MediPharm Labs (TSX: LABS) this morning reported its third quarter financial results, posting revenues of $5.4 million for the quarter. The firm also posted a net loss of $7.4 million for the period.
Revenues were effectively flat for the the quarter, climbing from $5.1 million to $5.4 million on a quarter over quarter basis, while the firm still looks to improve upon its first quarter revenue figure of $5.5 million. Gross profit was again negative, a trend that has occurred all year, with the company posting a gross loss of $1.9 million.
Operating expenses further added to the losses, with general administrative expenses coming in at $4.6 million followed by marketing and selling expenses of $0.9 million. The firm overall posted an operating loss of $7.5 million, which resulted in a net loss of $7.5 million after a small $0.1 million income tax recovery.
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Adjusted EBITDA meanwhile amounted to a loss of $5.6 million.
The firm also noted that its new CEO, Bryan Howcroft, is expected to start today, which is expected to improve international and pharmaceutical sales growth.
MediPharm Labs last traded at $0.315 on the TSX.
.Information for this briefing was found via Sedar and Medipharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
