Leading cannabis company providing a safe and reliable source of cannabis treatment products, Vitura Health (ASX: VIT) has released its financial results for the first half of FY2023, revealing a significant step up across the board following their recent business overhaul finalised earlier this year.
You may not recognise the Company or its name just yet, especially as a player in the cannabis space – but the Vitura Health name resulted from a company-wide rebranding recently that saw its former ‘Cronos’ label ditched.
Even prior to its rebranding, it was clear that Vitura Health was heading in the right direction, as evidenced by its financial results. Sales of medical cannabis products and clinic fees in both Asia and Australia drove revenue to new highs over the period, topping out at $57.6m, revealing an 86% year-over-year (YoY) gain. Gross profits after tax were lifted to just over $7.6m, an impressive 130% gain from $3.3m a year prior.
Commenting on the impressive half-year, Company CEO Rodney Cocks said, “We are extremely pleased to release the Company’s latest Financial Report for the first half of FY2023 which shows significant growth across all key financial metrics.”
The lofty revenue and profit gains this half is likely a result of their rebranding to Vitura Health, which allowed for better brand recognition, stronger customer relationships, access to new markets as well as improved market reach. But most importantly, the transformation from the old brand into a contemporary identity has been essential in helping them remain competitive amidst a continuously changing cannabis industry.
“With our new name and distinctive branding unveiled, Vitura is excited to leverage its market-leading position to continue to expand.”
Other operational highlights include a few key milestones; the recent commissioning of the huge Melbourne Distribution Centre at an undisclosed location, the launch of the CanView 2.0 platform which facilities sells and distribute cannabis products nationwide in Australia, as well as the recent transition from physical clinics to 100% telehealth operations – making clear Vitura’s objective to deliver cannabis services via tech solutions for its constantly growing customer base.
“[We] continue to expand the CanView platform and clinical operations for our growing numbers of patients, prescribers, pharmacies and suppliers who use and rely on our service.”
