Q2 2024 MariMed Inc Earnings Call Transcript
Key Points
- MariMed Inc (MRMD) reported strong revenue growth both year-over-year and sequentially, with a significant increase in wholesale business across core markets.
- The company achieved its seventh consecutive quarter of double-digit transaction growth in retail sales on a year-over-year basis.
- MariMed Inc (MRMD) is seeing margin improvements in Illinois, with retail gross margins improving by 145 basis points year-over-year and 250 basis points sequentially.
- The company successfully launched adult-use sales at its Quincy dispensary in Massachusetts and is close to commencing operations in Missouri.
- MariMed Inc (MRMD) is tracking ahead of its revenue guidance and has upside opportunities for the second half of the year, indicating potential for further revenue growth.
- The company's margins are currently under pressure due to long-term investments and consumer weaknesses in the retail sector, including cannabis.
- MariMed Inc (MRMD) reported a decline in non-GAAP adjusted gross margin from 43.8% in Q1 2024 to 42.9% in Q2 2024, primarily due to higher input costs and ramp-up costs.
- Adjusted EBITDA decreased from $6.3 million in Q2 2023 to $4.4 million in Q2 2024, impacted by lower gross margins and higher operating expenses.
- The company experienced a decline in cash and cash equivalents from $14.6 million at the end of 2023 to $10.2 million at the end of Q2 2024, due to increased cash expenditures on acquisitions and inventory.
- MariMed Inc (MRMD) faces delays in the commencement of cultivation at its Mt. Vernon facility in Illinois, pushing the expected launch of its flower brand to Q1 2025.
Good morning. My name is Jeanne, and I will be your conference operator today. At this time, I would like to welcome everyone to the MariMed's second quarter 2024 financial results conference call. (Operator Instructions) Thank you. I will now turn the line over to Mr. Steve West, Vice President of Investor Relations to begin the conference. Please go ahead.
Good morning, everyone, and welcome to MariMed's second quarter 2024 earnings call. Joining me today are Jon Levine, our Chief Executive Officer; and Ryan Crandall, our Chief Revenue Officer. This call will be archived on our Investor Relations website and contains forward-looking statements. Actual events or results may differ materially from these forward-looking statements and are subject to various risks and uncertainties.
A discussion of some of these risks is in the Risk Factors section of our 10-K, available on our website. Any forward-looking statements reflect management's expectations as of today, and we assume no obligation to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
