Cannabis producer MediPharm Labs Corp. LABS 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.
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