Jamieson Wellness (JWEL) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 performance with 14% branded revenue growth, record cash flows, and market share gains in all key markets, driven by strategic execution and robust global consumer demand.

• Consolidated revenue rose 8.5% to $733.8M (CAD 734M), with Q4 revenue up 11.1% to $244.8M, led by foundational health product demand and international expansion.

• Adjusted EBITDA for 2024 was $141.0M, with Q4 Adjusted EBITDA up 17.4% to $59.4M; margins exceeded 19%.

• China revenue grew nearly 80% for the year, with Q4 up 38.9% (constant currency); youtheory brand saw almost 20% annual growth and strong international expansion.

• Published first annual Sustainability Impact Report, highlighting progress on sustainability targets.

Financial highlights

• Q4 consolidated revenue increased 11.1% to $244.8M; Jamieson Brands Q4 revenue up 11.9% to $202.6M.

• Adjusted net earnings for Q4 were $34.6M, up 21% year-over-year; Q4 net earnings were $36.1M, with Adjusted diluted EPS at $0.80.

• Q4 gross profit margin improved by 500 bps to 40.9%; normalized gross profit margin up 400 bps.

• Cash from operations in Q4 was $37.8M, up almost 45% year-over-year; cash and available credit at year-end totaled $236.5M.

• Net debt at year-end was $263.5M, down 8.6% year-over-year.

Outlook and guidance

• 2025 consolidated revenue expected at $800M–$840M (9–14.5% growth); Adjusted EBITDA of $157M–$163M (11–15.5% growth).

• Adjusted diluted EPS guidance for 2025 is $1.82–$1.93 (13–20% growth); EBITDA margins expected at 19–19.5%.

• China revenue projected to grow 25–35%; international segment expected to rise 20–30%.

• No pricing increases planned for Canada in 2025 unless cost environment changes.

• Guidance excludes potential impact of Canada-U.S. tariffs.