Business
IM Cannabis Reports Second Quarter 2023 Financial Results
IMC remains singularly focused on accelerating the path to profitability through active cost management and margin improvement while maintaining sales.
About this update from Im Cannabis Corp.
[{"type":"text","content":"IMC remains singularly focused on accelerating the path to profitability through active cost management and margin improvement while maintaining sales.\nTORONTO and GLIL YAM, Israel, Aug. 14, 2023 /PRNewswire/ -- IM Cannabis Corp. (the \"Company\" or \"IMC\") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial results today for the second quarter ended June 30, 2023. All amounts are reported in Canadian dollars and compared to Q2 2022 unless otherwise stated. \n \n \nThe full set of consolidated financial statements for the three and six months ended June 30, 2023 (the \"Q2 FS\"), and the accompanying management's discussion and analysis (the \"Q2 MD&A\"), can be accessed by visiting the Company's website at https://investors.imcannabis.com/, its profile pages on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov.\nQ2 2023 Financial Highlights\nRevenues stayed stable with a 4% year-over-year increase to $13.2 million40% increase in Gross Margin 83% decrease in Non-IFRS Adjusted EBITDA Loss 33% decrease in operating expenses, a 20% decrease compared to Q1, 2023Management Commentary\n\"In Q2 2023, we continued towards our goal of sustainable profitability,\" said Oren Shuster, Chief Executive Officer of IMC. \"The rightsizing and refocusing we have been working though since Q4 of last year, was led by the strategic decision to exit the recreational Canadian market, allowing us to fully lean into our heritage as one of the pioneers in the Israeli medical cannabis market. Our extensive expertise within our highly regulated local market, gave us a clear advantage when expanding into Germany, another highly regulated medical market. The strategic pivot to focus on the two largest national medical markets is clearly reflected within our organization post restructure. I believe this is the cornerstone for our success and stability within these two similar markets.\"\n\"Active cost and margin management was a key focus of Q2, accelerating our to move towards sustainable profitability, while maintaining sales,\" said Itay Vago, Chief Financial Officer of IMC. \"The actions we took since exiting the Canadian market last year and the associated restructure, have significantly improved our gross margin and reduced our total operating expenses, leading to a substantial decrease in our non-IFRS Adju...