Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced its preliminary financial results for the fourth quarter of 2021. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS). Revenue is estimated to be over $31 million, three times greater than the fourth quarter of 2020 and representing sequential growth of over 24%. The company did not disclose whether there was a net income or loss. The company also stated that it expects the full-year revenue to be $87 million, almost 250% growth year-over-year (YOY). Revenue growth is expected to continue throughout 2022.
InterCure said it plans to file its full financial results for the fourth quarter and full-year 2021 on Tuesday, March 15, 2022.
“InterCure continues to execute, achieving record growth in the quarter ended December 31, 2021, with preliminary revenue anticipated to be $31 million, up by over three times from the fourth quarter of 2020,” said InterCure’s Chief Executive Officer, Alexander Rabinovitch. “We have now achieved eight consecutive quarters of double-digit revenue growth and increased profitability, while also crossing the one-ton mark in GMP medical cannabis products dispensed monthly during the fourth quarter, which is a world record in the GMP-certified cannabis markets. Going forward, we remain focused on maintaining our market-leading position in Israel’s cannabis market while continuing with our international expansion plans. By executing on our profitable growth strategy, InterCure is well positioned to build shareholder value as one of the leaders of the international cannabis industry.”
Additional highlights included in the company’s statement were:
- Eighth consecutive quarter of high double-digit growth representing an annualized run rate of $124 million.
- InterCure said it expects continued increases in operating profit, EBITDA, and net profit during the fourth quarter of 2021.
- Sustained market share growth due to solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
- Announced European expansion with international cannabis brand Cookies – opening retail locations in Austria and the United Kingdom.
- Expanded pharmacy chain to 20 locations in Israel.
- The company surpassed one-ton medical cannabis products dispensed per month in the fourth quarter, representing approximately 30% market share of Israel’s medical cannabis.