Jamieson Wellness Inc. Reports Third Quarter 2025 Results
Executive Summary
- Jamieson Wellness reported Q3 2025 consolidated revenue of C$199.3 M, up 13.2% YoY, driven by 16.5% growth in branded products.
- Adjusted EBITDA rose 12.0% to C$38.0 M and adjusted diluted EPS increased to C$0.41, reflecting strong sales momentum in Canada, China (+63%) and international markets.
- The company narrowed its full‑year 2025 guidance, now forecasting revenue of C$810–830 M (10.4%–13.1% growth) and Adjusted EBITDA of C$158–162 M (12.0%–15.0% growth), while maintaining the midpoint of prior EPS expectations.
Key Details
- Revenue & Growth
- Consolidated revenue: C$199.3 M (+13.2% YoY).
- Jamieson Brands segment revenue: +16.5% (C$180.5 M).
-
Canada revenue up 4.0%; China revenue surged 63.0%; youtheory up 16.8%; International up 19.3%.
-
Profitability
- Gross profit: C$83.6 M (+$16.0 M YoY); margin improved 350 bps to 41.9%.
- Adjusted EBITDA: C$38.0 M (+12.0% YoY).
-
Adjusted diluted EPS: C$0.41 (up from C$0.37).
-
Segment Performance
- Jamieson Brands gross profit margin rose to 45.0%; Adjusted EBITDA margin 20.2% (down 70 bps vs prior year due to marketing spend).
-
Strategic Partners revenue declined 11.2% to C$18.8 M; adjusted EBITDA margin improved to 8.0%.
-
Cash & Debt
- Cash and facilities: ≈C$128.8 M.
- Net debt increased to C$371.2 M (up from C$263.5 M).
-
Operating cash flow: C$7.7 M vs C$24.2 M YoY; working‑capital cash outflow of C$20.8 M for inventory build‑up.
-
Share Repurchases
-
Purchased 636,284 common shares for C$19.7 M under the NCIB program during the nine‑month period.
-
Dividend
-
Declared Q3 2025 cash dividend of $0.23 per share (≈C$9.6 M), payable Dec 15, 2025.
-
Guidance Update (Fiscal 2025)
- Revenue: C$810–830 M (10.4%–13.1% YoY).
- Adjusted EBITDA: C$158–162 M (12.0%–15.0% growth).
-
Adjusted diluted EPS: $1.82–$1.88.
-
Segment Outlook
- Jamieson Brands revenue: C$710–725 M (12.9%–15.3% growth).
- Canada +5%‑7%; youtheory +8%‑12%; China +45%‑50%; International +20%‑25%.
-
Strategic Partners revenue expected to decline ~5%.
-
Conference Call
- Management call scheduled for 5:00 p.m. ET, Nov 6 2025 (phone & webcast details provided).
Notable Quotes
“In Q3, Jamieson delivered another strong quarter with 16.5% branded growth… even against a volatile macro backdrop, our category continues to prove its resilience.” – Mike Pilato, President and CEO.