H1 FY2025 financial results

• Total revenue of $62.7 Million, up 4.5%
• Normalised EBITDA of $4.6 Million
• Normalised profit after tax of $2.2 Million, down 42%
• Doctors on Demand telehealth business continued strong growth

Vitura Health Limited (ASX: VIT) has released its financial results for the half-year ended 31 December 2024 (H1 FY2025). The company reported total revenue of $62.7 Million, an increase of 4.5% over H1 FY2024. This was derived from the sale and distribution of medicinal cannabis and other products ($50.0 Million) and digital medical consultation and service fees ($12.7 Million). Vitura's wholly-owned subsidiary, Burleigh Heads Cannabis Pty Ltd (BHC), via its Canview platform, continued to deliver growth in units sold during the half-year, selling a record half-year total of 458,894 units of medicinal cannabis. However, the average sale price of medicinal cannabis declined during the half-year, negatively impacting EBITDA. The company's Doctors on Demand (DoD) telehealth service continued its strong growth, with revenues from the Group's total clinic operations up 230% vs the prior corresponding period, supporting the company's diversification strategy. DoD's monthly consultation numbers increased by 58% for the same period, with a record of over 184,000 consultations conducted during the half-year. The company generated a H1 FY2025 consolidated profit after income tax of $1.6 Million, down 49% vs the prior corresponding period. This decline was largely driven by the decline in average sales prices of medicinal cannabis products, margin compression, costs relating to the acquisitions completed during the period and a one-off technology platform cost. On a normalised basis, the company is delivering results largely in line with its Strategy Reset, with a focus on revenue growth, EBITDA margin improvement and OPEX efficiency.

The company is forecasting revenue growth for FY2025 to fall slightly short of its 10% growth target, but on a normalised basis, the company remains operationally on track to meet its other full-year goals, including a 3% increase in EBITDA margin (from 5.0% in FY2024 to at least 8.0% in FY2025) and a 10% improvement in OPEX efficiency for FY2025.

The company remains cautiously optimistic about its performance in H2 FY2025 and committed to achieving growth in the longer term, with a focus on the commercial side of the business to drive increased growth and profitability. The company expects greater impacts of its important work to be realised into FY2026 and beyond.