grow.
“The Company continues to maintain a solid segment of the total Australian market through Special Access Scheme Category B. It is worth noting, that of the total Special Access Scheme approvals, not all result in a prescriptions being filled. Therefore, Bod’s total market share may be potentially higher,” Patterson said.
Its share of the market should also increase with the introduction of new products.
“The Company has a number of new products in the pipeline that will be launched imminently. We anticipate that the introduction of new products and scale up of operations across both business divisions will unlock considerable value for shareholders.”
For more information read: BDA Records Highest Ever Monthly Sales of Medical Cannabis Products
While today’s figures are reflective of BDA’s work in the medical cannabis space, the company is also growing its consumer division.
BDA has an exclusive global partnership with H&H Group, a multi-billion dollar Hong Kong listed company, that owns a number of powerful consumer brands in the health and wellness space, including the market leading Swisse brand in Australia.
H&H Group also operates one of the largest e-commerce channels for nutritional products in Europe and North America, where BDA is currently expanding.
BDA recently announced a maiden $312,000 binding purchase order - the first of multiple binding purchase orders expected in the coming months - from H&H Group for CBD products for the US market (expected to reach US$1.8 billion in 2020, and grow to US$6.9 billion by 2025, making it four times larger than the UK).
BDA has a strong cash balance of over $9.2M (at March 31st 2021) and in the march quarter spent $1.3M, less than the $1.87M in revenue it brought in, so the company looks well-funded for the coming months at current rates of revenue and spending.