While it still has some way to go, medical cannabis company BOD Australia (ASX:BDA) is closer to a cash positive position after what looks to have been a busy and successful FY2020.
The firm released its audited results last week that indicate revenue and other income for the period came to a total of $6.1m, a 350% increase on FY2019. This result was driven by growth in sales of BOD’s hemp-based products here in Australia and CBD products in the United Kingdom. The company says there was also increased prescription volumes locally for its MediCabilis products, a CBD based formulation available in oil and wafer form. MediCabilis is currently accessible for clinical trial use and for patients in Australia via the TGA Approved Prescriber (AP) and Special Access Schemes (SAS).
In a presentation published last week, the company notes 4,000 Medicabilis prescriptions were filled during FY2020 and 80% repeat patients. On a related note, last month the company announced it had commenced an Australia-wide observational study into the effectiveness of MediCabilis for conditions including anxiety disorders, insomnia and Post Traumatic Stress Disorder (PTSD). The study aims to collect data from 500 patients prescribed MediCabilis over 12 months.
BOD’s loss after income tax for FY2020 was $4,819,140, a 37% decrease on FY2019.
“While top line growth is our key focus, we have been vigilant managing the cost base, only deploying funds into value accretive initiatives that will drive future product development and underpin continued revenue growth,” said BOD Australia CEO Jo Patterson.
BOD expects revenue to further increase during FY2021, driven in part by new product launches and international expansion.
The company says it will expand its Swisse product range and launch into international markets including the USA, France, Italy and Netherlands. BOD announced in late March this year it had partnered with the vitamin and skincare giant to launch a range hemp-based products for the Australian market.
BOD says it also intends broadening its CBII product range in the UK ahead of large- scale launch in the USA. CBII is a full spectrum hemp extract launched in partnership with H&H Group in November last year.
