Bod Australia Ltd (ASX:BDA) has recorded its highest ever month of medicinal cannabis sales during April, filling a total of 1,789 MediCabilis prescriptions in Australia.
This major achievement highlights an 11% increase on the previous month (March 2021 prescriptions: 1,617) and takes the total MediCabilis™ prescriptions filled in FY2021 to 9,519.
During April, Bod filled around 27% of the total Special Access Scheme Category B prescriptions filled across Australia (total: 6,682).
In addition, the company’s total prescription in FY2021 have risen 138% over FY2020, and the upward trend is expected to continue.
Investors cheered the news by pushing the company’s shares up by almost 22% to 45 cents.
“Volume continues to grow”
Bod Australia CEO Jo Patterson said: “MediCabilis™ volumes continue to grow at a very pleasing rate and the recent prescription sales growth further highlight Bod’s ability to generate strong revenues across one of the company’s two core operating divisions.
“The company continue to maintain a solid segment of the total Australian market through Special Access Scheme Category B.
“It is worth noting, that of the total Special Access Scheme approvals, not all result in prescriptions being filled.
“Therefore, Bod’s total market share may be potentially higher.”
Sales pipeline
The company expects medicinal cannabis sales to grow in the coming months with the introduction of new products and scale-up of UK operations
Patterson said: “The company has a number of new products in the pipeline that will be launched imminently.
“We anticipate that the introduction of new products and scale-up of operations across both business divisions will unlock considerable value for shareholders.”
Repeat prescriptions
Notably, 64% of prescriptions dispensed during April 2021 were repeat prescriptions – a continuing trend which allows the company to generate consistent and recurring revenue and represents patient and physician product satisfaction.
The growth is attributed to ongoing engagement and strong relationships with approved prescribers, educational initiatives with physicians and healthcare professionals and the Bod Australia-wide clinical study to test the efficacy of MediCabilis™ for conditions including anxiety, insomnia and Post Traumatic Stress Disorder (PTSD).