InterCure Q2 2022 Revenue Grows 119%, What About Profit?

InterCure Ltd. INCR INCR INCR released its financial results for the second quarter of 2022, revealing record revenue of approximately CA$37 million, more than double the revenues of the second quarter of 2021 and representing sequential growth of over 9%.

Q2 2022 and Recent Financial & Operating Highlights

  • Gross profit increased over 115% year-over-year and 16% sequentially to over CA$16 million.

  • Adjusted EBITDA increased 90% year-over-year to CA$9 million, representing 23% of revenues and 4% sequential growth.

  • Net income of CA$6 million in the second quarter, representing over 160% growth year-over-year.

  • Eighth consecutive quarter of positive cash flow from operations, exited the quarter with CA$96 million in cash.

  • Continued market share growth during the quarter due to solid demand for Canndoc's branded products and expansion of the company’s medical cannabis dispensing operations.

  • Successful opening of the first flagship Cookies retail location in Austria, located in the center of Vienna.

  • Continued expansion of the company's medical cannabis dedicated pharmacy chain with the grand opening of InterCure's flagship Cookies branded pharmacy in Be'er Sheva, the largest city in Israel's southern region. Additionally, the company added a new pharmacy located in the northern city of Nahariya.

  • Tenth consecutive quarter of high growth representing an annualized run rate of CA$150 million.

  • Company expects continued increases in revenues during the third quarter of 2022 and throughout the year.

InterCure’s CEO, Alexander Rabinovitch, stated, "We are proud to deliver our tenth consecutive quarter of profitable growth, solidifying our operational excellency and leading position. We remain focused on developing and launching the highest quality pharmaceutical grade medical cannabis products as our target markets are evolving at a rapid pace. During the second quarter we have successfully ramped up our upstream and downstream operations and executed our global expansion to meet the solid demand for our high-quality branded products. We expect this growth to continue, while we remain focused and committed to expand our unique platform, building shareholder value and improving quality of life for patient communities.”

Photo by Tim Foster on Unsplash

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