Vitura Health's revamped strategy has produced an encouraging opening quarter of the financial year, with revenue broadly in line with targets and both earnings and net profit coming in ahead of budget, the company announced.
The company acknowledged, however, that the medicinal cannabis market "remained challenging" within a "competitive environment".
Vitura stopped short of releasing specific figures for the three-month period, but said the Q1 result gave its board and leadership team "comfort" that the business was on course to achieve its full-year targets.
Those targets include 10% revenue growth, a three-percentage-point increase in EBITDA margin (earnings before interest, tax, depreciation and amortisation), and a 10% reduction in operating expenditure.
Following a difficult 2024 financial year, Vitura unveiled what it described as a "strategy reset" in May. The plan introduced new health verticals covering smoking cessation, weight loss, and men's and women's health, alongside a sharper focus on acquiring and retaining customers.
Chairman Robert Iervasi said the company was performing well, with gains in the new verticals helping to offset headwinds in the medicinal cannabis space.
"We are only one quarter into the financial year, but we are already seeing the positive impact of our strategy reset and the strong focus of the Vitura team to drive improved business performance," he said.
"While the competitive environment remains challenging for medicinal cannabis, our disciplined approach to performance management, increasing diversity of revenue channels and new growth opportunities are setting a confident path for improved results this financial year."
Separately, Vitura said efforts to produce a full copy of the Canview platform — agreed upon as part of a settlement with software provider Code4 Cannabis — were "now underway and progressing well".
The company also confirmed that its Doctors on Demand (DoD) business would be folded into the Canview platform.
Iervasi highlighted the contributions of recently appointed executives Nicola Swarbrick and Dr Stefan Schmidt, and noted that incoming chief executive Geoff Cockerill is due to begin on November 25.
A new board is set to be formed at the annual general meeting on November 27, a move Vitura said will "strengthen the company's leadership team and support its next phase of growth".
