MediPharm Labs Corp. reported its financial results for the full year and three months ended December 31, 2023. Net revenue surged by approximately 50% year-over-year, reaching CA$33 million ($24.3 million) in 2023, compared to CA$22.1 million in 2022.
The company's gross profit improved significantly, totaling CA$5.8 million in 2023, a notable turnaround from the gross loss of CA$1.9 million in the previous year. Operating loss decreased to CA$18.2 million from CA$29.5 million in 2022, while net loss for the year narrowed to CA$13 million from CA$29.9 million. Adjusted EBITDA also improved by 50% year-over-year, reaching negative $10 million in 2023 compared to negative $21 million in 2022.
As of December 31, 2023, MediPharm Labs had total assets of CA$64 million, slightly lower than the CA$65.5 million reported on December 31, 2022. Total liabilities and equity remained relatively stable, amounting to CA$64 million as of December 31, 2023, compared to $65.4 million as of December 31, 2022.
In the fourth quarter of 2023, revenue increased to CA$9.1 million from $5.6 million in the prior year's period. Gross profit also improved to CA$2.2 million from CA$211,000 in the fourth quarter of 2022. Adjusted EBITDA, however, came in negative at CA$1.6 million, down from CA$3.6 million adjusted EBITDA loss in the corresponding quarter of 2022.
CEO David Pidduck expressed optimism about the company's future, stating that MediPharm Labs has "the margins, Opex and Adjusted EBITDA results all trending in the right direction." He also highlighted the company's robust revenue pipeline and its transformation into a profitable and growing enterprise.