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MediPharm Labs Revenue Rises 115% Quarter-Over-Quarter

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MediPharm Labs Revenue Rises 115% Quarter-Over-Quarter

MediPharm Labs Corp. (OTC: MEDIF) announced first-quarter financial results Friday.

The global extraction, distillation, purification and cannabinoid isolation company generated revenue of $22 million, a 115-percent increase from the fourth quarter of 2018.

MediPharm posted a $6.9-million gross profit with a 31-percent gross margin. The company's adjusted EBITDA of $4.3 million marked a 102-percent increase over the fourth quarter of 2018 and a 20-percent margin. The company reported a net loss of $573,000 for the quarter. 

Other highlights that were mentioned include the acquisition of more than 5 million grams of dried cannabis during the last two weeks of the quarter.

The quarterly print sets the pace for "continued robust growth," MediPharm CEO Patrick McCutcheon said in a statement. 

“Our revenue and adjusted EBITDA performance ... illustrates the value of our specialized focus and ability to execute as the Canadian market's leading extraction experts and providers of high-quality cannabinoid-based derivative formulations at scale."

MediPharm's next steps include advancing efforts around distillate; white label solutions; topicals; and vaporized items, the CEO said.

“Our white label offering will be an enduring advantage and attractive solution for LP’s, direct-to-consumer brands and CPG companies, which we expect will also accelerate our growth in the months and years ahead.”

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Posted-In: marijuana pot weedCannabis Earnings News Guidance Markets Best of Benzinga

 

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