The Bod Australia Ltd (ASX: BDA) share price is a strong performer today following the release of a sales update.
At the time of writing, shares in the CBD and hemp healthcare products company are up 3% to 35 cents.
What's driving the Bod share price higher?
According to its latest update, Bod enjoyed record medicinal cannabis sales growth in FY21.
In total, Bod dispensed 12,187 products, representing a 212% increase on the prior corresponding period.
The company also delivered a 17% quarter-on-quarter growth, with 4,441 medicinal cannabis product units sold in the fourth quarter of FY21.
In addition, it retained a 46% share of the total Australian market for full plant high CBD products in FY21. Pleasingly, its market share continues to gather pace, increasing in the last six months of FY21.
In further news, the company said its strong and growing market share was underpinned by repeat prescriptions. These accounted for 65% of total prescriptions sold in FY21.
Additionally, Bod's ongoing educational initiatives with healthcare professionals and an Australia-wide study into the effectiveness of its medicinal cannabis range also contributed to its growth.
Looking ahead, the company intends to scale up operations across its Australian and United Kingdom markets to drive growth and market share.
How that affects the Bod share price remains to be seen.
Management commentary
Bod CEO Jo Patterson was pleased with the company's growth momentum, saying:
During FY2021, the company maintained nearly a 50% market share for the total addressable market for high CBD products in Australia. While repeat prescriptions remained at a high level, Bod also increased its patient and doctor acquisitions through ongoing educational initiatives and its relationships with approved prescribers.
We anticipate increased demand for our medicinal cannabis product suite over the coming quarter and beyond. A number of new products are currently being introduced and operations in the UK continue to scale pleasingly. We look forward to updating shareholders on further growth as it materialises.
Bod share price tumbles in 2021
Despite the company's positive achievements in FY21, the Bod share price has tumbled 28% year-to-date.
However, the broader ASX cannabis sector has also struggled to find headway in the past few months.
Bod peers including Cann Group Ltd (ASX: CAN), Ecofibre Ltd (ASX: EOF) and Althea Group Holdings Ltd (ASX: AGH) have tumbled 38%, 63%, and 25% respectively, year-to-date.
