Trulieve Cannabis Corp. TRUL TCNNF posted Thursday its first-quarter financial results with record quarterly revenue for $193.8 million, up by 102% from the same period in 2020. This marks the company’s 13th consecutive quarter of profitability.
The Tallahassee, Florida-headquartered company achieved a positive adjusted EBITDA of $90.8 million, which compares to $81.4 million in the previous quarter. The gross margin was 70%, compared to 77% in the first quarter of last year.
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The Analyst
Cantor Fitzgerald’s Pablo Zuanic kept an “Overweight” rating on Trulieve’s stock with a price target of $76.
The Thesis
Trulieve’s quarterly sales were below Cantor’s estimates, but 3% above FactSet consensus, explained Zuanic in a Thursday note.
The analyst believes that the company’s sales in Florida jumped 11% in spite of high competition in the market, and thanks to the accelerated patient number growth. The company should experience even more upside in Florida through its “aggressive store expansion,” and have 100 stores by the end of the year. At the moment it has 82 stores.
Trulieve’s management team noted that the accelerated patient growth in Florida actually caught the company unprepared in terms of flower capacity in the first quarter. That’s why now it intends to add more than 200k sq. ft. of capacity in the state, wrote Zuanic.
“Continued growth in Florida, contribution from the growing Pennsylvania market, and the Massachusetts ramp up mid-year should drive growth in the year ahead.”
According to Zuanic, the Harvest Health & Recreation Inc. HARV HRVSF merger should also bring revenue and cost synergies, even though he still questions the strategic merits of the deal.
“We stay Overweight, on valuation, growth potential, and the strength of the Florida franchise.”
The stock brings an important long-term upside potential, concluded Zuanic.
The Price Action
Trulieve’s shares were trading 0.73% lower at $39.29 at the time of writing.
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