Melodiol Global Health

Quarterly Activities Report: Melodiol Delivers $9.3m in Revenue During H1 FY24 – a 33% 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 30 June 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 $4.8m – marks a 9% increase on the prior quarter
  • H1 FY24 unaudited revenues of $9.3m – a 33% increase on H1 FY23 ($7.0m)
  • Follows total FY23 record revenues of $21.6m – a 148% rise on the PCP
  • Results underpinned by Mernova Medicinal Inc., which delivered $2.0m in revenue during Q1 FY24 – a 25%+ increase on Q2 FY23
  • Wholly-owned operating division Health House International generated $2.8m in revenue during the quarter – continues to generate significant revenues since acquisition
  • Board and management remain committed to ongoing efforts to further reduce operating expenditure
  • Subsequent to quarter end, the Company announced a non-binding LOI for an asset sale for C$11m (A$12m)

Financial performance:

During Q2 FY24, Melodiol delivered $4.8m in unaudited revenue, which was a 9% increase on the previous quarter (Q1 FY24: $4.4m). H1 FY24 revenues of $9.3m are an increase of 33% vs. H1 FY23 ($7.0m). The results follow record group revenues of $21.6m in FY23, a 148% increase on the PCP.

Q1 FY24 revenue was underpinned by Melodiol’s 100%-owned Canadian subsidiary, Mernova Medicinal Inc. (‘Mernova’) which generated $2.0m in revenue for the period. Mernova’s revenue was up 25% on the PCP (Q1 FY2024 revenue: $1.5m).

Further, wholly-owned operating division Health House International (‘HHI’ or ‘HHI International’) also contributed $2.8m 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 $4.9m, in line with Q1 FY24 ($5.0m). Net cash used in operating activities was $1.9m. For H1 FY24, total cash used in operating activities was $3.0m, significantly lower than H1 FY23 ($6.6m).

Cash used in operating activities comprised mainly of product manufacturing and operating costs ($3.3m), advertising and marketing ($0.1m), staff costs ($1.5m), and administration and corporate costs ($1.7m).

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 $0.08m.


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.

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