OTCQB:VVCIF - Post by User
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1hot-techwomanon Mar 31, 2023 7:22am
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Medipharm driving toward profitability $$$$
Medipharm driving toward profitability $$$$Management Commentary
David Pidduck, CEO, MediPharm Labs commented, "2022 was a transformative year for MediPharm. We have transitioned our focus away from Canadian B2B sales, exited less profitable facilities and products, successfully completed significant restructuring, all while driving substantial growth in our non-B2B segments. The Arrangement with VIVO is expected to continue to drive business and build on our growth as we aim to reach positive EBITDA(2) and cash flow in the first half of 2024.(1)(3)(4)(5) We consider ourselves to be unique amongst our peer companies due to our focus on pharmaceutical cannabis, our GMP facility and regulatory licencing -- and also due to our relative stability in these challenging times, as evidenced by our diverse international presence, and strong balance sheet."
Greg Hunter, CFO, MediPharm Labs added, "In Q4 2022, MediPharm continued to make progress by growing our revenue base, reducing cash burn and driving towards profitability. With the acquisition of VIVO, we expect our revenues will continue to improve.(1) Our cash position improved in Q4 2022 to $24M and we are materially debt free and have full ownership of our major assets. Given the strength of our balance sheet relative to our peers, we expect we will be very well positioned to integrate VIVO and achieve annualized synergies following completion of the Arrangement, and continue our drive towards profitability."(1)