Highlights
Revenue for the quarter increased year over year by 35.3% to $9.3 million. Revenue increased by 33.0% to $26.8 million for the first nine months of the year.
Gross profit increased year over year by 40.2% to $4.9 million for the quarter and 38.5% to $14.4 million for the first nine months of the year.
Adjusted EBITDA1 increased year over year by 62.3% to $1.9 million for the quarter and 56.4% to $5.3 million for the first nine months of the year.
"Growth in Q3 2025 was driven by both the Pharmacy and Animal Health businesses", said Angela Cechetto, Chief Executive Officer. "Our Pharmacy business continues to perform well with sales up year-over-year by 52.4% to $5.8 million and 55.9% to $17.1 million respectively, in the quarter and year-to-date. This growth is driven by an increase in sales of compounded products and the impact of the acquisition of the Compounding Pharmacy of Manitoba (CPM) in December 2024. Excluding the impact of CPM, our pharmacy business grew organically by 10.5% year to date compared to the same period in 2024."
Ms. Cechetto went on to say, "our Animal Health business was up 14.5% in the third quarter and 5.5% year to date over the prior year periods. We continued to see an uptick in sales of our gastrointestinal and behavior products related to the spring and summer seasons, however, overall, there continues to be softness in visits to veterinary clinics. Adjusted EBITDA1 increased by 56.4% year to date as a result of higher revenue and gross margins, with our Adjusted EBITDA1 margin improving to 20.0% year to date vs 17.0% in the prior year."
Key Financial Data and Comparative Results
Three months ended
Nine months ended
Sep 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
Revenue
$9,337,130
$6,899,201
$26,782,565
$20,142,780
Gross profit
4,917,050
3,508,291
14,399,055
10,398,581
Gross profit %
52.7 %
50.9 %
53.8 %
51.6 %
Total operating expenses
3,684,675
2,706,100
11,166,641
8,301,807
Operating income for the period
1,232,375
802,191
3,232,414
2,096,774
Income tax expense (recovery)
280,287
225,480
640,396
604,950
Net income for the period
548,976
502,151
1,327,454
1,205,770
Earnings per share
Basic and diluted
$0.02
$0.02
$0.04
