What's happened?
Cellmid Limited (ASX:CDY, 'Cellmid') have released their Quarterly Activities Report for Q2 FY2020.
What are the top 10 key highlights?
- Consumer health sales in Q2 FY2020 increased 19% to $2.45M (2Q FY2019: $2.06M) with strong sales growth in Australia (up 203% on 2Q FY2019) and in the US (up 132% on Q2 FY2019).
- Significant product manufacturing investment made in preparation for delivery into new distribution channels in Australia, Europe, China and the US in 2H FY2020.
- Growth in sales attributed to an increase in pharmacy sales and the start of television shopping events through openshop.
- US sales growth of 132% in Q2 FY2020 on pcp was driven by new store launches with Neiman Marcus as well as new beauty distribution channels.
- The Australian consumer health segment generated revenue of $496K in Q2 FY2020, up 203% on pcp (2Q FY2019: $163K). This sales growth primarily came from the new national pharmacy retail partnership with API, which is expected to be launched in over 400 pharmacies from March 2020.
- Early orders in export territories such as Germany and China and e-commerce sales have also started to deliver growing revenue.
- The appointment of Advangen LLC CEO, Brian McGee, during the quarter has been important in the US to fully exploit existing retail partnerships and focus on opening new channels.
- Currently looking to secure a national distribution partner in the US for the professional salon market, which would underpin the targeted sales growth in the US from 4Q FY2020 and beyond.
- On 9 October 2019 sales of the evolis® professional REVERSE range commenced on www.douglas.de, servicing the German market. Following the successful launch, the full evolis® Professional collection will be available and other German speaking countries will also be serviced by Douglas from the fourth quarter of FY2020.
- The Company is in the process of planning for the Midkine Symposium in May 2020, where significant new findings will be discussed on midkine biology and its clinical application. Information on the program and its relevance to the Company’s active partnering strategy will be unveiled before the meeting.
