Jamieson Wellness (JWEL) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 performance with consolidated revenue up 8.5% to $733.8 million and branded revenue growth of 14%, driven by strategic execution and market share gains in all key markets.

• Record adjusted EBITDA of $141.0 million and adjusted EBITDA margin over 19%, with robust cash flows and performance across all geographies.

• Significant momentum in China with nearly 80% reported revenue growth and strong international expansion, especially in the Middle East and Europe.

• Net earnings for Q4 increased 50.4% year-over-year to $36.1 million; full-year net earnings were $51.1 million.

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

Financial highlights

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

• Adjusted net earnings for Q4 were $34.6 million, up 21% year-over-year; adjusted EPS for Q4 was $0.80, up 19.9%.

• Cash from operations in Q4 was $37.8 million, up nearly 45% year-over-year.

• As of December 31, 2024, cash and available credit facilities totaled $236.5 million; net debt was $263.5 million.

• Q4 gross profit margin improved by 500 bps to 40.9%; full-year gross margin rose to 37.6%.

Outlook and guidance

• 2025 revenue guidance: $800–$840 million (9–14.5% growth); adjusted EBITDA: $157–$163 million (11–15.5% growth).

• Adjusted EBITDA margin expected at 19–19.5%; adjusted diluted EPS guidance: $1.82–$1.93 (13–20% growth).

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

• Jamieson Brands segment expected to deliver 9–14.5% revenue growth, with strategic partners up 10–15%.

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