InterCure Reports Record Preliminary 2021 Fourth Quarter Revenue - 3 Times YoY and 24% QoQ Growth
08 February 2022 - 5:00PM
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba
Canndoc) ("InterCure" or the “Company”) today announced record
preliminary financial results for the fourth quarter of 2021. All
amounts are expressed in Canadian dollars ($) or New Israeli
Shekels (NIS), unless otherwise noted.
Preliminary Fourth Quarter 2021
Financial Highlights and Milestones
-
Record revenue estimated to be over $31 million (NIS 77 million),
three times greater than the fourth quarter of 2020 and
representing sequential growth of over 24%.
-
Eighth consecutive quarter of high double-digit growth representing
an annualized run rate of $124 million.
-
Expected FY 2021 revenue of $87 million (NIS 217 million), almost
250% growth year-over-year (YOY). Revenue growth expected to
continue throughout 2022.
-
Company 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.
-
Company surpassed one-ton medical cannabis products dispensed per
month in the fourth quarter, representing approximately 30% market
share of Israel’s medical cannabis.
“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."
The Company plans to file its full financial
results for the fourth quarter and full year 2021 on Tuesday, March
15, 2022.
About InterCure (dba
Canndoc)InterCure (dba Canndoc) (NASDAQ: INCR) (TSX:
INCR.U) (TASE: INCR) is the leading, profitable, and fastest
growing cannabis company outside of North America. Canndoc, a
wholly owned subsidiary of InterCure, is Israel’s largest licensed
cannabis producer and one of the first to offer Good Manufacturing
Practices (GMP) certified and pharmaceutical-grade medical cannabis
products. InterCure leverages its market leading distribution
network, best in class international partnerships and a high-margin
vertically integrated "seed-to-sale" model to lead the fastest
growing cannabis global market outside of North America.For more
information, visit: http://www.intercure.co.
Caution Regarding Financial
Estimates
The financial estimates set forth above are
based on an initial review of the Company’s operations for the
quarter ended December 31, 2021 and are subject to change. The
Company’s independent registered public accounting firm, Somekh
Chaikin (member firm of KPMG International), has not audited,
reviewed or performed any procedures with respect to the
accompanying financial estimates and other data, and accordingly
does not express an opinion or any other form of assurance with
respect thereto. They should not be viewed as a substitute for
audited financial statements prepared in accordance with generally
accepted accounting principles and are not necessarily indicative
of the Company’s results for any future period.
Forward-Looking Statements
This press release may contain forward-looking
information within the meaning of applicable securities
legislation, which reflects InterCure’s current expectations
regarding future events. The words “will”, “expects”, “intends” and
similar expressions are often intended to identify forward-looking
information, although not all forward-looking information contains
these identifying words. Specific forward-looking information
contained in this press release includes, but is not limited to:
the Company’s Q4 2021 revenue, the success of its global expansion
plans, the expected annualized revenue for 2021, its expected
growth in 2022, its continued growth, the expected operations,
financial results business strategy, competitive strengths, goals
and expansion and growth plans, and its expansion strategy to major
markets worldwide. Forward-looking information is based on a number
of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond InterCure’s control, which
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to: changes in general economic, business and political
conditions, changes in applicable laws, the Canadian regulatory
landscapes and enforcement related to cannabis, changes in public
opinion and perception of the cannabis industry, reliance on the
expertise and judgment of senior management, as well as the factors
discussed under the heading “Risk Factors” in Subversive
Acquisition LP’s final long form prospectus dated March 15, 2021,
which is available on SEDAR at www.sedar.com and under the heading
“Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in the registration statement on Form 20-F, filed with
the Securities Exchange Commission on July 14, 2021, as amended
August 3, 2021 and August 18, 2021. InterCure undertakes no
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
Contact:
InterCure Ltd.Amos Cohen, Chief Financial
Officeramos@canndoc-pharma.com
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