Avicanna (AVCN) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $6.1 million, up 85% year-over-year, with six-month revenue at $12.6 million, up 180% from 2023.

• Completed two real-world evidence trials on Epidermolysis Bullosa and musculoskeletal pain, supporting long-term growth strategy.

• Expanded commercial operations in Canada, with 32 SKUs and 145 listings, a 23% increase from Q2 2023.

Financial highlights

• Gross profit for Q2 2024 was $2.8 million, up 94% year-over-year; six-month gross profit was $5.9 million, up 183%.

• Adjusted EBITDA loss narrowed to $442,310 in Q2 2024, a 65% improvement from Q2 2023.

• Sold approximately 99,000 finished goods units in Q2 2024, a 15% increase over Q2 2023.

• Consolidated gross margin in Canada reached 49%, driven by MyMedi.ca platform and optimized sales channels.

Outlook and guidance

• Focus remains on expanding medical cannabis presence, enhancing medical community relationships, and stabilizing Canadian operations.

• Ongoing international expansion of RHO Phyto brand and continued development of pharmaceutical pipeline.