• IDT provides strong quarterly update
  • Paradigm tumbles 30pc after emerging from trading halt

 

IDT’s growth driven by all business segments

Victoria-based pharmaceutical manufacturing company, IDT Australia (ASX:IDT), provided an update on Q1 results this morning.

The company started the current financial year on a strong footing, with its quarterly revenue increasing to the highest level in nearly two years.

That momentum has accelerated into the current quarter, with total preliminary unaudited revenue jumping by 296% to $3 million in Q1 vs pcp.

One of the key contributors was IDT’s Active Pharmaceutical Ingredient (API) manufacturing business, which recorded a 10-fold increase to $1.2 million in Q1 vs pcp.

The company said clients are increasingly looking for partners like IDT that can provide a more complete manufacturing offering.

Elsewhere, growth in the Advance Therapies business is also gaining momentum, with the segment recording revenue of $187k in the quarter, which is up materially from $12k in the pcp.

IDT believes this business is just getting started in its growth phase, with further revenue increases expected as it is leveraged to the fast-growing Antibody Drug Conjugation (ADC) and messenger RNA (mRNA) markets.

The Specialty Orals business meanwhile is the largest revenue contributor to the company, and its unaudited revenue jumped by over 200% pcp to over $1.4 million in Q1.

This segment is well placed to benefit from the rapid growth in the medicinal cannabis and psychedelic markets, given that IDT is one of the select few facilities that comply with the recently introduced GMP regulations.

IDT’s potential sales pipeline also continues to grow, with the company generating 75 potential sales leads and signing confidentiality agreements with 15 potential clients in the quarter.

In the quarter, the company submitted proposals worth an additional $11.3 million, and secured sales contracts worth $1.2 million.

 

Paradigm tumbles 30pc

Paradigm Biopharma (ASX:PAR) tumbled by -30% after emerging from a trading halt this morning.

Paradigm is launching a $30m capital raise comprising an $18m institutional placement, and a $12m 1-for-10 entitlement offer.

Funds raised will be used to fund its activities through to mid CY25, including completion of the top-line readout from its Pivotal Phase 3 OA clinical trial.

Key upcoming catalysts for the company include: commencement of next phase of Phase 3 OA program, TGA provisional approval, readout of topline data for Phase 2 program for MPS, and potential regional licensing agreements for OA (osteoarthritis) and MPS (Mucopolysaccharidosis).

 

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