Pharmaceutical and medicinal cannabis manufacturer IDT Australia has reported a sales turnaround with revenues of $3 million in Q1FY24, up 300 percent on the previous corresponding period.
The company told investors it has secured a further $2.1 million in new contracts in October with $4.2 million in contracts at the approval stage.
The company’s sales pipeline has built to 75 leads and with 75 proposals generated in the quarter.
The company offers high containment, high potency manufacture of Active Pharmaceutical Ingredients (API) and Finished Dose Forms (FDF), as well as offering contract manufacturing services.
IDT Chief Executive Officer Paul McDonald said: “We have made a running start into the new financial year and the momentum gives me confidence that our three business pillars will continue to deliver a materially stronger result on the back of our turnaround strategy.
“Our strategic vision focuses on addressing global drug shortages and playing an instrumental part in supporting sovereign manufacturing capabilities.”
The company’s Active Pharmaceutical Ingredient manufacturing business was a major contributor with sales up 10-dold on the previous corresponding period to $1.2 million.
Similarly the company’s Specialty Orals business, which has work in the medicinal cannabis and newly opened psychedelics market, was up 200 percent to more than $1.4 million.
Meanwhile, the Advanced Therapies pillar of the business which has expertise in the mRNA technology market, was up from $12,000 to $187,000.
“We are excited to have successfully capitalised on some of the emerging opportunities and we believe there are multiple significant avenues for growth for IDT over the medium and longer term.”
Picture: IDT Australia