E Cannabis Central: MediPharm Labs Shows Impressive Q2 Performance On All Fronts - Stock Still Falls 16%

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF), a cannabis extraction, distillation, purification and cannabinoid isolation company, reported its Q2 financial results last week becoming the first public Canadian extraction-only company to deliver bottom-line earnings and do so while investing heavily in its extraction and production platforms ahead of benefits realized.

Q2 Financial Highlights (all dollars are Canadian dollars and all comparative numbers relate to Q1)

  • Revenue increased by 43% to $31.5M
  • Gross Profit increased by 65% to $11.3M
  • Gross Margin increased to 36% from 31%
  • Adjusted EBITDA increased by 79% to $7.7M
  • Adjusted EBITDA margin increased to 24% from 20%
  • Net income before tax increased to $4.1M from a net loss of $0.3M

Q2 Business Highlights

  • the retirement of the Company' Chief Operating Officer
  • the appointed of a Chief Strategy Officer to advance the Company’s strategic corporate initiatives
  • the division of former COO responsibilities among the President, Executive Vice President, and Chief Strategy Officer
  • the assumption of additional production leadership responsibilities by members of the company's 180 researchers, scientists, professionals, and technicians
  • the granting of 1,851,700 options to directors, officers, employees and consultants of the Company as part of its continued policy of incentivizing its employee base
  • the listing of the stock on the Toronto Stock Exchange
  • an increase in Canadian production to an average of 75 million MG of active cannabinoid component concentrate on a weekly basis
  • an increase in annual dried cannabis processing capacity in Canada to 300,000 KG
  • the construction of 25,000 square feet of additional licensed space at the Company’s Barrie, Ontario facilities to accommodate significant automation of manufacturing and specialized R&D activities
  • the completion of the first international shipment of medical cannabis concentrate to AusCann in Australia
  • the completion of a 10,000 sq. ft. purpose-built facility near Melbourne, Australia and
  • the receipt of a manufacturing license for the above-mentioned production facility
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