MediPharm Labs Corp. (TSX:LABS) (OTCQX:MEDIF) (FSE:MLZ) revenue decreased 11.24% to $4.88 million in Q1 2022 compared to $5.5 million in Q1 2021.
Q1 Financial Highlights
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Gross profit was a loss of $403,000 compared to a loss of $680,000 in 2021
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Net loss was $7.46 million, compared to a net loss of $13.87 million in 2021
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Adjusted EBITDA loss was $5.68 million, compared to a loss of $6.16 million in 2021
Q1 2022 – Select Operating Highlights
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Completed first delivery of products to the UK medical cannabis market. A market the company will expand with new territory specific staff added in Q1.
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Received product authorization from Brazilian Health Regulatory Agency (Anvisa).
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In March 2022, the company closed the acquisition of Shelter Cannabis
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The company completed deliveries of its first CBG products in ingestible oil and vapable formats as well as its first water soluble cannabinoid SKU.
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Subsequent to the end of Q1, MediPharm announced that it had appointed David Pidduck as CEO and director of the company. David brings more than 20 years of proven senior leadership experience to MediPharm, including serving as president and CEO of a Canadian pharmaceutical company, where he was also a member of the board of directors.
Greg Hunter, CFO, MediPharm Labs stated, "While Q1 is a seasonally slower period, we expect our top-line to improve beginning in Q2, as seasonality dissipates, the distributor inventory draw-downs from Q1 reverse, and recent investments in sales and marketing resources, and new, innovative products, begin to pay off. The brands we acquired as part of our acquisition of Shelter Cannabis' IP portfolio and that we are now manufacturing out of our Barrie facility, began shipping in May and will contribute to revenue beginning in Q2. MediPharm is on solid financial footing, having exited the quarter with $28.3 million in cash, materially debt free and outright ownership of its key facilities."
Photo: Courtesy of Tim Foster on Unsplash
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