Bioxyne chief executive Sam Watson has praised the company's progress after a strong first quarter sent its share price higher.
Revenue for the three months to September came in at A$4.6 million, a 48% increase on the prior quarter and more than twice the figure recorded in Q1 FY23.
Quarterly cash receipts of $5.8m contributed to a positive operating cash flow of $1.2m for the period.
The positive result was supported by agreements reached with Montu and Aura Therapeutics to produce pastilles at the company's Brisbane facility.
Watson described the result as a "significant milestone… in becoming Australia's leading manufacturer and wholesaler of novel medicines".
“The great progress our team and business has made towards this objective since the granting of our GMP licence in February 2024 is remarkable,” he said.
“The commercial manufacture of pharmaceutical cannabis pastilles at scale is a unique achievement in Australia… and we are only at the beginning of our journey in becoming a key player in the global medical cannabis and psychedelics industry.”
Bioxyne said it was "confident" of meeting its guidance target of $20m in revenue for FY25.
At the close of Q1, the company held $1.8m in available cash.
