Despite bushfires throughout Australia, and now an ongoing global pandemic, Althea Group Holdings' revenue for the March quarter is up by 39% over the previous quarter.
Althea Group Holdings (ASX:AGH) provided its 4C cash flow statement ending March 31st, 2020 today, in which the company achieved its best quarter on record.
During the March quarter, Althea recorded unaudited revenue of $1,524,359, which is 39% up from the previous quarter in which the company recorded $1,095,057. The unaudited revenues for March alone were up 30% over February's, with Althea bringing in $606,351 for the month.
As the company predicted, this makes March the best month in the company's history with regard to revenue.
The Company finished the latest quarter with 5,803 patients, with 596 new patients added in March, and the total number of healthcare professionals (HCP's) prescribing Althea's products increased to 509.
Althea received $1,487,679 in cash receipts from customers, representing a 65% over the previous quarter, with 25% of sales being generated by CBD100, the company's full-spectrum CBD medicine.
"Against all the odds the March quarter was a great success for Althea." Joshua Fegan, Founder and CEO of Althea Group Holdings
The cash outflow for the quarter was $7.3M, less than the forecasted $8.8M. Over $4.4 million over the quarter was spent on the buildout of Althea's Peak Processing Facility, which has since been completed and is awaiting licensing from Health Canada. Once licensed, the Peak Facility allows Althea to produce and distribute cannabis 2.0 products in Canada, which will yield further significant revenue increases.
AGH finished the quarter with just over $15 million in cash.
"Revenue certainly exceeded our expectations, whilst strong patient and prescriber growth continued. Gross profit margins have improved due to the restructuring of commercial arrangements, with cash collection also now faster," said Joshua Fegan, the company's CEO and founder.
"We have also now seen some great regulatory progress in the UK in early March, which we believe will bear fruit in the medium term, and with our Canadian production facility completed and Health Canada evidence package submitted last week, we can look forward to some exciting news coming out of Peak in the months ahead," Mr. Fegan concluded.
To learn more about Althea Group Holdings, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!