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Friday, November 27, 2020

Medipharm Labs Corp (OTCMKTS:MEDIF) Growth In Play This Week

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Shares of Medipharm Labs Corp (OTCMKTS:MEDIF) have dipped slightly in recent action, but rebounded to close out last week. This is particularly important given the key levels in play around the $3/share zone. To put some further flesh on the bone, the company just announced its financial results for the three and nine months ended September 30, 2019.

According to the release, during the period the company posted strong growth in revenue, adjusted EBITDA and net income even while making significant investments in capacity and capability that will benefit future performance and support global growth opportunities. Revenue came in at $43.4 million, a 38% increase over Q2 2019, as the company expanded its leadership of the Canadian cannabis extraction industry, and gross profit came in at $14.8 million, a 30% increase over Q2 2019.

Medipharm Labs Corp (OTCMKTS:MEDIF) bills itself as a company that primarily focuses on producing pharma-grade cannabis oil and concentrates in Canada. It also focuses on providing cannabis contract processing services to licensed producers and growers; supplying cannabis oil to companies for sale under its brand; and supplying raw materials and processing for the creation of ready-to-sell cannabis products. The company was founded in 2015 and is headquartered in Barrie, Canada.

Founded in 2015, MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation license.

This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-grade cannabis oil and concentrates for advanced derivative products. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream extraction methodologies and purpose-built facilities to deliver pure, safe and precisely-dosed cannabis products to patients and consumers. MediPharm Labs’ private label program is a high margin business for the company, whereby it opportunistically procures dry cannabis flower and trim from its numerous product supply partners, to produce proprietary cannabis oil concentrate products for resale globally on a private label basis.

Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.

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As noted above, MEDIF just announced its financial results for the three and nine months ended September 30, 2019.

Even in light of this news, MEDIF has had a rough past week of trading action, with shares sinking something like -23% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. What’s more, the name has seen a jump in recent trading volume to the tune of just under 110% above its longer-run average levels.

“Results from the third quarter marked our fourth consecutive quarter of positive Adjusted EBITDA(1) and revenue growth,” said Patrick McCutcheon, Chief Executive Officer, MediPharm Labs. “Our results are fueled by our expanding private label business, increasing exports and expanding relationships with our growing customer base. During the quarter our team has made great strides towards European GMP and Australian compliance of our facilities and continued to build out our capabilities and capacity across our global platforms in Canada and Australia. These investments will prepare us for a very exciting future as the market and world leader in extraction and white label production.”

At this time, carrying a capital value in the market of $404M, MEDIF has a significant war chest ($8.6M) of cash on the books, which compares with about $35.7M in total current liabilities. One should also note that debt has been growing over recent quarters. MEDIF is pulling in trailing 12-month revenues of $32.1M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 115.2%. We will update the story again as soon as further details emerge. Sign-up for continuing coverage on shares of $MEDIF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $MEDIF, either long or short, and we have not been compensated for this article.

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