MediPharm Labs Corp. MEDIF a pharmaceutical company specializing in precision-based cannabinoids, announced on Thursday its financial results for the Fourth Quarter and Full-Year that ended on December 31, 2021.
2021 Highlights
- International sales more than doubled in 2021, to $9.5 million (44% of revenue), driven by shipments to seven customers in Germany.
- Germany will continue to be a priority market for MediPharm. It is already the largest medical market in the world and is expected to reach a market value of €7.7 billion by 2028.
- The Company significantly expanded its sales force, which led to new listings in all provinces including the Ontario Cannabis Store, AGLC, BCLG, and entry into Québec and New Brunswick.
- Provincial sales grew 18% in 2021, to $7.4 million, primarily driven by sales of new and innovative products.
- Q4 provincial sales grew to $2.8 million from $1.2 million in Q3.
- Completed the payment of all outstanding convertible debt.
“The company is materially debt-free and has outright ownership of its assets, including two GMP facilities; one in Ontario, Canada, and the other in Victoria, Australia,” reported MediPharm in a press release.
"MediPharm achieved several key strategic objectives during 2021. Our team opened key new markets both domestically and internationally while increasing sales and marketing efforts to execute on these opportunities," commented Bryan Howcroft, CEO of MediPharm Labs.
"MediPharm is on solid financial footing, having exited the year with $34 million in cash, no debt, and outright ownership of its key facilities. In Q4 we generated sequential growth in key focus areas such as domestic white label sales, and sales into the German market. We expect to continue building on this progress through 2022, leveraging recent investments in sales and marketing resources," added Greg Hunter, CFO of MediPharm.
MediPharm will host a conference call and webcast to discuss the company's Q4 2021 financial results and outlook on April 1, 2022, at 8:30 a.m. ET.
Image By Ilona Szentivanyi.
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