InMed Signals Another Super Quarter for BayMedica
BayMedica’s exponential growth momentum continues. This morning, InMed Pharmaceuticals (INM) provided a business update on the progress of its BayMedica subsidiary, a leading supplier of rare non-psychoactive cannabinoids to the health & wellness sector. In an early disclosure, ahead of a formal release of InMed’s 4QFY23 earnings, expected in September, the company signaled that BayMedica will report a 123% q-o-q surge in revenues to more than $2.3M for the fiscal fourth quarter ended June 30, 2023. This follows the substantial sequential growth reported in the prior two quarters – 120% in 3QFY23 and 46% in 2QFY23. BayMedica’ revenues have outperformed our projections in the last two quarters by some distance. Rare cannabinoids in demand. After hitting some earlier speed bumps following its acquisition by InMed in October 2021, BayMedica’s revenue growth profile in the last three quarters offers evidence that select rare cannabinoids led by cannabichromene (CBC), BayMedica’s leading product, are starting to make their mark as ingredients of growing importance in health and wellness products. Please join us for a Fireside Chat with BayMedica’s Jerry P. Griffin, VP, Sales and Marketing on July 25, 2023 @2pm ET. In view of the latest update, our upcoming Fireside Chat with Jerry should be even more compelling. Registration link in our full report.
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