Record Third Quarter Financial Results Seventh consecutive quarter of high double-digit, sequential revenue growth
Annualized revenues run rate of $100 million
Adjusted EBITDA1 run rate of $23 million
$85 million in cash
Revenue growth expected to continue in the 4th quarter and throughout 2022
NEW YORK and TORONTO and HERZLIYA, Israel, Nov. 15, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)("InterCure" or the “Company”) today announced financial results for the third quarter of 2021 and is pleased to provide shareholders with a business update. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.
Third Quarter 2021 and Recent Financial & Operating Highlights
- All-time record quarterly revenue of $25 million (NIS 62 million), three times greater than Q3 2020 and up 36% sequentially compared to the prior quarter.
- Annualized Revenue run rate of $100 million (NIS 247 million).
- Normalized2 gross margin reached approximately 45% compared to 43% in the second quarter of 2021, due to first steps of implementing InterCure’s vertically integrated model.
- EBITDA for the third quarter of the Company’s cannabis sector was $6 million (NIS 14 million). This represents an annual run rate of $23 million (NIS 56 million), driven by revenue growth, improvement in gross profit and operating profit.
- Generated $4 million (NIS 10 million) cash flow from operations. Fifth consecutive quarter of positive operating cash flow.
- $85 million in cash (more than NIS 209 million) as of September 30, 2021.
- Added 3 pharmacies from the Cannomed assets acquisition, 2 of which are licensed to dispense medical cannabis.
- After the quarter announced additional 4 medical licensed pharmacy bringing the total retail location to 20 pharmacies located in prime and strategic locations across Israel, 14 of which are licensed to dispense medical cannabis.
- Additionally, during the month of October the Company reached a record of one Ton of GMP medical cannabis products dispensed in one month. This represents approximately 30% market share of Israel’s medical cannabis.
- During the quarter, InterCure's CEO purchased over 420,000 shares of the Company’s stock on the open market, valued at over $3.7 million.
- First company to meet the new importation requirements set by the Israeli Medical Cannabis Agency, known as the 109 reg. resume importation from our strategic partners, successfully landed and released shipments from Tilray, Organigram and Fotmer Life Sciences.
- Commenced trading on NASDAQ in September under the symbol INCR
- Finally, post period end InterCure received 5.2 million shares back from the sponsor of our SPAC transaction. According to the agreement the shares were subject to free forfeiture from the SPAC sponsor based upon share price target criteria. The return of the shares to the company without cost adds a significant value of approximately $56 million by the current share price to all InterCure’s shareholders.
https://www.globenewswire.com/news-release/2021/11/16/2334894/0/en/InterCure-Announces-Record-Third-Quarter-Financial-Results-with-3-Times-YoY-Revenue-Growth-and-36-QoQ-Growth.html