Highlights
Revenue for the quarter increased year over year by 7.7% to $7.2 million. Revenue increased by 4.1% to $13.2 million for the first six months of the year.
Gross profit increased year over year by 12.1% to $3.8 million for the quarter and 5.2% to $6.9 million for the first six months of the year.
Adjusted EBITDA1 increased year over year by 28.9% to $1.4 million for the quarter and 11.3% to $2.2 million for the first six months of the year.
"Q2 2024 represented our strongest historical quarter for both revenue and Adjusted EBITDA1. Total revenues for the second quarter of 2024 were $7.2 million, an increase of 7.7% compared to the same period last year, with revenues in our Animal Health business up 10.7% to $3.1 million during the quarter. Our Pharmacy business continued to deliver growth year over year with revenues up 5.5% to $4.1 million in the second quarter. Adjusted EBITDA1 increased by 28.9% for the quarter as a result of higher revenue and gross margins combined with a modest 1.9% increase in operating expenses. Notwithstanding the ongoing softness in the market and inter-quarterly variability, we continue to invest in our sales and marketing efforts to ensure growth over the long-term and plan to launch two new products before the year-end." said Angela Cechetto, Chief Executive Officer.
Kevin Palmer, Chief Financial Officer commented, "During the second quarter our cash position increased to $6.8 million which was up $1.2 million over March 31, 2024 as a result of our increased operating income and improved working capital balances while continuing to pay down our term loan"
Key Financial Data and Comparative Results
Three months ended
Six months ended
Jun 30, 2024
Jun 30, 2023
Jun 30, 2024
Jun 30, 2023
Revenue
$7,197,074
$6,681,181
$13,243,579
$12,725,777
Gross profit
3,778,131
3,371,233
6,890,290
6,547,015
Gross profit %
52.5 %
50.5 %
52.0 %
51.4 %
Total operating expenses
2,774,697
2,721,740
5,595,707
5,378,128
Operating income for the period
1,003,434
649,493
1,294,583
1,168,887
Income tax expense (recovery)
325,699
328,730
379,470
298,837
Net income for the period
577,547
200,492
703,619
610,955
Earnings per ...
