InterCure Stock Trading Lower On Q1 Revenue Growth Of 22%, Here Are The Details

InterCure Ltd. INCR INCR INCR (dba Canndoc) released its financial results for the first quarter ended March 31, 2023, revealing revenue of NIS 106 million ($29 million) representing 22% growth YoY and up 1% sequentially compared to the prior quarter.

Q1 2023 Financial Highlights

• Gross profit after effect of fair value was NIS 34.3 million ($9.4 million), compared to NIS 39.4 million in Q1 2022.

• Gross margin of 33% compared to 41% in Q1 2022.

• Adjusted EBITDA for the first quarter was NIS 15.8 million, a decrease of 25.8% compared to Q1 2022.

• Cash and restricted cash (consolidated) at quarter end of CA$45 million ($33.4 million) and net current assets of over CA$72 million.

Subsequent Quarter 2023 Highlights

• Signed an initial collaboration agreement with legendary boxer, entrepreneur and cannabis advocate Mike Tyson’s cannabis brand.

“I am proud of our team delivering another consecutive quarter of record revenues with strong operating performance demonstrating our leadership position,” stated InterCure CEO Alexander Rabinovich, adding, “We continued to execute on our international expansion plans building our footprint organically and exploring strategic acquisitions in key markets, to meet the solid demand for our high-quality branded products. We expect 2023 to be another millstone year for Intercure, solidifying our leadership position in the pharmaceutical cannabis market.”

Price Action

InterCure shares were trading 5.81% lower at $2.43 during Tuesday’s pre-market session.

Photo: Benzinga edit with photo by Kindel Media on Pexels

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