Staff
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) announced its financial results for the quarter ending September 30, 2021 and said it has a new CEO as the company focuses on international business. Bryan Howcroft is the new CEO for MediPharm who plans to drive international and pharmaceutical sales growth.
Revenue increased slightly from $5 million in the second quarter to $5.4 million in the third quarter. International sales increased 16.5% sequentially to $2.9 million and represented 53% of sales in Q3. The net loss for the quarter was $7.3 million
“In Q3 2021, we were awarded one of the most important licences in our Company’s history related to North American GMP certifications, the DEL. The DEL establishes the Company as a true pharmaceutical partner while continuing to deliver on our international medical cannabis sales,” said Keith Strachan, President, MediPharm. “We increased our international medical presence and sales by 16.5% q/q, which is a testament to our efforts to lead in this area. We view the international medical cannabis market to be a key driver of our future revenue growth. We also continue to innovate in new product development, with minor cannabinoids such as CBN, as well as our clinical trial program.”
“Looking ahead, efforts are well underway to ensure MediPharm maintains a leading position in the projected multibillion-dollar global cannabinoid-derived pharmaceuticals and international medical markets. This is where our unique licenses and professional expertise will make us the go-to partner for pharmaceutical companies around the globe with potential for material revenue growth for years to come.” To this end, we are delighted to welcome our new CEO to MediPharm, effective today, Mr. Bryan Howcroft. Mr. Howcroft’s deep expertise in navigating complex regulated international markets will enable MediPharm’s transition towards pharmaceutical and medical markets to reach new heights.
Cash and cash equivalents totaled $38 million on September 30, 2021, and the cash balance outstanding under the convertible notes was under $1.9 million.
