Althea’s half-year results saw the company report revenue of A$5,098,000, an increase of 175.3% on the prior corresponding period, driven by increasing its share of the Australian and UK medicinal cannabis markets.
The company reported a loss after providing for income tax of $8,274,000 (a fall of 0.9% compared to H1 FY20) which it attributed to employee costs ($5,250,000). The company also made a foreign exchange loss of $1,529,000.
At the end of 2020, Althea had a cash balance of $8,644,000 compared to $22,361,000 reported in the previous year.
In Australia, Althea said it had continued to experience solid growth in sales underpinned by developing the Healthcare Professional (HCP) prescribing community via its sales team and Althea Concierge, a proprietary medical device that simplifies the prescribing and patient management process for medicinal cannabis.
Althea ended the calendar year with 12,273 patients in Australia, more than triple than at the end of the previous year (4,018 patients) while 834 HCPs had prescribed Althea medicinal cannabis, more than double the prior corresponding period.
Althea UK recorded sales of $209,706 in December 2020, an increase of 90% from November 2020 which the company attributed to its first-mover advantage in the territory and its sales teams’ efforts to educate and onboard additional prescribing specialists.
Althea’s wholly-owned UK subsidiary MyAccess Clinics also recorded solid growth in both new patient and follow-up appointments.
Althea CEO Josh Fegan said: “I am very proud of our Australian and UK teams for producing record revenue in the second half of 2020. Generating market leading sales at the same time as scaling the business for growth throughout Europe and North America, requires a solid team of qualified and dedicated people.”