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 CLINIC™ 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.
- CBDMEDIC™ 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.