Business
IM Cannabis Reports Record Fourth Quarter and Fiscal Year 2021 Financial Results and Provides First Quarter 2022 Outlook
- Fiscal Year 2021 revenues increased 242% year-over-year to a record of over $54 million - Q4 2021 revenues increased 309% year-over-year and 39% compared to
About this update from Im Cannabis Corp.
[{"type":"text","content":"- Fiscal Year 2021 revenues increased 242% year-over-year to a record of over $54 million \n- Q4 2021 revenues increased 309% year-over-year and 39% compared to Q3 2021\n- Sequential revenue growth and gross margin improvement expected in Q1 2022 \n TORONTO, and GLIL YAM, Israel, March 31, 2022 /PRNewswire/ -- IM Cannabis Corp. (the \"Company\", \"IM Cannabis\", or \"IMC\") (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, provided financial results for the three months and fiscal year ended December 31, 2021. All amounts are reported in Canadian dollars unless otherwise stated.\nQ4 and Full Year 2021 Financial Summary\n(CAD, in millions)\nQ4 2021\nQ4 2020\nChange(%)\nFY 2021\nFY 2020\nChange(%)\nRevenues\n$20.0\n$4.9\n309%\n$54.3\n$15.9\n242%\nGross Profit[1]\n$3.8\n$2.8\n36%\n$11.9\n$8.8\n35%\nAdjusted EBITDA[2]\n($8.3)\n($2.4)\nN/A\n($22.0)\n($4.9)\nN/A\nManagement Commentary\n\"Our revenue growth of 242% to a record of over $54 million in 2021 is a direct result of executing on our strategy to build a world-class operating platform for the premium cannabis market,\" said Oren Shuster, Chief Executive Officer of IMC. \"The network of pharmacies we have acquired in Israel, which includes the country's largest online pharmacy business, supports a tech-enabled expansion of our patient base to fortify our position as one of the leading retail medical cannabis providers in the country. In Canada, our premium WAGNERS brand and ultra-premium Highland Grow continue to gain market share, with retail sales in Ontario increasing over 50% in Q4 2021 as compared to Q3 2021[3]. With continuous improvements in yields and quality, we have both the capacity and the desired quality attributes to support our discerning customer and patient needs in our addressable markets.\n\"By leveraging our new trade centre in Israel, cultivation facilities in Canada, and state-of-the-art logistics hub in Germany, we can efficiently move product across our global platform and realize the full benefits of our holistic supply chain. This established infrastructure, when combined with our regulatory expertise and deep understanding of evolving market trends, have positioned IMC for long-term growth as the industry continues to mature.\n\"Looking forward, we expect revenues i...