MediPharm Labs has paid off the entire remaining convertible debt amount of $2.1 million, leaving the Company materially debt-free. With this debt repayment, MediPharm now has a financial position with more than $13 million in cash and full ownership of three facilities.
MediPharm reported an adjusted EBITDA loss of $0.1M in Q2 2024 (for the three months ending June 30, 2024), demonstrating near-breakeven performance. The Company's financial performance combined with the recent debt repayment, is said to give management confidence in the Company's ability to invest in its operations.
David Pidduck, CEO of MediPharm Labs said: "Becoming materially debt-free is a significant milestone for MediPharm Labs. We are well-positioned to focus on the future and leverage our resources to pursue strategic growth initiatives."
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MediPharm Labs
medipharmlabs.com