Health House International (HHI) delivered revenue of nearly A$3 million and a net profit of more than $300k in September, its first full quarter of operations since being acquired by Melodiol Global Health in May.
Unaudited figures for the September quarter reveal HHI Australia generated consistent monthly sales of around $1m, peaking in August at $1.06m.
Adjusted for Cost of Goods Sold (COGS) and operating expenses, the division delivered a quarterly net profit before tax of $313k at a 10.4% margin.
Melodiol said the result “confirms the strong traction HHI Australia has established as a leading distributor of medicinal cannabis products through a diversified network of pharmacy customers”.
Victoria and Queensland collectively accounted for around 50% of total revenue during the quarter, followed by Western Australia (~20%) and New South Wales (~15%).
Melodiol added HHI’s broader contribution to unaudited group revenues and net earnings will be further bolstered by the inclusion of quarterly financial data for the company’s UK operations due later this month.
CEO William Lay said: “Due diligence during the acquisition process left the Melodiol board and management team confident that HHI was positioned to make an immediate and material contribution to group revenues and net earnings, and these results confirm that view.”
HHI recently lodged applications for state licence amendments to import and distribute medicines containing psilocybin and MDMA.
Since July 1, psychiatrists approved under the TGA’s Authorised Prescriber scheme have been permitted to prescribe the medicines for treatment-resistant depression and post-traumatic stress disorder (PTSD).
UPDATE (October 18, 2023): Melodiol has reported unaudited group revenue for the September quarter of ~$7.5m, up 265% on the previous corresponding period ($2.05m), and 58% up on the last quarter ($4.74m).
The result takes the group’s total CY23 unaudited net revenue to date to $14.54m.