InterCure Announces Record Breaking Third Quarter Financial Results with 63% growth YOY and 6% QoQ growth
- Eleventh consecutive quarter of sequential profitable revenue growth
- Annualized revenue run rate of $155 million
- Adjusted EBITDA1 run rate of $36 million
- Achieved Run Rate Net Profit of 12$ million
- Strong balance sheet with $93 million cash supporting future profitable growth
NEW YORK and TORONTO and HERZLIYA, Israel, Nov. 15, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company”) is pleased to announce its financial and operating results for the third quarter ended September 30, 2022.
All amounts are expressed in New Israeli Shekels (NIS) or Canadian dollars ($), unless otherwise noted.
Third Quarter 2022 Key Financial & Operating Highlights
- Record revenue of $39 million (NIS 101 million), which represent a 63% growth than the third quarter of 2021 and representing sequential growth of 6%.
- Eleventh consecutive quarter of growth representing an annualized run rate of over $155 million (Over NIS 402 million).
- Revenue growth expected to continue in Q4 2022.
- Adjusted EBITDA increased 85% year-over-year to $9 million, representing 22% of revenues.
- Solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
- Record of new product launches with more than 10 new GMP SKUs added to the company’s portfolio of products during the quarter.
- First company to comply with the new strict 109 import regulations of the Israel Medical Cannabis Agency, resuming importation of medical cannabis to Israel.
- Expansion of the Company’s medical cannabis dedicated pharmacy chain to a of total 25 locations as of the end of the third quarter.
- Continued scaling up production cultivation and production of the Southern facility as the largest and most advanced facility of its kind in the region.
- Driving forward with the execution of the company’s global expansion plan.
“I am proud of our team delivering our eleventh consecutive quarter of profitable growth with strong operating and financial performance,” said InterCure CEO Alexander Rabinovitch. “We continued to execute on our international expansion plans building our footprint organically and exploring strategic acquisitions in key markets, to meet the solid demand for our high-quality branded products. We expect 2022 to be another milestone year for InterCure, solidifying our leadership position in the pharmaceutical cannabis market.”
Our third quarter results reflect our ability to deliver on our strategic initiatives, translating into continued profitable growth.
InterCure CFO Amos Cohen
In addition to delivering on strong financial results we also managed to maintain our profitability while executing expansion plan expansion in all key markets. We are very pleased with the progress and remain focused and committed to building our shareholders’ value and improving quality of life for patients and communities globally are continuing to see that same momentum carry into the fourth quarter.
(1) Means EBITDA adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, non-controlling interest and other expenses (or income);
Key Q3 2022 Financial Highlights – Cannabis Sector
Consolidated Financial Statements and Management’s Discussion and Analysis
The publication of InterCure’s audited financial statements and accompanying notes for the quarter ended September 30, 2022 and related management’s discussion and analysis of financial condition and results of operations (“MD&A”) and analysis of financial condition and results of operations (“MD&A”) are available under the Company’s profile on SEDAR.
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its international market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.
For more information, visit: http://www.intercure.co.
Non-IFRS Measures
This press release makes reference to certain non-IFRS financial measures. Adjusted EBITDA, as defined by InterCure, means earnings before interest, income taxes, depreciation, and amortization, adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, non-controlling interest and other expenses (or income). This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. InterCure’s method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measured used by other entities or in other jurisdictions. InterCure uses this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the company.
Company executives are going to participate at the MJBIZ conference in Las Vegas, Investor and companies representatives are welcome to schedule a meeting.
