This Cannabinoids-Focused Pharma Co. Sees 50% YoY Surge In Revenue In 2023, Trims Losses

Author: Jelena Martinovic | March 27, 2024 06:32pm

MediPharm Labs Corp. (TSX:LABS) (OTCQB:MEDIF) (FSE: MLZ) announced its financial results on Wednesday for the full year and three months ended Dec. 31, 2023.

Net revenue grew to CA$33 million ($24.3 million) in 2023, from CA$22.1 million in 2022, representing roughly a 50% year-over-year increase, the company said in a press release.

"Over the years we have invested in our infrastructure as a high quality and high-capacity pharmaceutical grade manufacturer, allowing us to grow sales with new opportunities and markets, without additional investment into capital or resources," CEO David Pidduck said. "We are proud of the work completed in 2023 and excited about the future of MediPharm Labs.”

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FY 2023 Financial Highlights

Gross profit totaled CA$5.8 million, compared to a gross loss of CA$1.9 million in the prior year.
Operating loss was CA$18.2 million, down from CA$29.5 operating loss in 2022.
Net loss for the year was CA$13 million, down from CA$29.9 million in the prior year.
Adjusted EBITDA improved 50% year-over-year to negative $10 million in 2023 from negative $21 million in 2022.
As of Dec. 31, 2023, the company had CA$ 64 million in total assets, down from CA$ 65.5 million as of Dec. 31, 2022.
Total liabilities and equity amounted to CA$64 million as of Dec. 31, 2023, compared to $65.4 million as of Dec.31, 2022.

Q4 2023 Financial Highlights

Revenue amounted to CA$ 9.1 million, up from $5.6 million in the prior year's period.
Gross profit totaled CA$2.2 million, up from CA$211 000 in the fourth quarter of last year.
Adjusted EBITDA came in negative at CA$1.6 million, down from CA$3.6 million adjusted EBITDA loss in the corresponding quarter of 2022.
Opex totaled $5 million, down from $5.1 million in the prior year's period.

“MediPharm now has the margins, Opex and Adjusted EBITDA results all trending in the right direction," Pidduck continued. "We also have a robust revenue pipeline with multiple partners in multiple markets. The transformation to a profitable growing company continues."

MEDIF Price Action

MediPharm's shares traded 0.1495% higher at $0.067 per share at the time of this writing Wednesday afternoon.

Related News

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Posted In: MEDIF TSX:LABS