BOD Australia Ltd - Bod Australia (ASX:BDA) revenue up 94.5% on PCP in 1H FY2020 report.
BOD Australia Ltd (ASX:BDA)

Bod Australia (ASX:BDA) revenue up 94.5% on PCP in 1H FY2020 report.

Highlights

What's happened?

Bod Australia Limited (ASX:BDA, "Bod") released its financial results for 1H FY2020.

What are the key highlights?

  1. Revenue up 94.5% on PCP to nearly $2.1m.
  2. $7m transformational investment from NewH2 and exclusive global agreement to commercialise CBD products with Health & Happiness Group Limited (HKSE: 1112).
  3. First CBD products launched in the UK with H&H Group under new CBII brand.
  4. Rapid uptake of MediCabilis™ continued with 1,842 prescriptions filled during first half.
  5. Participation in Europe’s largest medicinal cannabis study targeting 20,000 patients secured.
  6. Growth opportunities pending through new product launches and international expansion.

What does this announcement mean?

Erik Bergseng CFA® from Mawson Graham provides perspective on this recent announcement.
Erik Bergseng CFA®
Written by Erik Bergseng CFA®
Published Feb 28, 2020

Revenue has almost doubled PCP to $2.1m and net loss has almost halved by dropping from -$2.7m to -$1.4m. Bod also retains a significant cash balance of $8.1m as of 31st December 2019 which follows the cornerstone investment made by NewH2, the innovation arm of Bod's strategic partner H&H Group. The launch of CBII (https://www.cbii-cbd.com/) into the UK was also the first white label product launch with H&H Group, with future international launches also planned. MediCabilis™ prescriptions continue to grow at a significant pace and MediCabilis™ will also feature in Project Twenty21 which will be Europe's largest medical cannabis trial. Bod are 1 in only 5 of companies invited to participate in Project Twenty21. For all of these reasons we think Bod are very well positioned to continue growing their top line.

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CEO's Summary

Jo Patterson

"The first half of FY2020 has been transformational for Bod and we have achieved a great deal. Not only have we considerably increased revenue on the previous corresponding period, but also witnessed the first material sales from Bod’s medicinal cannabis products and CBD products in collaboration with H&H Group. Early signs are encouraging and we are confident that we will continue to aggressively build top line growth while at the same time maintaining a strong focus on cost control. The Company’s strategic agreement with H&H Group means Bod is uniquely and very well positioned to rapidly expand through the commercialisation of CBD and hemp products. Bod is set to launch a number of products under new and existing brands in the second half of FY2020, which will enhance revenue streams. MediCabilis™ prescription volumes continue to grow at a steady clip and growth will be helped by progressing an expansion into the United Kingdom in the coming weeks and the well-documented launch of two new CBD products. The second half has commenced well for Bod and the Company is in excellent shape."

Jo Patterson
CEO, BOD Australia Ltd

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