- Agreement with Nimbus Health to pave the way for future growth.
- The company focusing on export sales development in different geographies.
- Rua Bioscience’s FY21 results shows a loss before tax of NZ$6.17 million.
Rua Bioscience Ltd (NZX:RUA) is a leading medical cannabis producer. It has various applications in the healthcare and wellness sector. The yearly trend for the Company in terms of its growth strategies have intensified. From partnering with Nimbus Health in Germany to dedicating a sum of NZ$1.90 million towards R&D, it is set to move along in a progressive direction for revenue growth through export sales in FY22. Nimbus Health is the first-ever company that Rua has collaborated with in order to open new horizons for growth for itself in different world markets.
Image source: © 2021 Kalkine Media New Zealand Ltd
Having disclosed that the annual results were as per the expectations of the board, the Company continues to roll out its revenue strategy through the way of export sales of a kind of dried cannabis flower to a company in Germany, it being the first collaboration for a product to be launched in New Zealand.
Hamish White, the Chief Financial Officer, is of the opinion that the company currently focuses on the development of the new product in terms of cultivation and manufacturing. He further added that October 2020 IPO was a major milestone for the organisation and had been a dog source of funds, which is helping the company to keep the momentum going towards its commercialisation goal in FY2022.
In another development, the audit for Good Manufacturing Practice Certification was initiated in November 2020 at the Gisborne Manufacturing Facility, and close working with Medsafe shall help to conclude the process soon.
In the annual results released by the Company for the period till 30 June 2021, the loss before tax for the period was recorded at NZ$6.17 million as compared to NZ$3.60 million. While the cash and investments recorded for the duration were NZ$16.4 million as compared to NZ$3.94 million recorded at the same time last year.
With its focus set on setting realistic export strategies to create a chain of substantial revenue returns, the company aims to reach the top of the line in terms of suppliers for the best cannabis medicines. The future plan is to move in the line to build long-term resilient growth for the company.
Offering growth strategies for the future, Rua Bioscience is focused on creating an appropriate export sales channel in various geographies that helps in revenue generation.
On 13 September 2021, the Company traded at NZ$0.405 flat, at the time of writing.