Melodiol Global Health Limited

Q1 FY24 Revenue Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise that is has achieved approximately $4.1m of unaudited revenues for Q1 of FY24, marking a 79% increase on Q1 FY23 revenues of $2.3m. The result provides a strong foundation for the remainder of FY24.


Highlights:

  • Unaudited Q1 FY24 revenues of $4.1m, a 79% increase on Q1 FY23
  • Follows strong Melodiol group FY 2023 revenues of $21.6m (an increase of 148% on FY 2022)
Revenues were driven by strong performance at Mernova, which recorded $1.7m in revenues for the quarter. During the quarter, Mernova continued its strong momentum from FY23, where it delivered $6.9m of revenue as demand for its high quality recreational cannabis products remained strong across its various provincial markets. Mernova has recently gained approval for the listing of a variety of new SKUs across existing markets (refer to announcement dated 2 April 2024) and already has >$550k of POs for delivery in Q2 of FY24. The Company looks forward to providing further updates on Mernova in due course.

Health House Australia also provided strong contributions of $1.8m in revenues utilising its position as a trusted supplier within the growing Australian medical cannabis landscape. During Q1 and Q2 the group signed on a variety of new suppliers and looks forward to introducing the Health House Wellness Clinic in Q2 of FY24 (refer to announcement dated 9 April 2024). These activities provide a strong foundation for maintaining or exceeding current sales levels during Q2 of FY24.

Health House UK delivered $647k of revenue. The group continues to see strong demand and will provide updates on further revenue development in due course. During FY23, Health House Australia and UK provided $11.4m in revenue to Melodiol’s group results. Group revenue results of $21.6m in FY23 were an increase of 148%, compared to FY22.

Management commentary:

CEO and Managing Director, Mr William Lay said: “I am very proud of our global teams for the strong start they have delivered to FY24. We continue to see strong demand and engagement from customers across our business units and are working diligently towards growing our substantial revenue base. We look forward to providing further updates to this effect in due course.”


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)
Melodiol Global Health

Melodiol Global Health

Global Portfolio of Strategic Cannabis and Plant-based Businesses

Numinus Wellness Announces Change of Auditor

Numinus Wellness Announces Change of Auditor

Numinus Wellness Inc. (TSX: NUMI) (OTCQB: NUMIF) ("Numinus" or the "Company"), a mental health care company focused on innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, announces that Davidson & Company LLP ("Davidson") has resigned as... Keep Reading...
Lobe Sciences Ltd. to Attend the ArcStone-Kingswood Growth Summit 2025 in Toronto

Lobe Sciences Ltd. to Attend the ArcStone-Kingswood Growth Summit 2025 in Toronto

lobe sciences ltd. (CSE: LOBE,OTC:LOBEF) (OTCQB: LOBEF) (FSE: LOBE.F) ("Lobe Sciences" or the "Company") a clinical stage biopharmaceutical company focused on developing products to treat diseases with significant unmet medical needs is pleased to announce its participation in the upcoming... Keep Reading...
Dried mushrooms and capsules aligned on a light surface.

Psychedelics Market Update: H1 2025 in Review

The market for psychedelic drugs is emerging as a strategic investment opportunity in healthcare, with forecasts generally placing its value at around US$6.4 billion in 2025. This burgeoning sector is set for robust, double-digit compound annual growth, significantly driven by North America,... Keep Reading...
Glowing mushrooms with colorful graphs in the background on a dark surface.

US Policy Momentum, Clinical Progress Fueling Psychedelics Market in 2025

When the US Food and Drug Administration (FDA) rejected Lykos Therapeutics’ new drug application for MDMA-assisted therapy last August, the initial disappointment cast a shadow over the psychedelics industry. However, the sector is seeing a resurgence of optimism in 2025 on the back of various... Keep Reading...
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.... Keep Reading...

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) Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the fourth... Keep Reading...

Latest Press Releases

Related News