TORONTO , Aug. 14, 2024 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF ) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids announced its financial results for the three and six months ended June 30, 2024 ("Q2 2024").
Key Highlights Adjusted EBITDA (1) : Negative $124K in Q2 2024, significantly improved from negative $949K during the three months ended March 31, 2024 ("Q1 2024"), and representing 96% growth versus Adjusted EBITDA (1) for the same quarter in 2023 ("Q2 2023"). Net Revenue: $10.3M in Q2 2024, an 8% increase as compared to Q2 2023, and a 6% increase as compared to Q1 2024, representing the highest net revenue in over three years.
International revenue represented 44% of total revenue in Q2 2024. Gross Profit: 33% in Q2 2024, significantly increased from 8.1% in Q2 2023, driven by cost reductions, production efficiencies and favourable product mix with the expansion of international medical revenue.
Cash Balance: $16 million at the end of Q2 2024. Operating Expenses: Reduced by $2M as compared to Q2 2023, driven by execution of acquisition synergies and overall cost reductions. Innovation in Pharma Quality Cannabis European Union Dronabinol Sales Success: After a strong Q1 2024, MediPharm Labs doubled its dronabinol sales in Q2 2024, achieving total sales of $1.
9M year to date. Dronabinol is a pharmaceutical monograph product produced by MediPharm Labs in a specialized all.