Abacus Health Reports Third Quarter 2019 Results

Cannabis Investing News

Abacus Health Products reported its financial results on Thursday (November 21) for the third quarter ended September 30, 2019.

Abacus Health Products (CSE:ABCS,OTCQX:ABAHF) reported its financial results on Thursday (November 21) for the third quarter ended September 30, 2019.

As quoted in the press release:

Q3 2019 Financial Summary

  • Revenue increased 97.4% YoY to $4.1 million and sequentially 26.4% from Q2 2019
  • Gross profit increased 100% YoY to $2.4 million and sequentially 24.0% from Q2 2019
  • Gross margin increased YoY to 60.1% from 59.3%

Third Quarter and Recent Operational Highlights

  • CBD CLINICâ„¢ revenue increased 42.7% YoY, from $2.0 million to $2.9 million with sequential growth of 18.2% from Q2 2019. Total number of health care practitioners in the CBD CLINIC network grew from 12,000 to 14,500.
  • CBDMEDICâ„¢ revenue increased 71.9% to $1.2 million from Q2 2019. Purchase orders received to date represent over 7,000 retail locations, more than doubling from the 3,000 locations in Q2.
  • CBDMEDIC will now be carried by the 3 largest U.S. national retail pharmacy chains, collectively representing over 22,000 locations across America.
  • CBDMEDIC brand continues to generate the highest revenue per store per month in the largest US pharmacy chain in stores where it is carried compared to other CBD brands.
  • Abacus partnered with Gillette Stadium and Patriot Place to further leverage its previously announced partnership with Rob Gronkowski (Gronk), three-time football world champion, to promote the CBDMEDIC brand.

Click here to read the full press release.

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