Exceeds 1Q Revenue and Adjusted EBITDA Estimates; More Growth Ahead
MariMed reported first-quarter revenue of $34.4 million, which exceeded our estimate of $32.5 million and consensus of $32.9 million. This is a 9.90% Y/Y increase and a 3.91% decline Q/Q. 1Q is typically a seasonally softer quarter for cannabis companies. With new stores opening in Massachusetts, Illinois, and Ohio, plus Maryland moving to adult-use sales in July, revenue should ramp up through 2023. 1Q adjusted EBITDA of $7.1 million beat our estimate of $7.0 million and consensus of $6.9 million. Y/Y adjusted EBITDA decreased by 31.73% and increased by 57.78% Q/Q. We expect adjusted EBITDA to steadily climb in 2023, as revenue increases and expenses remain relatively constant. Gross margins were 45%, representing a 1% increase Q/Q and a 9% decline Y/Y. Adjusted EBITDA margins of 21% were up 8% Q/Q and down 12% Y/Y. The change in margins is partially attributable to converting Maryland from a managed services agreement to direct product revenue. MariMed is also in the process of bringing on eight new assets and is absorbing the costs associated with hiring ahead of this growth. We hosted an earnings review on Twitter Spaces with MariMed CFO Susan Villare. It was recorded and will play in the background on phones or desktop browsers. Here is a link to the conversation...
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