Clinuvel Pharmaceuticals released their FY23 results yesterday:

On the surface it looks like a solid result, and I personally think the result is in line with what I expected.

Revenue increased on the back of increased sales of Scenesse but also the company generated close to $4m in interest due to the large amount of cash on the balance sheet.

NPAT also increased although this was boosted by a negative expense due to an increase in inventory held. This figure was $2.5m at the half year results and increased to over $7m by year end. Backing this out, underlying profit still increased by over 10%.

On a cash flow level, CUV is still very cash generative as shown by their modest increase of cash reserves. Since the company has decided to stop reporting quarterly cash flow statements, I have updated my cash flow chart into half year segments.

Note: For FY23 H2 I have taken out the income tax expense to show a better idea of the underlying cash flow of the business. This is the first period that CUV have had to pay income tax and in future charts I will likely include this back in.

Its a little hard to see the seasonality trend now since they report half yearly, in the past Q1 and Q4 were the more active quarters due to being summer in the northern hemisphere but now that the figures are combined it is difficult to see whether this seasonality still occurs.

I will likely do a separate post on the operational parts of the business reported in the Annual report as to not make this post too long. Although I just wanted to point out 1 thing in the remuneration section that I found interesting:

Digging through to find how much revenue was generated from said product: $0.009m (or $9000). This equates to around 70 bottles of Cyacelle...

Disc: Held IRL and on Strawman