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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (87301)	6/19/2020 9:49:28 AM
From: Goose94	Read Replies (1) \| Respond to of 203728

Medipharm Labs (LABS-T) Mackie Research Hold Disappointing Q1/20 Results MediPharm reports disappointing Q1/20 results: Yesterday (June 18), LABS reported its Q1/20 results for the period ended March 31, 2020. Q1/20 revenue was $11.1 mm which was down 49% YoY. The majority of this decline was due to lower bulk crude and distillate sales which declined 56% YoY. Sales of white label products were the one bright spot in the quarter and they increased to $1.4 mm from nil in Q1/19. EBITDA loss for the quarter was $5.7 mm (23% margin). Net loss for the quarter was $17.4 mm ($0.13/share). The loss was primarily attributable to the $5.6 mm EBITDA loss and to a $12.8 mm write down of inventory to net realizable value. We are lowering or recommendation on MediPharm Labs to HOLD from BUY with a new $1.75 target. To arrive at our new $1.75 target price, we applied a 12x EV/EBITDA multiple to our new 2021 estimate.