MariMed Reports 'Another Year Of Strong Operational And Financial Performance' And More To Come In 2024
Portfolio Pulse from Maureen Meehan
MariMed Inc (OTCQX:MRMD), a multi-state cannabis operator, reported a revenue increase to $38.9 million in Q4 2023, up from $35.8 million in the same period last year. However, the company experienced a net loss of $10.1 million in the quarter, compared to a net income of $4.7 million in the previous year, primarily due to a $10 million loss on the extinguishment of debt. For the full year, revenue was $148 million, up from $134 million in 2022, but net loss increased to $16 million from a net income of $13.6 million in 2022. CEO Jon Levine highlighted the company's sixth consecutive year of double-digit revenue growth and positive adjusted EBITDA for the fourth year. MariMed anticipates 5% to 7% revenue growth in 2024, not including potential new revenue from operations in Ohio, Missouri, Maryland, or acquisitions.
March 07, 2024 | 2:09 am
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MariMed Inc reported increased revenue but a higher net loss in Q4 2023, with a positive outlook for 2024 expecting 5-7% revenue growth.
The increase in revenue indicates operational growth and market expansion, which is positive. However, the significant net loss, primarily due to debt extinguishment, may concern investors. The company's optimistic revenue growth projection for 2024, based on organic growth and not including potential new revenue streams, suggests confidence in its core operations. This mixed financial performance and optimistic outlook suggest a neutral short-term impact on the stock price, as investors may weigh the growth potential against the financial losses.
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IMPORTANCE 90
RELEVANCE 100