The manufacture of medicinal cannabis pastilles helped push Bioxyne into the black as it orchestrated a major financial turnaround in the first half of FY25.
The company posted an after-tax profit of almost A$3.3 million in the six months to December, compared to a loss of $12.3m in the previous corresponding period (pcp) and a FY24 year-end deficit of $13.5m.
The improvement was driven by a 171% growth in revenue, to $12.6m, while gross profit margin climbed from 34% to 49%.
Bioxyne, which trades as Breathe Life Sciences (BLS), said the revenue increase followed the ramping up of production at its GMP-accredited manufacturing facility in Brisbane.
The company said it signed several major contracts totalling $47.5m in pipeline orders and saw “substantial demand growth in pastilles”.
“[That was] driven by consumers favouring the ease of pastilles as opposed to flower and oil,” Bioxyne stated in its interim financial report. “Several of BLS’s existing flower and oil customers are also being cross-sold pastille products, resulting in the revenue generation of existing customer contracts.”
Bioxyne forecast FY25 year-end revenue of $25m, citing continued expansion at its Brisbane facility, and growing sales of its Dr Watson and BLS-branded products in Australia, the UK and Europe.
Chief executive Sam Watson suggested last October that pastilles, or gummies, represented a “$100m opportunity” in Australia.
