MariMed, Inc. MRMD MRMD released its financial results for the second quarter ended June 30, 2022, revealing revenue of $33 million, an increase of 1% compared to $32.6 million in Q2 2021.
Q2 2022 Financial Highlights
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Gross margin was 45% compared to 60% in Q2 2021.
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Gross profit was $15 million, an unfavorable decrease of 22% compared to $19.4 million in Q2 2021.
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Net Income was $1.9 million, an unfavorable decrease of 75% compared to net income of $7.6 million in Q2 2021.
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Adjusted EBITDA was $8.9 million compared to $13.9 million in Q2 2021.
“We executed on our strategic plan, growing revenue both year-over-year and sequentially,” stated Bob Fireman, CEO of MariMed. “Our growth was driven by increased traffic in our dispensaries despite the headwinds facing the entire industry and inflation in the U.S. being at a 40-year high. We continue to report some of the strongest financial results in the industry and remain poised for reaccelerated revenue and earnings growth in 2023 and beyond.”
Updated 2022 Financial Guidance
The company’s revised financial targets for 2022 are as follows:
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Revenue of $135 million to $140 million versus the previous range of $145 million to $150 million.
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Gross margin of approximately 50% versus the previous range of 54% to 55%.
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Non-GAAP adjusted EBITDA of $35 million to $40 million versus the previous range of $47 million to $52 million.
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Capital expenditures of $18 million versus the previous target of $25 million.
“The second quarter brought some challenges to the industry and MariMed that were primarily outside of our control. We took assertive actions that drove additional traffic into our dispensaries and launched multiple new products that are increasing our sales within our wholesale business,” stated Susan Villare, CFO of MariMed. “We are confident that the financial and operational decisions we are making positions us for accelerating growth in the near term and beyond.”
Photo by Tim Foster on Unsplash
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