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Quarterly Activities Report: Record Revenues for Melodiol
Melodiol Global Health Limited (ASX:ME1, FRA:1X8) (‘Melodiol’ or ‘the Company’) is pleased to provide the following report on progress for the three month period ended 30 June 2023 (the ‘quarter’), which is accompanied by the Company’s Appendix 4C. All financial results are in Australian dollars (unless otherwise stated) and unaudited.
- Unaudited net sales for the combined Melodiol group of $4.74m – 105% gain on last quarter and a 202% increase on the PCP
- Q2 sales take H1 CY23 net sales to $7.06m – a 64% uplift on H1 CY22 (H1 CY22:$4.31m)
- Acquisition of Health House International (HHI) completed - HHI generated combined currency-adjusted unaudited revenues of $11.04m with an unaudited adjusted EBITDA margin in operating units for the period of 7.4% from January 2023 to 30 June 2023
- Net cash used in operating activities totalled $2,378,000 - improved significantly on the last quarter by 43%
- Mernova continued to pursue multiple growth initiatives, including ongoing expansion of its Canadian footprint and EU GMP licencing to fast track international cannabis exports
- Letter of Intent (LOI) secured to enter an exclusive commercial relationship with Apotheke Dr. Hysek AG, a leading Swiss pharmaceutical company, for the supply of GMP MDMA and synthetic psilocybin products to the Australian market
- Through its wholly owned Australian subsidiary HHI, Melodiol holds the necessary import licences for the Australian market and will provide the support infrastructure to import, warehouse and distribute the products throughout Australia – additional import permits to be pursued shortly
- Promising early results from Halucenex’s Phase II clinical trial to test the efficacy of psilocybin on treatment-resistant Post Traumatic Stress Disorder (PTSD) with first 10% of trial patients experiencing total remission from depression and PTSD symptoms after the first macro-dose
Chief Executive Officer Mr William Lay said: “Melodiol has delivered another quarter of strong revenue growth, as well as a considerable reduction in net cash used in operating activities. These financial results reiterate the Company’s ongoing strategy and validate the recent optimisation initiatives undertaken across the business.
“We anticipate revenue growth to continue over the near term as we continue to streamline our operating divisions and continue to implement Health House International into the broader Melodiol group.
“The acquisition of HHI has provided Melodiol with a number of key opportunities, particularly around the Australian and European markets which can be leveraged to unlock significant value for shareholders over the coming months. I look forward to providing additional updates over the coming months.”
Financial and corporate overview:
For the June quarter, Melodiol reported preliminary net sales of A$4.74m, up 105% from the previous quarter (A$2.32m) and 202% higher than the prior year comparative period (A$1.57m). This takes unaudited sales for the first half of CY23 to $7.05m, which marks a 64% uplift on H1 CY22 (A$4.31m).
In addition, Melodiol continued to focus on a program to reduce operating costs without affecting growth. Net cash used in operating activities totalled $2,378,000, which predominately encompassed product and manufacturing, staff costs and administrative expenses. Pleasingly, net cash used in operating activities reduced significantly on the last quarter by 43%. The Company will continue to maintain its focus on cost control over the coming quarters.
At quarter end, Melodiol had cash at bank of $1,057,000. Payments to related parties and their associates as detailed in section six of the Appendix 4C relate to Directors Fees ($263,000), Loan repayment ($1,000) and other services ($145,000).
Completion of Health House International Limited acquisition:
Melodiol completed the acquisition of Health House International Limited (“Health House” or “HHI”) during the quarter. Completion of the acquisition followed approval from the Supreme Court of Western Australia, which made orders on 4 May 2023 approving the scheme of arrangement pursuant to which Melodiol acquired 100% of the shares in Health House.
This article includes content from Melodial Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.