MariMed Q2 revenue rises on wholesale, retail segment strength
MariMed Q2 revenue rises on wholesale, retail segment strength
Overview
U.S. cannabis operator's Q2 revenue rose yr/yr to record high
Adjusted EBITDA declined yr/yr; company posted wider net loss
Revenue growth driven by both wholesale and retail segment gains
Outlook
MariMed to continue 'Expand the Brand' strategy, focusing on product innovation and market expansion
Company says it is monitoring potential regulatory changes that could affect the industry
Result Drivers
WHOLESALE AND RETAIL GROWTH - Co said sequential and yr/yr revenue gains were driven by increases in both wholesale and retail businesses
BRANDED PRODUCT EXPANSION - Distribution of branded products increased to 85% of available storefronts, with Betty’s Eddies remaining the top-selling edible in core states
RETAIL TRAFFIC AND LOYALTY - Retail revenue and transactions rose, with loyalty program membership up 14% since the start of the yr
Company press release: ID:nGNX3MtyS6
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $41.90 mln | $39.80 mln (1 Analyst) |
Q2 Adjusted Net Loss |
| $2.40 mln | $3.90 mln (1 Analyst) |
Q2 Net Loss |
| $3.60 mln |
|
Q2 Adjusted EBITDA |
| $3.90 mln | $4 mln (1 Analyst) |
Q2 Gross Margin |
| 39.00% |
|
Q2 Adjusted EBITDA Margin |
| 9.4% |
|
Q2 Adjusted Gross Margin |
| 40.00% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the drug retailers peer group is "buy"
Wall Street's median 12-month price target for MariMed Inc is $0.08, about 14.8% above its August 11 closing price of $0.07
Reuters Recommended Reads
Aug 12 - Cannabis grower Ascend Wellness' Q2 revenue rises after retail expansion
Aug 12 - Planet 13 Q2 revenue falls on California retail exit, price pressure
Aug 11 - Vireo Growth Q2 revenue jumps on acquisitions
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)