MediPharm Labs Reports Full Year & Fourth Quarter 2024 Results

Annual Net Revenue Increase of 27% to $42M, Driven by Record $18M International Medical Cannabis Revenue and Approaching Positive Adjusted EBITDA(1) for Q4.

TORONTO, March 31, 2025 /PRNewswire/ - MediPharm Labs Corp. (TSX:LABS) (OTCQB:MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, today announced its financial results for the full year and three months ended December 31, 2024.

Success on Path to Profitability with $8M Adjusted EBITDA(1) Improvement in 2024 versus 2023.

MediPharm significantly improved profitability in 2024, addressing cost structure and gross profit while simultaneously reducing operating expenses and substantially growing revenues. The Company is in a strong cash position, is materially debt free, up to date on all cannabis excise duties and regulatory fees and currently has full unencumbered ownership of all production facilities.

Full Year 2024 Highlights

Net revenue increased by $9M or 27% to $42M versus prior year of $33M

Gross profit of $12.8M or 31% representing a significant improvement over 2023 of $5.8M or 18%

Adjusted EBITDA(1) loss of $1.9M which improved $8.3M or 81% versus 2023. Adjusted EBITDA(1) continues to improve driven by margin expansion initiatives and cost reductions

Key operations from the Hope facility were transitioned to the Barrie facility resulting in over $1M in annualized savings. Subsequent to Q4 2024, MediPharm announced the sale of its Hope facility for $4.5M, which is anticipated to close within the second quarter, subject to customary closing conditions and receipt of all necessary approvals, as applicable.(2)

Repaid $2M of convertible debt leaving the Company materially debt free.

Q4 2024 Highlights

Revenue of $12M increased $2.9M or 32% versus Q4 2023

Gross profit of $3.6M or 30% representing a significant improvement over Q4 2023 of $2.2M or 24%

Adjusted EBITDA(1) loss of $0.1M improved $1.5M or 94% versus Q4 2023

International revenue represented 54% of revenue versus 27% in Q4 2023

Strong balance sheet, relative to many peer companies, with $11.7M million of cash and materially debt-free

Three months ended

31-Dec-24 

30-Sep-24 

30-Jun-24 

31-Mar-24 

31-Dec-23

$'000s 

$'000s 

$'000s 

$'000s 

$'000s

Revenue

12,042

9,798

10,350

9,771

9,131

Gross Profit

3,616

3,120

3,418

2,651

2,196

Opex (1) 

(5,109)

(5,442)

(5,382)

(5,648)

(5,020)

Adjusted EBITDA (2) 

(96)

(743)

(124)

(949)

(1,579)

(1)

Opex includes general administrative expense, marketing and selling expenses and R&D expenses.

(2)

Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures".

International Medical Cannabis Revenue growth of 83% in 2024 vs. Prior Year

International Medical Cannabis 2024 revenue of $17.7M increased 83% from $9.7M in 2023 driven by further market penetration, new product launches in Germany and Australia, and new global and domestic partnerships.

International revenue accounted for 54% of Q4 revenue and increased from $2.4M in Q4 2023 to $6.5M in Q4 2024.

Achieved Pharmaceutical GMP certification with Brazilian Health Regulatory Agency (ANVISA) and is one of just a few North American companies to receive multiple sanitary authorizations for cannabis products while holding an ANVISA GMP license.

MediPharm continues to focus on innovative and complex pharmaceutical cannabinoid solutions with global applications, including Dronabinol and the previously announced global licensing agreement with Remidose Aerosols Inc. for advanced metered dose inhalers.

Committed to Advancing Patient Outcomes & Consumer Wellness with Premium Products, Clinical Research & CBD Natural Health Product Consultation.

MediPharm continues to participate in Health Canada consultations on Natural Health Products Containing CBD ("NHPCC") and is uniquely positioned for success in that future channel(2), with a strong foundation for potential NHPCC products, given our leadership in CBD products, GMP facility, and DEL licence.

MediPharm remains committed to patients in Canada and abroad, including engagement in Clinical Research to support pharmaceutical cannabinoid innovation and clinical advancements. Academic and commercial research partners have selected MediPharm's pharma-grade products for their clinical research, with various clinical trials advanced to Phase 1 and Phase 2 in 2024. Please see the table below for updates on active research engagements.

Researcher 

Indication 

Phase 

Recent Milestone 

USC (University of Southern California) Keck School of Medicine

Treatment of Alzheimer's Agitation Disorder 

Phase 2 

FDA approval of Investigational New Drug (IND) 

Clinical trial material ("CTM") delivered, and enrollment commenced in Q3 2023 

Second CTM delivery occurred in Q4 2023. 

McMaster University

Treatment of post-surgical pain

Phase 2 

CTM delivered and enrollment commenced in Q1 2023