MediPharm Labs Q3 Revenue Rises 38%, CEO Says Increase Driven By Private Label Business, Exports

MediPharm Labs Corp MEDIF LABS, a research-driven cannabis extraction, distillation and purification company, announced its third-quarter results Tuesday. 

Revenue was reported at CA$43.4 million ($32.7 million), a 38% quarter-over-quarter increase.

Gross profit was CA$14.8 million, a 30% increase over the second quarter, and the gross margin was 34% versus 36% in the prior quarter.  

Adjusted EBITDA came in at CA$10.1 million, 31% higher than the second quarter, while the adjusted EBITDA margin was 23% versus 24% in the prior quarter. 

Net third-quarter income before tax came in at CA$5.4 million, higher than CA$4.1 million in the second quarter.   

The company said it has filed an application to list on the Nasdaq exchange. 

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“Results from the third quarter marked our fourth consecutive quarter of positive Adjusted EBITDA and revenue growth,” CEO Patrick McCutcheon said in a statement.

“Our results are fueled by our expanding private label business, increasing exports and expanding relationships with our growing customer base. During the quarter our team has made great strides towards European GMP and Australian compliance of our facilities and continued to build out our capabilities and capacity across our global platforms in Canada and Australia." 

MediPharm shares were down 10.93% at $3.41 at the time of publication.