MediPharm Labs Posts Q3 Revenues of $5.4 Million, Continues To Post Negative Gross Margins
MediPharm Labs (TSX: LABS) this morning reported its third quarter financial results, posting revenues of $5.4 million for the quarter. The firm also posted a net loss of $7.4 million for the period.
Revenues were effectively flat for the the quarter, climbing from $5.1 million to $5.4 million on a quarter over quarter basis, while the firm still looks to improve upon its first quarter revenue figure of $5.5 million. Gross profit was again negative, a trend that has occurred all year, with the company posting a gross loss of $1.9 million.
Operating expenses further added to the losses, with general administrative expenses coming in at $4.6 million followed by marketing and selling expenses of $0.9 million. The firm overall posted an operating loss of $7.5 million, which resulted in a net loss of $7.5 million after a small $0.1 million income tax recovery.
Adjusted EBITDA meanwhile amounted to a loss of $5.6 million.
The firm also noted that its new CEO, Bryan Howcroft, is expected to start today, which is expected to improve international and pharmaceutical sales growth.
MediPharm Labs last traded at $0.315 on the TSX.
.Information for this briefing was found via Sedar and Medipharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
