83% Growth in Year-Over-Year Revenue for International Medical Cannabis
International Medical sales now 56% of Total Revenue
Increased Cash Balance of $10.6 Million at the end of Q3 2025
Operating Expenses Decreased 19% Year-Over-Year
Management to Host Conference Call / Webcast on November 13th, 2025 at 10:00 am ET
TORONTO, Nov. 13, 2025 (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 three and nine months ended September 30, 2025.
MediPharm delivered another successful quarter of strong year-over-year revenue growth in the three months ended September 30, 2025 ("Q3 2025"), advancing the Company's international medical cannabis strategy to increase revenue, while reducing costs and increasing the Company's cash balance. Continued international momentum, disciplined cost management and a solid balance sheet highlight the Company's commitment to scaling responsibly, to drive sustainable growth and long-term value creation. (2)"Our third quarter results reflect the strength of our international strategy, and the resilience of our differentiated business model" said David Pidduck, CEO of MediPharm Labs. "MediPharm is uniquely positioned to serve the most complex and highest value medical cannabis markets worldwide with a range of direct to patient, partnership and distribution pathways." (2)
Greg Hunter, CFO of MediPharm Labs, added, "The third quarter continued to show our commercial strategy is working, with Q3 2025 revenue growth of 17% and year-to-date revenue growth of 14%. We maintained our disciplined approach to expense and cash management, reducing operating expenses by 19% versus prior year and 35% versus prior quarter, while increasing our cash balance to $10.6 million at the end of Q3 2025. As we move forward, management remains focused and relentless in driving further revenue growth and continuing to streamline expenses to enhance our profitability profile."
Q3 2025 Financial Summary
17% Year-over-Year Revenue Growth
Revenue for the third quarter was $11.4 million, an increase of $1.6 million or 17% compared to the three months ended September 30, 2024 ("Q3 2024"), driven by continued growth in the Company's international business.
International medical cannabis revenue reached $6.4 million in Q3 2025, now representing 56% of total revenue. The 83% year-over-year growth in revenue for international medical cannabis was achieved through product portfolio expansion across multiple geographies.
Canadian adult-use and wellness saw a Q3 2025 revenue of $1.8 million, representing a 4% year-over-year increase and 9% sequential growth versus the three months ended June 30, 2025 ("Q2 2025").
In Q3 2025, the Company expanded its line of inhalers in the domestic market to include minor cannabinoids, and launched metered dose inhalers in Australia. The company has plans to launch inhalers in other international markets, in the future, including the UK. (2)
Gross Profit, Adjusted EBITDA, General Admin & Operating Expenses
Gross profit for the quarter was $2.6 million, reflecting margin pressure from product mix within our international business. Management continues to focus on optimizing product mix through novel introductions, like the Company's recently launched metered dose inhalers, and implementing further efficiencies to improve margins. (2)
Operating expenses were $4.4 million in Q3 2025, achieving a decline both year-over-year and sequentially. General and administrative expenses decreased 19% year-over-year and 35% versus prior quarter.
Adjusted EBITDA(1) was negative $1.1 million in Q3 2025, while year-to-date Adjusted EBITDA(1) improved by $0.3 million compared to prior year. While Adjusted EBITDA(1) tends to fluctuate from quarter to quarter, management expects the overall trend to remain positive.(2)
Three months ended
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
$'000s
$'000s
$'000s
$'000s
Revenue
11,448
11,808
10,806
12,042
9,798
Gross profit
2,562
3,330
4,182
3,616
3,120
% Sales
22%
28%
39%
30%
32%
Opex(1)
(4,367)
(6,706)
(4,370)
(5,109)
(5,442)
Adjusted EBITDA(2)
(1,079)
(564)
141
(96)
(743)
(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 Q3 2025 with a cash balance of $10.6 million, up $0.2 million from Q2 2025, driven by disciplined cash management and supported by $0.4M in asset sales.
The Company remains virtually debt-free, owns two production facilities outright with an 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.(2)
Q3 2025 Financial Results Conference Call / Webcast
MediPharm's executive management team will host a conference call and webcast on Thursday, November 13th, 2025 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)330-2454International: +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.
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 ...
