Post by
1hot-techwoman on Sep 17, 2024 6:56am
Wow LABS is now Materially Debt Free :) Congrats !!!
PR Newswire
TORONTO, Sept. 17, 2024
Company Now Materially Debt Free with Over $13M in Cash
TORONTO, Sept. 17, 2024 /PRNewswire/ - MediPharm Labs Corp. ("MediPharm" or the "Company") (TSX: LABS), a specialized, research-driven pharmaceutical company focused on cannabis-based health products, is pleased to announce that it has paid off the entire remaining convertible debt amount of $2.1 million, leaving the Company materially debt-free.
With this debt repayment, MediPharm now enjoys a robust financial position with more than $13 million in cash and full ownership of three facilities. This achievement reflects the Company's prudent financial management and commitment to maintaining a strong balance sheet.
MediPharm reported an adjusted EBITDA loss of $0.1M in Q2 2024 (for the three months ending June 30, 2024), demonstrating near breakeven performance. The Company's financial performance combined with the recent debt repayment, gives management high confidence in the Company's ability to invest in its operations and continue to drive long term growth.
"Becoming materially debt-free is a significant milestone for MediPharm Labs," said David Pidduck, CEO of MediPharm Labs. "Our strong cash position and near breakeven adjusted EBITDA reflect our disciplined approach to financial management. We are well-positioned to focus on the future and leverage our resources to pursue strategic growth initiatives."
Comment by
okgonow on Sep 17, 2024 8:54am
Well good Job and now announce that we are cash flow positive and are increasing sales every Q !!!! get SP to at least $1 before considering a buy out by anyone otherwise you would just give away the company for peanuts!!!