The following is a summary of the Avicanna Inc. (AVCNF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Avicanna reported total revenue of $16.8 million for 2023, a 314% growth from the previous year, with $13.2 million coming from Medical Cannabis by Shoppers Drug Mart sales and the launch of the MyMedi.ca platform.
Gross profit was $6.7 million, demonstrating a 500% increase from the previous year equating to a 40% profit margin.
Gross margins in North America were at 45% for the year. EBITDA loss has decreased by 49% to $4.2 million with the company targeting positive EBITDA by 2024.
Business Progress:
Following cost-cutting initiatives and a shift in focus towards Canadian operations, Avicanna saw a 51% increase in sold finished products.
The launch of the MyMedi.ca platform significantly contributed to the sales revenue and managed to retain over 96% of patients from the legacy Medical Cannabis by Shoppers Division.
The company secured INVIMA authorization for Trunerox, their first pharmaceutical product, and two strategic collaborations with international pharmaceutical firms.
Avicanna will leverage newly established partnerships for their distribution strategy and research and development. The company is also actively exploring M&A opportunities.
More details: AVICANNA INC IR
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