QQQ
+ 0.00
380.01
+ 0%
BTC/USD
-329.63
41871.99
-0.78%
DIA
+ 0.04
359.10
+ 0.01%
SPY
+ 0.03
464.69
+ 0.01%
TLT
+ 0.00
142.10
+ 0%
GLD
-0.01
169.68
-0.01%

MediPharm Touts 'Transformational Year,' Posts $22.6M In Q4 Revenue

March 30, 2020 11:24 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
MediPharm Touts 'Transformational Year,' Posts $22.6M In Q4 Revenue

Cannabis producer MediPharm Labs Corp. (TSX:LABS) (OTC:MEDIF) said Monday that “2019 was a transformational year" for the Ontario, Canada-based company.

"We were one of only a very few cannabis companies to successfully execute on its strategy and be profitable,” MediPharm CEO Pat McCutcheon said in a statement.

MediPharm reported fourth-quarter revenue of CA$32 million ($22.6 million) versus CA$10 million in the corresponding period of 2018.

For the full year, the company posted revenue of CA$129.3 million, gross profit of CA$42.9 million and adjusted EBITDA of CA$24.7 million.

In the fourth quarter of 2019, MediPharm Labs reached positive adjusted EBITDA of CA$2.7 million, up from CA$2.1 million in the same quarter of the prior year — and down sequentially from CA$10.1 million in the third quarter of 2019.

MediPharm reported a fourth-quarter net loss before tax of CA$2.4 million versus net income before tax of CA$5.4 million in the third quarter.

The company's quarterly gross profit totaled CA$10 million, down from CA$14.7 million in the third quarter of 2019.

At the end of the year, MediPharm held cash and cash equivalents of CA$38.6 million.

“We established ourselves as a high-quality extract company, earning our first GMP certification, positioning ourselves to become a global supplier of pharma-quality products as future brands, larger consumer packaged goods companies and pharmaceutical companies begin to enter the market,” McCutcheon said. 

Over-the-counter MediPharm shares were trading down 11.73% at $1.24 at the time of publication Monday. 

Related Links:

MediPharm Launches 'Innovative' Line Of CBD Products For Medical, Recreational Use

MediPharm Labs Partners With Shoppers Drug Mart

Courtesy photo. 

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

The Week In Cannabis: Stocks Down, Republican Legalization Bill, Germany, Uruguay, Earnings, New ETF And More

The Week In Cannabis: Stocks Down, Republican Legalization Bill, Germany, Uruguay, Earnings, New ETF And More

Below is a recap of the main news related to the cannabis industry and markets for the week of November 15, 2021. Contents read more
Executives From 6 CBD Cannabis Companies Are Gathering For A Virtual Investor Conference On Thursday

Executives From 6 CBD Cannabis Companies Are Gathering For A Virtual Investor Conference On Thursday

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. read more
The Week In Cannabis: PharmaCann Could IPO, Tilray & MedMen, First Black CEO At Major Public Co. And More

The Week In Cannabis: PharmaCann Could IPO, Tilray & MedMen, First Black CEO At Major Public Co. And More

Below is a recap of the main news related to the cannabis industry and markets for the week of August 20, 2021. Contents read more
The Week In Cannabis: Federal Legalization, Biden's Drug Czar, Argentina, WADA Vs. The US, And More

The Week In Cannabis: Federal Legalization, Biden's Drug Czar, Argentina, WADA Vs. The US, And More

Below is a recap of the main news related to the cannabis industry and markets for the week of July 16, 2021. Contents read more