Bod Australia Reports Achievement of Record Medicinal Cannabis Growth During Q1 FY2021.
Bod Australia Limited (ASX: BDA) is pleased to report that it
has achieved record medicinal cannabis growth during Q1 FY2021, receiving purchase orders for a total of 2,630 MediCabilis™ units – highlighting 165% quarter on quarter uplift (Q4 FY2020
The Company has delivered approximately 1,630 units which will be reflected as sales for the quarter, with the balance to be shipped to partner clinics during Q2 FY2021. The delivery of the initial 1,630 units equates to over 41% of the total MediCabilis™ prescriptions filled during FY2020
(FY2020 prescriptions: ~4,000).
Growth in prescription volumes is attributed to continued product uptake and strong brand recognition in Australia, as well as the Company's nationwide clinical observational study. Bod has also continued to progress educational initiatives with Australian prescribers, which assisted in generating additional sales.
The Company anticipates that it will achieve continued sales growth during Q2, particularly as operations in the UK continue to scale. Bod recently entered into a strategic agreement with LYPHE Group in the UK (refer ASX announcement: 1 September 2020), which will drive growth
through the region. Bod's participation in Europe's largest medicinal cannabis registry, ProjectTwenty21 is also expected to support prescription volumes.
Receiving these purchase orders for our Medicinal Cannabis product, MediCabilis™ range, is a great achievement for Bod.Jo Patterson, CEO Bod Australia
CEO Jo Patterson continued: "and we are very pleased with the ongoing increase in sales. Bod has achieved market leading brand recognition in Australia through clinical
trial and educational initiatives, which has directly assisted growth.
"As Project Twenty21 and our agreement with LYPHE Group in the UK scale up, we are confident that prescription volumes will follow. Sales are anticipated to continue in Australia, particularly as MediCabilis™ and cannabis more broadly becomes a standard treatment for a number of debilitating conditions such as chronic pain, insomnia, Post Traumatic Stress and anxiety.
"We continue to witness strong demand for our MediCabilis™ product range through new and repeat patients and I look forward to providing regular updates on product uptake in the coming months."
To learn more about Bod, visit their company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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