MediPharm Labs Corp. LABS MEDIF MLZ announced its financial results Monday for the three and six months ended June 30. Shares traded 0.42% higher at $237 per share in Monday’s pre-market session.
The second-quarter earnings report announced on the heels of the receipt of Health Canada’s Drug Establishment Licence in July revealed a 7.7% sequential and 63.6% year-over-year drop in revenue which amounted to CA$5.07 million ($4.05 million) in the second quarter. GAAP earnings per share were negative at - CA$0.04.
“We underwent a Health Canada audit for a pharmaceutical GMP Drug Establishment Licence which led to the successful issuance of this license – the first of its kind in the North American cannabis industry,” said Keith Strachan, MediPharm’s president and interim CEO.
Q2 2021 Financial Highlights
- International sales increased 24% sequentially from CA$2 million to CA$2.5 million, with German sales increasing 24% sequentially and Australian sales increasing 30% sequentially.
- Domestic Canadian sales declined 26% from CA$3.5 million to CA$2.6 million.
- Negative gross profit was CA$7.7 million, including CA$5.7 million of inventory write-downs from NRV and slow-moving and obsolete inventory, as well as CA$0.5 million of accelerated deprecation for assets not in use.
- Net loss amounted to CA$11.8M, representing a sequential improvement from CA$13.9 million, and compared to approximately CA$31 million loss for the quarter ended December 31.
- Adjusted EBITDA came in negative at CA$3.7 million, up sequentially from a CA$6.16 million adjusted EBITDA loss in the prior period.
- As of June 30, the company had CA$39 million in cash and cash equivalents.
“We were pleased to see international sales growth of 24% sequentially to help offset the challenging operating conditions in domestic Canadian retail channels as the result of COVID19,” MediPharm’s CFO Greg Hunter said.
Apart from the Health Canada DEL approval, the company added two new customer deliveries in Germany, sent follow-up orders to first quarter 2021 customers, STADA and Adrex Pharma, and executed four customer fulfillments.
In addition, the company kicked off delivery to government-operated cannabis retail stores in the Province of Québec.
More recent news from MediPharm:
- MediPharm Labs Extends Collaboration With German Medical Cannabis Distributor ADREXpharma
- IM Cannabis, MediPharm Labs Sign Supply Agreement For German Market
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.