TerrAscend Increases 2023 Adjusted EBITDA Guidance By 8% To $63 Million
TerrAscend Corp (TSX: TSND) has raised guidance ahead of the launch of an investor day in Toronto scheduled for today.
The company this morning lifted guidance on both net revenues and adjusted EBITDA from continuing operations for 2023. Net revenue guidance has been bumped by 3.9%, from at least $305 million to at least $317 million.
Adjusted EBITDA guidance meanwhile has improved by 8.6%, with TerrAscend now calling for Adjusted EBITDA of at least $63 million, versus the prior guidance of at least $58 million.
The figures represent year over year growth of 28% and 62%, respectively. Gross margins are also expected to exceed 50%, while free cash flow from operations is expected to be positive for the second half of the year.
“We expect to drive industry leading revenue growth, continued improvement across all P&L metrics, and positive free cashflow in the second half of the year,” commented executive chairman Jason Wild.
TerrAscend last traded at $2.51 on the TSX.
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