Abacus Health Products Inc ABAHF ABCS on Thursday announced financial results for the third quarter, with a revenue of $4.1 million, 26.4% higher than the second quarter.
Gross profit grew 100% year-over-year to $2.4 million and 24% from the second quarter. Gross margin remained almost flat at 60.1%, up by just 0.8% compared with the second quarter.
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Abacus Health also disclosed it has received a purchase order from a major national pharmacy chain in the United States, which will be offering its CBDMEDIC product line. Under this new supply agreement, the products will be available across 2,400 retail stores.
“This is a huge win for Abacus and its consumer product line, CBDMEDIC. The recent announcements we’ve made regarding retail store growth are indicative of the inflection point we’ve been waiting for and we expect acceleration in the adoption of our products by the F/D/M channel in the next several quarters,” said Perry Antelman, CEO of Abacus.
The stock was up 6.9% at $3.80 at time of publication.
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