Panaxia continues to grow: Panaxia Global Reports that Panaxia Israel ended the 3rd quarter of 2020 with record revenues of at least 16.3 million

October 12, 2020| Yahoo Finance

Completes 12 consecutive quarters of revenue increase

Projects to complete the first nine months with revenues of at least 43.2 million, an increase of over 330% YoY

Prepared to start commercial export to Germany by the yearend, pending an export permit from Israel Health Authority

TEL-AVIV, Israel, Oct. 13, 2020 /PRNewswire/ — The Israeli subsidiary of Panaxia Global, Panaxia Labs Israel Ltd. (Panaxia Israel) (TASE: PNAX), the largest manufacturer of medical cannabis products in Israel, issued today a preliminary revenue outlook for the 3rd quarter of 2020. The Company estimates its unaudited consolidated revenues in the 3rd quarter of 2020 will be at least 16.3 million.

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Panaxia Israel: quarterly revenues in millions, 2018-2020

The above guidance reflects the company’s continued growth in the Israeli market, reflecting a growth rate of 279%, or over three times, from its revenues in the same quarter of last year (4.3 million). In 2019, Panaxia Israel reported total revenues of 26.7 million, whereas, in the second quarter of 2020, it reported revenues of 14.8 million. The revenues of the 3rd quarter reflect an increase of more than 10%, driven by the larger number of patients and the scope of products manufactured by the company.

Based on these estimates, the company projects that its revenues for the first nine months of 2020 will amount to at least 43.2 million, an increase of more than 330% over the first nine months of 2019, which totaled 10 million.

Read More On: Yahoo Finance Website

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