Medicinal cannabis pastille production has helped Bioxyne achieve a significant financial turnaround, with the company returning to profit in the first half of FY25.
For the six months ending December, Bioxyne recorded an after-tax profit of nearly A$3.3 million — a sharp reversal from the $12.3 million loss posted in the prior corresponding period and the $13.5 million deficit recorded at the end of FY24.
A 171% jump in revenue, reaching $12.6 million, underpinned the improvement, while gross profit margin expanded from 34% to 49%.
Bioxyne, which operates under the Breathe Life Sciences (BLS) trading name, attributed the revenue growth to scaled-up production at its GMP-accredited Brisbane manufacturing facility.
The company said it secured several major contracts amounting to $47.5 million in pipeline orders, alongside what it described as "substantial demand growth in pastilles".
"[That was] driven by consumers favouring the ease of pastilles as opposed to flower and oil," Bioxyne stated in its interim financial report. "Several of BLS's existing flower and oil customers are also being cross-sold pastille products, resulting in the revenue generation of existing customer contracts."
Bioxyne has projected full-year FY25 revenue of $25 million, pointing to ongoing capacity growth at its Brisbane site and rising sales of its Dr Watson and BLS-branded products across Australia, the UK, and Europe.
Chief executive Sam Watson said last October that pastilles, or gummies, represented a "“$100m opportunity”" in the Australian market.
