This Cannabinoids-Focused Pharma Co. Sees 50% YoY Surge In Revenue In 2023, Trims Losses

MediPharm Labs Corp. LABS MEDIF MLZ announced its financial results on Wednesday for the full year and three months ended Dec. 31, 2023.

Net revenue grew to CA$33 million ($24.3 million) in 2023, from CA$22.1 million in 2022, representing roughly a 50% year-over-year increase, the company said in a press release.

"Over the years we have invested in our infrastructure as a high quality and high-capacity pharmaceutical grade manufacturer, allowing us to grow sales with new opportunities and markets, without additional investment into capital or resources," CEO David Pidduck said. "We are proud of the work completed in 2023 and excited about the future of MediPharm Labs.”

Top executives leading some of the largest cannabis operators are slated to share revenue growth tips and other valuable business insights at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17.

The two-day event that returns to The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow.

FY 2023 Financial Highlights

• Gross profit totaled CA$5.8 million, compared to a gross loss of CA$1.9 million in the prior year.
• Operating loss was CA$18.2 million, down from CA$29.5 operating loss in 2022.
• Net loss for the year was CA$13 million, down from CA$29.9 million in the prior year.
• Adjusted EBITDA improved 50% year-over-year to negative $10 million in 2023 from negative $21 million in 2022.
• As of Dec. 31, 2023, the company had CA$ 64 million in total assets, down from CA$ 65.5 million as of Dec. 31, 2022.
• Total liabilities and equity amounted to CA$64 million as of Dec. 31, 2023, compared to $65.4 million as of Dec.31, 2022.

Q4 2023 Financial Highlights

• Revenue amounted to CA$ 9.1 million, up from $5.6 million in the prior year's period.
• Gross profit totaled CA$2.2 million, up from CA$211 000 in the fourth quarter of last year.
• Adjusted EBITDA came in negative at CA$1.6 million, down from CA$3.6 million adjusted EBITDA loss in the corresponding quarter of 2022.
• Opex totaled $5 million, down from $5.1 million in the prior year's period.

“MediPharm now has the margins, Opex and Adjusted EBITDA results all trending in the right direction," Pidduck continued. "We also have a robust revenue pipeline with multiple partners in multiple markets. The transformation to a profitable growing company continues."

MEDIF Price Action

MediPharm's shares traded 0.1495% higher at $0.067 per share at the time of this writing Wednesday afternoon.

Related News

• Canadian CBD-Focused Pharma Co. Gets Green Light To Produce Medical Marijuana In Brazil
• MediPharm Labs Still Hits C$8.5M Despite Sequential Drop, More On That In Q3 2023 Financial Report
• MediPharm Settles Commercial Agreement Dispute With Tilray’s Hexo For $9M

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!