Cannabinoid-Focused Pharma Stock Slides On Q2 Earnings Report, Here Are The Details
Portfolio Pulse from Nina Zdinjak
MediPharm Labs Corp. reported Q2 2023 financial results, with revenue of CA$9.58 million, up from CA$4.36 million in the same period last year. The company also reported a gross profit of CA$855,000, an adjusted EBITDA loss of CA$3.19 million, and a net loss of CA$2.7 million. MediPharm completed its first commercial delivery to the US and closed the acquisition of VIVO Cannabis Inc. Despite these achievements, the company's shares were trading 7.97% lower.
August 14, 2023 | 2:13 pm
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MediPharm Labs reported increased revenue and gross profit for Q2 2023, but also a net loss. Despite progress and the acquisition of VIVO Cannabis, the company's shares fell by 7.97%.
The company's financial results show progress in terms of revenue and gross profit. However, the reported net loss and the subsequent drop in share price indicate that the market may have reacted negatively to these results.
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