Health House International (HHI) recorded revenue of nearly A$3 million and a net profit exceeding $300,000 during the September quarter — its first complete three-month period since being acquired by Melodiol Global Health in May.
Unaudited figures for the September quarter show HHI Australia maintained steady monthly sales of approximately $1 million, with August being the strongest month at $1.06 million.
After accounting for Cost of Goods Sold (COGS) and operating expenses, the division posted a quarterly net profit before tax of $313,000, reflecting a 10.4% margin.
Melodiol said the outcome "confirms the strong traction HHI Australia has established as a leading distributor of medicinal cannabis products through a diversified network of pharmacy customers".
Victoria and Queensland together made up around 50% of total revenue over the quarter, with Western Australia contributing approximately 20% and New South Wales around 15%.
Melodiol noted that HHI's overall contribution to unaudited group revenues and net earnings would receive a further boost once quarterly financial data from the company's UK operations is included, expected later this month.
CEO William Lay said: "Due diligence during the acquisition process left the Melodiol board and management team confident that HHI was positioned to make an immediate and material contribution to group revenues and net earnings, and these results confirm that view."
HHI has recently submitted applications for state licence amendments to enable it to import and distribute medicines containing psilocybin and MDMA.
From July 1, psychiatrists approved under the TGA's Authorised Prescriber scheme have been able to prescribe those medicines for patients with treatment-resistant depression and post-traumatic stress disorder (PTSD).
UPDATE (October 18, 2023): Melodiol has reported unaudited group revenue for the September quarter of approximately $7.5 million, up 265% on the previous corresponding period ($2.05 million) and 58% higher than the prior quarter ($4.74 million).
That result brings the group's total unaudited net revenue for CY23 to date to $14.54 million.
