MediPharm Labs FY22 Revenue Grows Slightly To $16.3M

MediPharm Labs Corp. LABS MEDIF MLZ FY 2022 revenue was CA$22.1 million ($16.3 million), an increase of 1.8% compared to CA$21.7 million in FY 2021.

FY 2022 Financial Highlights

• Gross loss of CA$1.9 million compared to gross loss of CA$15.4 million in FY 2021.

• Net loss of CA$30 million compared to net loss of CA$54.8 million in FY 2021.

• Adjusted EBITDA loss of CA$20.6 million

• At the end of Q4 2022, MediPharm had CA$24 million in cash on its balance sheet, was materially debt free and has outright ownership of its assets, including its GMP facility in Ontario.

David Pidduck, CEO, MediPharm Labs stated: "2022 was a transformative year for MediPharm. We have transitioned our focus away from Canadian B2B sales, exited less profitable facilities and products, successfully completed significant restructuring, all while driving substantial growth in our non-B2B segments. The arrangement with VIVO VVCIF is expected to continue to drive business and build on our growth as we aim to reach positive EBITDA and cash flow in the first half of 2024.We consider ourselves to be unique amongst our peer companies due to our focus on pharmaceutical cannabis, our GMP facility and regulatory licensing – and also due to our relative stability in these challenging times, as evidenced by our diverse international presence, and strong balance sheet."

Greg Hunter, CFO, MediPharm Labs stated: "In Q4 2022, MediPharm continued to make progress by growing our revenue base, reducing cash burn and driving towards profitability. With the acquisition of VIVO, we expect our revenues will continue to improve. Our cash position improved in Q4 2022 to CA$24 million and we are materially debt free and have full ownership of our major assets. Given the strength of our balance sheet relative to our peers, we expect we will be very well positioned to integrate VIVO and achieve annualized synergies following completion of the arrangement, and continue our drive towards profitability."

Benzinga's Cannabis Capital Conference Is Back

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo by Ryan Lange on Unsplash