IDT Well Positioned for Significant Growth in FY24

Preliminary unaudited revenue for IDT Australia Limited (ASX: IDT) in the fourth quarter of FY23 showed a 12% increase over the previous quarter, reaching $2.4 million. This marks the fourth consecutive quarter of revenue growth for the company. The Specialty Orals vertical played a significant role in this uplift, driven by increasing demand for medicinal cannabis, stricter manufacturing regulations, and the emerging psychedelics market in Australia.

IDT's business development activities have also yielded positive results, with over 60 early-stage leads generated in 4QFY23, compared to 18 leads in the previous quarter. The company has experienced a surge in requests for proposals from potential clients, with a total value of approximately $30 million. While the conversion of these proposals into binding contracts is not guaranteed, historical conversion rates suggest continued revenue growth for IDT in FY24.

By participating in conferences and events such as the BIO International Convention and Medicinal Psychedelics, IDT has strengthened its pipeline and market position. The company's expanded capabilities and world-class facilities, combined with the increasing demand for Contract Development and Manufacturing Organizations (CDMOs) in the pharmaceutical industry, are expected to drive growth in the coming years.

IDT's CEO, Paul McDonald, expressed confidence in the company's prospects, stating that the significant number of proposals and potential leads in the pipeline position them well for substantial revenue growth in FY24. McDonald also highlighted the momentum in the advanced therapies vertical, particularly in targeted cancer therapies.

As an Australian pharmaceutical manufacturing company, IDT focuses on high potency and high containment pharmaceutical products. Its facilities are compliant with cGMP standards and undergo regular audits by the US FDA and Australian TGA.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com