Melodiol Global Health Limited

Quarterly Activities Report: Melodiol Delivers $4.4M in Revenue during Q1 FY24 – a 91% Increase the PCP

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to provide the following update on progress for the three month period ended 31 March 2024 (the ‘quarter’), as well as its Appendix 4C. All financial results are in Australian dollars and unaudited (unless otherwise stated).


Highlights:

  • Q1 FY24 unaudited revenue of $4.4m – marks a 91% increase on the prior corresponding period (‘PCP’)
  • Results underpinned by Mernova Medicinal Inc., which delivered $1.6m in revenue during Q1 FY24
  • Wholly-owned operating division Health House International generated $2.4m in revenue during the quarter – highlighting the Company’s ability to deliver growth through strategic M&A
  • Non HHI European operations also contributed $380k in revenue, more than 30x Q1 FY23 revenues, highlighting a good uptick on these operations
  • Board and management remain committed to ongoing efforts to further reduce operating expenditure
  • Follows total FY23 record revenues of $21.6m – a 148% rise on the PCP
Financial performance:

During Q1 FY24, Melodiol delivered $4.4m in unaudited revenue, which was a 91% increase on the previous corresponding period (‘PCP’) (Q1 FY23: $2.3m). The results follow record group revenues of $21.6m in FY23 and highlight the Company’s ability to identify high growth opportunities and capitalise.

Q1 FY24 revenue was underpinned by Melodiol’s 100%-owned Canadian subsidiary, Mernova Medicinal Inc. (‘Mernova’) which generated $1.6m in revenue for the period. Pleasingly, Mernova’s revenue continued was up 6% on the PCP (Q1 FY2024 revenue: $1.5m).

Further, wholly-owned operating division Health House International (‘HHI’ or ‘HHI International’) also contributed $2.4m in revenue. HHI’s ongoing contribution to the Company’s revenue since its acquisition has further underpinned Melodiol’s stated strategy of leveraging strategic M&A to bolster operations.

Receipts from customers for the period totalled $5m, a 94% rise on the PCP. Net cash used in operating activities was also reduced by 50% from $2.2m in Q4 FY23 to $1.1m in Q1 FY24.

Cash used in operating activities comprised mainly of product manufacturing and operating costs ($3.2m), advertising and marketing ($0.1m), staff costs ($1.5m), and administration and corporate costs ($1.1m).

At quarter end, the Company has cash at bank if $0.6m. Payments to related parties and their associates as detailed in section six of the attached Appendix 4C relates entirely to Directors Fees / expenses of $0.1m.

Melodiol remains resolutely focused on continuing to reduce operating costs, while pursuing high growth revenue opportunities to push towards profitability. The Company also continues to take active steps to refocus its efforts and resources into higher performing business units, whilst exploring opportunities to undertake a strategic divestment or closures of non performing business units.


Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

ME1:AU
The Conversation (0)
AVECHO BIOTECHNOLOGY

Avecho and Sandoz enter Exclusive License and Development Agreement to Commercialise CBD for Insomnia in Australia

Avecho Biotechnology Limited (ASX: AVE) (“Avecho” or the “Company”) today announced it has signed an exclusive ten-year development and licensing agreement with Sandoz Group AG (“Sandoz”) for the commercial rights to Avecho’s Phase III cannabidiol (“CBD”) capsule for insomnia in Australia. Avecho retains the rights to commercialise the product in all other territories, with Sandoz granted a first right of refusal for these markets. Avecho’s CBD capsule aims to be the first pharmaceutical CBD product registered with the Therapeutic Goods Administration (“TGA”) as an over-the-counter medicine, which market forecasts predict could generate sales surpassing US$125M per annum in Australia2.

Keep reading...Show less

Compass Pathways to Participate in TD Cowen 45th Annual Health Care Conference

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that management will present at the TD Cowen 45 th Annual Health Care Conference at 1:10 pm ET on March 3 rd , 2025.

A live audio webcast of the presentation will be accessible from the "Events" page of the Investors section of the Compass website. A replay of the webcast will be accessible for 30 days following each event.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025

Compass management will host a conference call at 8:00 am ET (1:00pm UK)

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025

Compass management will host a conference call at 8:00 am ET (1:00pm UK)

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025

Compass management will host a conference call at 8:00 am ET (1:00pm UK)

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025

Compass management will host a conference call at 8:00 am ET (1:00pm UK)

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×