MediPharm Labs revenue falls from the second quarter | Where to order Skittles Moonrock online

Learn where to order weed online. TOP QUALITY GRADE A++

Cannabyss Inc. is the best place online to buy top quality weed, cannabis, vape, marijuana and CBD products. Get your borderless orders delivered at the pickup spot with ease. Top Grade products for client satisfaction.

👉 Click here to Visit our shop! 🛒

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF)  announced its financial results for the three months ending September 30, 2024 as revenue fell sequentially, but grew year-over-year. MediPharm reported total revenue increased 15% to C$10.5 million in the third quarter over last year’s C$9.4 million. However, it fell sequentially from the second quarter revenue of $10.3 million and it missed the Yahoo Finance average analyst estimate for revenue of C$17.1 million.

The company said that international medical cannabis revenue grew 37% over last year, representing 36% of revenues in the quarter. Canadian medical and business-to-business sales represented 46% of total revenue in the quarter.

The net operating loss grew to C$2.7 million from $2.5 million in the second quarter, but it was an improvement over the net loss of C$4.3 million in the same period last year.

MediPharms was down to C$13 million in cash at the end of the quarter versus $17.9 million at the end of 2023. The company has an accumulated deficit of C$185 million. MediPharm said it is a going concern and will need to raise additional funds.

CEO David Pidduck said, “MediPharm accomplished several important milestones in Q3 that will position us well for profitability in 2025. MediPharm has successfully diversified its business. As a global GMP player, our international sales grew 37% vs. Q3 2023, resulting in over 35% of revenue coming from outside Canada. We have a strong presence in the Canadian medical channel, and growing B2B sales. Additionally, MediPharm continues to launch new products and build on our very broad product line in the Canadian adult use and wellness channel. This diversity has contributed to our balance sheet strength and our ability to capitalize on future growth opportunities in various countries, product categories, and channels.”

Debt

Greg Hunter, CFO, MediPharm Labs added, “Q3 2024 was a major step in the right direction towards profitability. Paying off our debt and rationalizing facilities, pursuing cost efficiencies while growing our higher margin international revenues are all critical elements to position us for long term sustainable growth.”

The company did make a C$2.2 million debt payment in the quarter fully paying off all of its convertible debt. The company said it is now free of any material debt with full mortgage-free ownership of its three production facilities. However, the company does have other loans and borrowings that add up to C$654,000.

The company said it is going to try to sell its facility in Hope British Colombia and that it believes the property is valued at C$3.7 million.