Cannabinoid Leader Innocan Pharma's Q3: 174% YoY Revenue Growth

Innocan Pharma Corporation INNPF, an Israel-based cannabinoids-focused pharmaceutical company, reported a 174% year-over-year revenue growth, reaching $24 million for the first nine months of 2024. Quarterly revenues rose 111% YoY to $8.6 million, driven by robust sales from its subsidiary, BI Sky Global Ltd.

Q3 2024 Financial Highlights

• Revenue was $8.6 million for the third quarter, up 111% year-over-year, and $24 million for the nine-month period, up 174% year-over-year.
• Net income was $0.3 million, an increase of $2.1 million compared to a net loss of $1.8 million in Q3 2023.
• Adjusted EBITDA was not stated in the press release.
• Gross profit was $7.8 million for the third quarter, up 112% year-over-year.

Gross profit surged 183% YoY for the nine-month period, totaling $21.8 million, while Q3 gross profit grew 112% to $7.8 million. Operating profit turned positive, reaching $0.4 million, reversing a $1.2 million loss in Q3 2023. 

Net profit also improved significantly, increasing by $2.1 million to $0.3 million for the quarter.

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Management Commentary

Iris Bincovich, Innocan's CEO, attributed the strong performance to the company's dual focus on pharmaceutical innovation and wellness. She highlighted the company's progress in developing LPT-CBD, a proprietary non-opioid chronic pain management solution targeting both human and animal care. "Innocan is bringing strong value for shareholders," Bincovich said, emphasizing the company's commitment to addressing chronic pain.

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Roni Kamhi, of BI Sky Global and COO of Innocan Pharma, highlighted the company’s consistent growth. “We are pleased to report nine consecutive quarters of continuous revenue growth,” he stated. He credited new product launches and enhanced brand awareness for the success.

Innocan's financial gains underscore its strategic focus on innovation and market expansion, positioning the company as a rising player in the pharmaceutical sector. The company's results signal ongoing growth potential amid increasing demand for non-opioid pain management solutions.

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