IDT Australia revenue hits new high

Pharmaceutical manufacturer IDT Australia has reported revenue for the quarter ended 30 September up 70 percent on the previous corresponding period to reach a two year high of $5.2 million.

The Melbourne company said the results were encouraging and came on top of the it submitting proposals worth $24.7 million and securing $6.8 million in new orders, all from returning customers.

Chief Executive Officer Paul McDonald said the quarter’s performance reflected the company’s transformation programme and put IDT on track to exceed FY24 total revenue of $14.1 million.

McDonald said: “Notably we are also seeing a substantial amount of work coming from returning customers.

“This trend speaks to the quality of our work, the establishment of more predictable revenue streams for the business and our unique capabilities that supports IDT’s market leadership position.”

IDT Australia is made up of three verticals.

• Advanced Therapies showed a 642 percent revenue increase on the previous corresponding period to $1.4 million, driven by contracts from pharmaceutical manufacturer Sanofi and growing demand for antibody drug conjugates and messenger RNA technologies
• Specialty Orals which are associated with medicinal cannabis products was stable, up 2.3 percent to $1.5 million
• And Active pharmaceutical ingredient manufacturing revenue declined 36.1 percent to $761,000 due to the timing of orders.

Image: IDT Australia