MediPharm Labs Reports Full Year & Fourth Quarter 2025 Results with Over 40% Annual Growth in International Medical Revenue
- FY 2025 revenue of $45.1 million, an increase of 8% over 2024
- International Medical Cannabis revenue increased 43% year-over-year and represented more than 50% of total revenue
- Increased cash balance of $10.8 Million at the end of Q4, up $0.2 million from Q3 2025
- Company remains virtually debt-free, with outright ownership of two production facilities
- Management to Host Conference Call / Webcast on March 30th, 2026, at 10:00 am ET
TORONTO, March 30, 2026 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs” or the “Company”), a pharmaceutical company specialized in precision-based cannabinoids, today announced its financial results for the full year and three months ended December 31, 2025.
MediPharm achieved 8% annual revenue growth in 2025, driven by the continued execution of its international medical cannabis strategy. International medical cannabis revenue contributed more than 50% of total revenue, reflecting strong global demand for MediPharm products. The Company maintained a measured approach to cost controls, and monetized non-core assets to further strengthen its balance sheet and capital position versus many industry peers. These results reflect MediPharm’s commitment to responsible growth, financial discipline, commercial acumen and long-term value creation.
“We ended 2025 stronger, with 8% revenue growth supported by 43% year over year growth in our international medical cannabis business and a robust platform designed for regulated markets,” said Greg Hunter, CFO and Interim CEO of MediPharm Labs.
“As a result of our efforts, we exited 2025 with a more resilient and diversified revenue mix and strong balance sheet with virtually no debt and over $10 million in cash.
Looking ahead, we are planning for continued expansion of both our product portfolio and geographic reach, including advancing opportunities in markets such as Brazil, France, and New Zealand, while maintaining a disciplined approach to growth.”
Commercial Highlights & Revenue Performance
2025 revenue was $45.1 million, representing 8% year over year growth, driven by International Medical Cannabis. Revenue for Q4 was $11.1 million compared to $12.0 million in Q4 2024, reflecting timing and mix differences.
International Medical Cannabis Revenue in 2025 was $25.2 million, which increased 43% versus prior year. Q4 2025 was $6.1 million and represented 55% of total revenue in the quarter.
Internationally, MediPharm executed on new market pathways in 2025 including the Company’s first commercial shipments to France and first delivery to Brazil under sanitary authorization with our ANVISA licensed pharmaceutical partner. MediPharm also secured approvals with a partner in New Zealand, with planned launches in 2026.
The Company expanded our portfolio of products in Europe and Australia, with the launch of new Beacon and Wildlife products internationally and the launch of our differentiated novel metered dose inhalers in Australia and Canada.
In Q4, Canadian Medical Cannabis revenue was $3.2 million, an increase of 8% sequentially versus Q3 2025.
Gross Profit, Adjusted EBITDA, General Admin & Operating Expenses
Gross profit for the quarter was $3.9 million or 35%. Gross profit for 2025 was $14 million representing a 31% margin and increased versus 2024 gross profit of $12.8 million. Management continues to focus on optimizing product mix through novel introductions like the Company’s metered dose inhalers, and implementing further efficiencies to improve margins. (2)
Operating expenses for 2025, were $20.9 million and decreased $0.7 million versus prior year. When adjusting for costs related to the annual general meeting proxy contest, severance and other discrete items, year to date operating expenses were $16.8 million, which decreased $2.7 million or 14% vs. prior year.
Adjusted EBITDA (1) was negative $1.6 million in 2025, an improvement of $0.3 million over 2024.
| Three months ended | |||||
| 31-Dec-25 | 30-Sep-25 | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | |
| $’000s | $’000s | $’000s | $’000s | $’000s | |
| Revenue | 11,062 | 11,448 | 11,808 | 10,806 | 12,042 |
| Gross profit | 3,894 | 2,562 | 3,330 | 4,182 | 3,616 |
| % Sales | 35% | 22% | 28% | 39% | 30% |
| Opex(1) | (5,419) | (4,367) | (6,706) | (4,370) | (5,109) |
| Adjusted EBITDA (2) | (144) | (1,079) | (564) | 141 | (96) |
| (1) Opex includes general administrative expense, marketing and selling expenses and R&D expenses. | |||||
| (2) Adjusted EBITDA is a non-IFRS measure. See “Non-IFRS Measures”. | |||||
Strong Balance Sheet – Increased Cash Balance & Virtually Debt Free
MediPharm ended Q4 2025 with a cash balance of $10.8 million, up $0.2 million from Q3 2025, driven by disciplined cash management.
The Company remains virtually debt-free, owns two production facilities outright with a combined appraised value of more than $15M, and is current on excise duties and trade payables. MediPharm is positioned favourably, relative to many industry peers, with flexibility to fund both organic and inorganic growth opportunities as the industry evolves.
FY 2025 Financial Results Conference Call / Webcast
MediPharm’s executive management team will host a conference call and webcast on Monday March 30th, 2026, at 10:00 am (Eastern time) to discuss the Company’s financial results. The conference call dial in details are as follows:
North America Toll-Free: (888)330-2454
International: +1 (240) 789-2714
Conference ID: 4921762 #
Participants are asked to dial in approximately 15 minutes before the start of the call.
A webcast will be available by visiting the following link here.
For those who are unable to participate on the live conference call or webcast, a replay will be available at https://www.medipharmlabs.com/investors approximately one day after completion of the call.
(1) This is a non-IFRS reporting measure. See “Non-IFRS Measures” below.
(2) This is a forward-looking statement and based on a number of assumptions. See “Cautionary Note Regarding Forward-Looking Information” below.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company’s current foreign drug manufacturing site registration with the US FDA. MediPharm also has EUGMP certification, ANVISA GMP certification from Brazil and TGA compliance in Australia.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded MediPharm’s reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with physician consultations for medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
Website: www.medipharmlabs.com
Non-IFRS Measures
This press release contains references to “Adjusted EBITDA” which is a non-IFRS financial measure. Management believes that this supplementary non-IFRS financial measure provides useful additional information related to the operating results of the Company. This non-IFRS financial measure is not recognized under IFRS and, accordingly, users are cautioned that this measure should not be construed as an alternative to net income (loss) and gross profit determined in accordance with IFRS as measures of profitability or as alternatives to the Company’s IFRS-based Financial Statements. The non-IFRS measure presented may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is a measure of the Company’s overall financial performance and is used as an alternative to earnings or income in some circumstances. Adjusted EBITDA is essentially net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual or non-recurring items added back in. Adjusted EBITDA has limitations as an analytical tool as it does not include depreciation and amortization expense, interest income and expense, finance fees, gain in revaluation of derivative liabilities, taxes, government grants including rent and wage subsidies, one-off transactions, impairment losses on inventory and on fixed assets and intangibles, write down of deposits and share-based compensation. Because of these limitations, Adjusted EBITDA should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results as reported under IFRS. Adjusted EBITDA, as used within the Company’s disclosure, may not be directly comparable to Adjusted EBITDA used by other reporting issuers. Adjusted EBITDA does not have a standardized meaning and the Company’s method of calculating such non-IFRS measure may not be comparable to calculations used by other companies bearing the same description.
The following table reconciles the Company’s net operating income (loss) (as reported), and Adjusted EBITDA for the periods presented:
| Three months ended | ||||
| December 31, | September 30, | June 30, | March 31, | |
| 2025 | 2025 | 2025 | 2025 | |
| $’000s | $’000s | $’000s | $’000s | |
| Net operating loss | (2,007) | (2,188) | (3,800) | (441) |
| Adjusted for: | ||||
| Share-based compensation expense | 211 | 194 | 502 | 437 |
| Depreciation and amortization | 396 | 420 | 419 | 425 |
| Severance expenses related to restructuring and organizational changes | 942 | 104 | 229 | – |
| Impairment loss on remeasurement of assets held for sale | – | 34 | 81 | – |
| Loss/ (gain on disposition of assets) | – | 147 | (271) | – |
| Incremental cost of cannabis inventory acquired in a business combination (1) | 7 | 31 | 42 | 20 |
| Fair value adjustments in gross profit | (127) | (139) | (93) | (46) |
| Indirect tax reassessments (2) | – | – | – | 524 |
| Miscellaneous | 138 | – | 57 | (28) |
| AGM related proxy fees (3) | 162 | 173 | 2,170 | – |
| Transaction costs (4) | 134 | 145 | 100 | (750) |
| Adjusted EBITDA | (144) | (1,079) | (564) | 141 |
| (1) | This represents the fair value realized on sale of cannabis inventory acquired in a business combination. |
| (2) | This adjustment is for unusual inventory write-downs only and not the total value of inventory written down. |
| (3) | This relates to liabilities recognized in connection with notices of reassessment related to prior periods issued by the tax authorities. |
| (4) | This relates to non-recurring fees and expenses associated with the proxy contest in connection with the Company’s annual shareholder meeting held June 16, 2025. |
| (5) | This includes non-recurring fees, expenses associated with the evaluation of potential mergers and acquisitions, fees related to reorganization of legal entities. This also includes fees and non-refundable deposits related to the proposed sale of the Company’s facility in Napanee, Ontario, which was terminated in January 2025. |
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding the release of MediPharm’s financial results; management’s ability to continue to grow international medical revenue and reduce costs to drive growth and long-term value for the Company; MediPharm’s ability to continue to supply international medical cannabis markets; the future of MediPharm’s foreign drug manufacturing site registration; the launch of metered dose inhalers in international markets; product optimization and improvement of production efficiencies; and MediPharm’s path to becoming Adjusted EBITDA and cash flow positive. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm’s filings, available on the SEDAR+ website at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
SOURCE MediPharm Labs Corp.
For further information, please contact: MediPharm Labs Investor Relations,
1 416.913.7425, investors@medipharmlabs.com
