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Althea Group sets new patients record as quarterly revenue rises 32%

Despite facing COVID-19 restrictions, the company was able to achieve substantial revenue growth in the September quarter and added a record number of patients last month.

Althea Group Holdings Ltd - Althea Group sets new patients record as quarterly revenue rises 32%
Althea is a global pharmaceutical company and a supplier of medicinal cannabis

Althea Group Holdings Ltd’s (ASX:AGH) shares jumped 5% yesterday after announcing a 32% quarter-on-quarter growth in unaudited revenue for the September quarter to $2.1 million.

The company has been able to deliver strong results, despite COVID-19 restrictions remaining in place.

Notably, September 2020 was the strongest month on record for the company as 943 patients were added in Australia taking the total number to 9,683.

Althea’s UK business also achieved recorded revenues of $75,973 in September, an increase of 104% on a month-on-month basis.

The company’s total cash receipts for the quarter stood at $2.07 million – a 36% increase from the June quarter 2020.

Strong revenue growth expected this quarter

Althea CEO Josh Fegan said: “The September quarter has been an important period for the company, as we have continued strong quarter on quarter growth, with a 32% increase in revenues from the previous reporting period.

“With Peak Processing Solutions having received its Standard Processing License from Health Canada last month and already entering into commercial agreements with customers, our shareholders can continue to expect strong revenue growth for the December 2020 quarter.

“Our patient numbers have also continued to experience a strong increase in Australia and with revenue more than doubling in the UK in September, we anticipate companywide break-even within the March 2021 quarter.

“As we approach our 10,000 patient milestone, I would like to take this opportunity to thank shareholders for their ongoing support.”

Quick facts: Althea Group Holdings Ltd

Price: 0.46 AUD

ASX:AGH
Market: ASX
Market Cap: $107.32 m
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