Northwire Canada EditionFriday, July 10, 2026
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AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.67 +3.7% SGZ 0.040 −11.1% GRSL 0.310 −3.1% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.67 +3.7% SGZ 0.040 −11.1% GRSL 0.310 −3.1%
Earnings Routine +

MediPharm Labs Reports Full Year & Fourth Quarter 2025 Results with Over 40% Annual Growth in International Medical Revenue

MediPharm Posts Margin Recovery and Steady International Growth, Yet Profitability Remains Elusive

By The Northwire Desk — AI Analysis Mar 30, 2026 · 07:45 LABS · 0.065 MEDIPHARM LABS CORP. J
Executive Summary
  • MediPharm Labs reported full-year 2025 revenue of $45.1 million, representing an 8% year-over-year increase.
  • International medical cannabis revenue surged 43% YoY to $25.2 million, accounting for approximately 56% of total annual revenue.
  • Q4 2025 revenue came in at $11.1 million, a slight decline from $12.0 million in Q4 2024, but international medical sales contributed $6.1 million (55% of quarterly revenue).
  • Gross profit reached $14 million for FY2025 with a 31% margin. Q4 gross profit was $3.9 million, reflecting a 35% margin, a notable recovery from the 22% margin compression seen in Q3 2025.
  • Adjusted EBITDA for FY2025 was a loss of $1.6 million, a $0.3 million improvement over 2024. Q4 Adjusted EBITDA narrowed to a loss of $144,000.
  • The company ended Q4 2025 with $10.8 million in cash, remains virtually debt-free, and is current on all excise duties and trade payables.
  • Operational updates include first commercial shipments to France and Brazil, secured approval for a New Zealand launch in 2026, and continued expansion of metered-dose inhalers in Australia and Canada.
Material Impact
  • The results validate management's Q3 2025 commentary that the 22% gross margin was a temporary low watermark driven by plant shutdowns and unfavorable product mix. The rebound to 35% in Q4 confirms operational discipline and successful cost controls.
  • The strategic pivot toward international medical markets is materially progressing, with international sales now constituting over half of total revenue. This reduces reliance on the highly competitive and price-pressured Canadian domestic market.
  • Despite top-line growth and margin recovery, the company remains unprofitable on an EBITDA basis. The $1.6 million annual loss indicates that scale and pricing power have not yet fully offset fixed costs and international market entry expenses.
  • The news is largely in line with expectations established during the Q3 earnings call and prior guidance. There are no major surprises, missed targets, or unexpected capital raises. The incremental nature of the progress, combined with the leadership transition (CFO Greg Hunter serving as Interim CEO), keeps this in the routine category.
LABS · Price
Company Overview
  • MediPharm Labs is a Canadian pharmaceutical-grade cannabis producer focused on highly regulated international medical markets.
  • The company operates two owned, GMP-certified production facilities (including the Napanee facility) with an appraised value exceeding $15 million.
  • Flagship initiatives include the development and global distribution of pharmaceutical-grade cannabinoid products, metered-dose inhalers, and active pharmaceutical ingredients (API) for clinical research.
  • The business model prioritizes compliance-heavy, high-barrier markets (EU, UK, Australia, Brazil, U.S. research) over commoditized adult-use channels.
Read the original news release →

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