InterCure Shares Soar On FY22 Record Revenue Of $108.3M

InterCure Ltd. INCR INCR INCR (dba Canndoc) fiscal year 2022 revenue was NIS 388.7 million ($108.3 million), an increase of 77% compared to NIS 219.7 million in 2021.

Full Year 2022 Financial Highlights for Cannabis Sector

• Gross profit of NIS 37 million, gross margin of 35% dropped from 44% QoQ.

• Adjusted EBITDA of NIS 19 million, representing 18% of revenues.

• Net income (consolidated) of CA$16 million.

• Cash (consolidated) at year end of CA$95 million.

Q4 Financial Highlights for Cannabis Sector

• Record revenue of CA$41 million 33% growth YoY and 5% QoQ growth.

• Gross profit of CA$14 million, gross margin of 35% dropped from 44% QoQ.

• Adjusted EBITDA of NIS 19 million, representing 18% of revenues.

“We are pleased to report another record-breaking quarter and fiscal year for InterCure, solidifying our leading position," stated InterCure CEO Alexander Rabinovich, adding “As our target markets are evolving, we remain focused on execution with financial discipline while navigating through regulatory barriers and market challenges. During 2022, we have successfully ramped up our upstream global supply chain and scaled our downstream distribution operations to meet the solid demand for our high-quality branded products. While favorable regulatory cannabis reforms are on the horizon, we expect our growth journey to continue as we remain focused and committed to expand our leading platform, building shareholder value and improving quality of life for patient communities across the world.”

Price Action

InterCure shares were trading 17.65% higher during Monday’s pre-market session.

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