MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) announced its financial results for the full year and three months ended December 31, 2024.
Fourth quarter earnings
MediPharm has reported a 32% increase in revenue to CTwelve Million Dollars Comparing the fourth quarter revenues of C$9.1M to last year, which was C$9.1M. The international revenue represented 54% of fourth quarter revenues and increased by C$9.1 million.$2,4 Million In the fourth quarter 2023, C6.5 Million The fourth quarter of the year 2024.
In the first quarter, the company’s net loss was C$1.8m, compared to a loss of C$2.7m in the previous quarter. It was still a little higher than the C$1.6m in losses last year for the fourth quarter.
Earnings for the full year
The net revenue increased by C9 Millions Dollars To C, this is 27%$22 Million C$33 million. Total revenue in 2023 was C$36. According to the company, its revenue was C$45 million in 2018. This compares with a total revenue of C$36 million for 2023.In 2024, the international revenue is expected to be C17 7 Million Dollars The CAGR is 83% higher than the previous year.Nine-seven million dollars In 2023, due to further market penetration and new product launches, the growth of manufacturing will be accelerated. Germany The following are some examples of how to get started: AustraliaThe new partnerships, both domestic and global.
MediPharm posted an operating profit of C$10.8million for the fiscal year, which is a huge improvement from C$18.2million in 2023. The year’s net loss was C$10.6 as opposed to C$13.0 in 2023.
In a press release, the company informed investors that it has repaid all CTwo Million Dollars This leaves the company debt-free. The company’s accumulated loss was C$187m at the end 2024. This is more than C$176m at the conclusion of 2023.
MediPharm has also stated that the company is currently in a very strong financial position. The company is free of debt, current on cannabis excise taxes, regulatory fees, etc., and it owns and operates all its facilities. The company still ended the year in cash with C$11,6 million versus C$17.9 millions at the end 2023. It has negative operating cash flows and historically has incurred losses.
David Pidduck, CEO of David Pidduck Corporation“We’re pleased to see our revenue growth of 80% in International, which is driving us towards profitability. Our Q4 revenue was largely attributed to international sales, which benefited from our EU-GMP certified facilities. “We are well-positioned to achieve long-term success in the international market and we continue to add new clients and distributors to satisfy global demand for cannabinoid premium products.”
Assets on sale
In its filing, the company stated that it intended to sell an operation in Hope (British Columbia) that was valued at C$3.7million. MediPharm, at the end the year on the 26th of February 2025, sold its Hope Facility for C$4.5M in cash to Rubicon.
MediPharm said that they are also committed to selling a parcel of land on Yale Road located in Hope, British Columbia. The property is valued at approximately half a mil and the company recorded a C$190,000.00 impairment loss.
CFO Greg Hunter MediPharm labs’ 2024 year was one of transformation. $42M Net revenue increased by 27% compared to 2023. The gross margin increased to 31% from 18% and the adjusted EBITDA losses improved by $10M The year 2023 will be the first time that $1.9M We will be able to achieve a positive Adjusted EBITDA in 2024. In 2024, we are close to being adjusted EBITDA-positive with a loss in Q4 of Adjusted EBITDA. $0.1M.”