Medipharm Labs (Otc) ( (MEDIF) ) has released its Q3 earnings. Here is a breakdown of the information Medipharm Labs (Otc) presented to its investors.
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MediPharm Labs Corp. is a pharmaceutical company specializing in precision-based cannabinoids, known for its pharmaceutical-quality cannabis concentrates and advanced derivative products.
MediPharm Labs recently released its third-quarter financial results, highlighting significant growth in international GMP medical markets and improved financial performance. The company reported a notable increase in net revenue and a substantial reduction in adjusted EBITDA loss compared to the previous year.
The company’s net revenue for Q3 2024 reached $9.8 million, marking a 15% increase compared to the same period in 2023. International medical cannabis revenue saw a remarkable 37% growth, contributing to 36% of the total revenue. MediPharm also achieved a 32% gross profit margin, reflecting a 29% improvement due to cost reductions and production efficiencies. Additionally, the company made its final convertible debt payment, leaving it free of material debt and enhancing its financial stability.
Strategically, MediPharm expanded its product offerings with 11 new SKUs and saw significant sales growth in Australia, driven by new high-potency products. Looking forward, MediPharm is exploring opportunities in new international markets and working on regulatory registrations in countries like the UK, Brazil, and New Zealand.
As MediPharm Labs continues to diversify its business and expand internationally, the company is positioning itself for potential profitability in 2025, supported by a strong balance sheet and continued innovation in product development.
