Despite facing Covid-19 restrictions, Althea was able to achieve substantial revenue growth in the September quarter and added a record number of patients last month.
Althea Group Holdings’ shares jumped 5% after announcing a 32% quarter-on-quarter growth in unaudited revenue for the September quarter to $2.1 million.
September 2020 was the strongest month on record for the company, with 943 patients added in Australia, taking the total number to 9,683.
Althea’s UK business also achieved recorded revenues of $75,973 in September, an increase of 104% month-on-month.
Althea CEO Josh Fegan said: “The September quarter has been an important period for the company, as we have continued strong quarter on quarter growth, with a 32% increase in revenues from the previous reporting period.
“With Peak Processing Solutions having received its Standard Processing License from Health Canada last month and already entering into commercial agreements with customers, our shareholders can continue to expect strong revenue growth for the December 2020 quarter.
“Our patient numbers have also continued to experience a strong increase in Australia and with revenue more than doubling in the UK in September, we anticipate companywide break-even within the March 2021 quarter.”