Achieved a number of firsts and records including:
Seventh consecutive quarter of double-digit revenue growth
Seventh consecutive quarter of high digit accelerated profitable growth
Record quarterly EBITDA
Commenced trading on NASDAQ in September
CEO purchased over CAD$3.7 million worth of shares on the open market
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)(“InterCure” or the “Company”) today announced preliminary unaudited revenue of CAD$24 million (NIS 61 million) for the third quarter of 2021, representing another record quarter of high sequential and year-over-year revenue growth. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.
Preliminary Third Quarter 2021 and Recent Highlights
- Record revenue expected to be an estimated CAD$24 million (NIS 61 million), 3 times greater than Q3 2020 and up more than 36% compared to prior quarter sequentially;
- Increased market share due to solid demand for Canndoc’s branded products and expansion of InterCure’s retail footprint;
- Further increases in EBITDA during the third quarter;
- Over $78 million in cash (more than NIS 200 million) as of September 30, 2021;
- Commenced trading on NASDAQ in September under the symbol INCR; and
- InterCure’s CEO purchased over 420,000 shares of the Company’s stock on the open market, valued at over $3.7 million.
The Company plans to file its full financial results for the third quarter of 2021 on Monday, November 15, 2021.
*Amounts shown are in CAD
Preliminary Third Quarter 2021 Results Commentary
Revenue and same-store sales growth during the third quarter of 2021 reflects increased market share, growing demand for the Company’s branded products and expansion of its medical cannabis dispensing operations, including its ‘GIVOL’ pharmacy chain. Further increases in EBITDA realized during the quarter reflect InterCure’s execution success.
Legislation of adult-use cannabis and CBD products in Israel is expected to drive further domestic demand for the Company’s products. Complementing this, solid international demand for InterCure’s GMP-branded products and easing regulation in Israel for medical cannabis exportation is expected to support the Company’s global expansion in international target markets, including Europe.
With one of the strongest balance sheets in the industry, including over $78 million in cash (more than NIS 200 million) as of September 30, 2021, and a vertically integrated and scalable seed to sell model, the Company expects to lead market consolidation.
