MediPharm Q4 Revenue Growth Of 22% 'Reflects Growth Of Manufacturing, White Label Business' CEO Says

MediPharm Labs Corp. LABS MEDIF MLZ generated C$6.1 million ($4.85 million) in the fourth quarter of 2020, up by 22% sequentially.

The Barrie, Ontario-based company, wrapped up 2020 with C$36 million in revenue.

The bet loss amounted to roughly C$30.9 million for the quarter, compared to C$15.4 million in the prior period. For the full year, the net loss was C$72.1 million.

The company posted negative adjusted EBITDA (a non-IFRS measure) of C$8.7 million, compared to a C$7.26 million loss in the third quarter of 2020.

Adjusted EBITDA for the full year also came in in the red, at a loss of approximately C$23.9 million.

Well Funded

As of December 31, MediPharm had C$19.9 million in cash and cash equivalents.

The recently closed bought deal offering of 57.5 million units sold at 58 cents per unit brought in an additional C$33.4 million in financing.

MediPharm said it would utilize the proceeds to fund the development of its product portfolio, pharmaceutical registrations, and sales and marketing, to name a few.

"We are encouraged by the sequential increase in fourth-quarter revenue reflecting the growth of our manufacturing and white label business," the company's CFO Greg Hunter said Wednesday.

Hunter was hired to oversee the company's financial department in January, on the heels of Warren Everitt's appointment to the board of directors.

In October, the company teamed up with Sunco Green Pharmaceutical Pty Ltd to supply the Australian medical cannabis market and New Zealand with GMP-certified cannabis products.

The two-year white-label agreement was MediPharm's 12th deal to supply Australia with cannabis.