PharmaCorp Rx (PCRX) Q3 2025 earnings summary

Executive summary

• Operates as a Canadian pharmacy consolidator with four pharmacies under the PharmaChoice Canada banner as of December 2025, expanding with three new pharmacy acquisitions post-quarter-end.

• Holds exclusive right-of-first-refusal to acquire 1,100+ pharmacies, supporting an acquisition-led growth strategy.

• Secured a new credit facility with CIBC and raised $23.0M through a public offering in November 2025.

• Signed a letter of intent for a new acquisition in Western Canada for $350,000 in December 2025.

• Led by an experienced executive and governance team with deep industry expertise.

Financial highlights

• Q3 2025 Adjusted EBITDA (Pre-IFRS 16, 4-Wall basis) reached $840.6K, up from $707.4K in Q1 and $688.0K in Q2.

• Same store script count grew 7.2% year-over-year in Q3, with same store sales up 9.4%.

• Net loss for the quarter was impacted by infrastructure investments, stock option grants, and one-time legal fees related to a new credit facility.

• Balance sheet as of September 30, 2025: $5.0M cash, $39.7M total assets, $9.5M total liabilities, $30.2M total equity.

• Subsequent $23M capital raise further strengthened the balance sheet.

Outlook and guidance

• Acquisition pipeline remains strong, with 40+ new stores joining the PCC banner annually and 40-50 stores turning over each year.

• Targeted adjusted EBITDA lift of 7.5-15% over three years post-acquisition through operational improvements.

• Management remains focused on disciplined, accretive growth through acquisitions and maintaining a disciplined weighted average EBITDA multiple.

• Positioned to scale nationally, leveraging exclusive acquisition rights and new financing.

• Ongoing interest from independent pharmacy owners supports future acquisition opportunities.