Melodiol Global Health Ltd (ASX:ME1) has kicked off 2023’s third quarter with a bang after banking A$1.6 million in new unaudited revenue and purchase orders.
The figures are particularly encouraging on the back of a record-breaking quarter when the business booked A$4.7 million in revenue and more than doubled what it brought in over the first quarter of the year.
2023 sales to date currently stand at A$8.6 million — fast approaching the A$8.7 million benchmark that Melodiol set over calendar year 2022.
What's propelling growth?
The company chalks the strong revenue metrics up to its two 100%-owned subsidiaries; specialist medicinal cannabis distributor Health House International and Mernova Medicinal Inc., a leading supplier of recreational cannabis products in the Canadian market.
It also flagged strong contributions from its Swiss pharmaceutical arm, Creso Pharma Switzerland.
The company believes strong momentum in the third quarter reflects its determination to consolidate market drive following its Health House International integration.
Consequently, the move is expected to propel further revenue and earnings growth across Melodiol’s core operating divisions.
Next stop: unlock additional value
Melodiol CEO William Lay said the team had used the last few months to optimise operations and capitalise on revenue growth opportunities.
“The group achieved exceptional momentum during the last quarter and we are pleased to see this continue in the early stages of Q3 FY2023,” he explained.
“The board and management team are actively assessing a number of opportunities which have the potential to unlock additional value for shareholders.
“We look forward to providing ongoing operational updates over the coming months.”