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Biopharmaceutical company Immuron Limited (ASX:IMC) today released sales results for its commercially available digestive health supplement Travelan® for the first half of the Fiscal Year 2019.
Immuronâs Travelan® global sales for the six months ended 31 December 2018 grew 7% to AU$1.083 million driven by the strong gross sales in both Australian and U.S. markets throughout the first half of 2019. The company stated that growth of online sales on Amazon USA has also primarily contributed to this increase following a successful promotional campaign in December.
On the geographical front, Travelan® sales in the U.S. grew by 10% to AU$369,000 in 1H FY19 whereas, in Australia, its sales reached AU$714,000 with a 6% YoY growth rate.Â
CEO of Immuron, Dr. Gary S. Jacob stated that the company is delighted to experience the continued global sales growth for its flagship product Travelan®.
The growth in U.S sales reflects the extensive distribution network with the partner Passport Health, USAâs largest travel medicine provider. Immuron stated Travelan® also continued to experience strong sales within Australiaâs pharmacy network. The company has also maintained a concerted marketing push to educate GPs and consumers about Travelan® into 2H FY2019, including a program to improve the brandâs online footprint through a new global website and increased collaborations with the travel blogger community.
Further, the company secures the product license approval from Health Canada for the re-launch of Travelan® within Canada in April 2019. With this success, Immuron successfully incorporated Immuron Canada Limited during the First half of FY19 as well as executed distribution and sales agreement for the Canadian marketplace. The company informed that ANB Canada would manage the distribution and marketing of Travelan® within the Retail Pharmacy sector, while Passport Health will sell the product through their Canadian Travel Medicine Clinic network.
Dr. Jacob stated Immuron expects to see this upward trend to intensify as the company focus on growing its global footprint within North America in the coming years.
Immuron Canada Ltd was incorporated under the Canadian Business Corporations Act in April 2018. The company stated that the associated Natural Product Number for Travelan® was officially transferred from former distributor Paladin Labs to Immuron Canada Limited in June 2018. A Distribution and Sales Agreement was executed with ANB Canada Inc in October 2018.
For the Fiscal Year ended 30 June 2018, the company reported an after-tax loss of $3,010,929 including the Companyâs research and development expenditure and patent costs of $2,257,224 incurred during the year. However, the company reported 32% jump in the annual operating revenue to $1,842,909. Gross Profit increased 35% to $1,424,216 compared to 2017.
In 2018, Australia, the USA and Canada contribution to the revenues stood at 62%, 37% and 1%, respectively.
IMC stock settled the dayâs trading session at $0.275, up by 3.7% on 29 January 2019. The stock has dipped down 30.26% over the past six months. However, it has been trending upwards since a past month with +20.45% change so far.
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