InterCure Reports Strong FY2023: Performance Paves the Way for Global Expansion
Steady Financial Growth
InterCure Ltd. (NASDAQ:INCR) achieved significant financial success in FY2023, reporting a total revenue of approximately USD 95.2 million. The company showcased an adjusted EBITDA of around USD 16.3 million, representing 17% of its total revenues. This performance marks an improvement over the preliminary results, which estimated an adjusted EBITDA of around USD 13.6 million.
Navigating Operational Challenges
InterCure maintained its profitability streak, ending the third and fourth quarters of 2023 with positive EBITDA and operational profits. The company effectively managed crisis impacts, related to the Gaza conflict, which affected installations. InterCure said that direct and indirect damages will be covered by the government and the Company has already received advanced payments as compensation.
Expanding Horizons
As InterCure gears up to enter the German market and keeps an eye on potential changes in U.S. cannabis legislation, CEO Alexander Rabinovitch remains optimistic. “Despite significant challenges, our consistent performance and strategic initiatives position us well for future expansion,” said Rabinovitch.
"As the global landscape for pharmaceutical cannabis evolves, we are encouraged by the latest FDA recommendations and the optimistic outlook regarding rescheduling of Cannabis in the U.S. Our leadership in the field, dedication to expanding internationally, enhancing our product offerings, and our focus on adding value for our customers and investors remain pivotal to our ongoing success and growth," Rabinovitch concluded.
Key Financial Highlights
- Revenue: 95.2 million
- Adjusted EBITDA: 16.3 million
- Profit from Operations: Positive in Q3 & Q4 2023
- Cash on Hand: 29.7 million
- Operating Profit (before reductions): 6.95 million
DISCLAIMER: Original figures are reported in New Israeli Shekels (NIS) and have been converted to US dollars at an Exchange Rate of 1 NIS = 0.267 USD.