InterCure Reports Record Preliminary 2022 Second Quarter Revenue – More Than Double YoY and 9% QoQ Growth
21 July 2022 - 11:00PM
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR)
("InterCure" or the “Company”) today announced record preliminary
financial results for the second quarter of 2022. All amounts are
expressed in Canadian dollars ($) or New Israeli Shekels (NIS),
unless otherwise noted.
Preliminary Second Quarter 2022
Financial Highlights and Milestones
- Record revenue estimated to be $36
million (NIS 95 million), more than double the revenues of the
second quarter of 2021 and representing sequential growth of over
9%.
- Tenth consecutive quarter of high
growth representing an annualized run rate of $143 million (NIS 380
million).
- Company expects continued increases
in revenues during the third quarter of 2022.
- Sustained market share growth due
to solid demand for Canndoc's branded products and expansion of the
Company’s medical cannabis dispensing operations.
- Successful opening of the first
flagship Cookies retail location in Austria, located in the center
of Vienna.
- Continued expansion of the
Company's medical cannabis dedicated pharmacy chain with the grand
opening of InterCure's flagship Cookies branded pharmacy in Be'er
Sheva, the largest city in Israel's southern region.
InterCure’s Chief Executive Officer,
Alexander Rabinovitch said: "Our solid operating
performance in the second quarter, led us to our tenth consecutive
quarter of profitable growth." Rabinovitch continued: "InterCure is
focused on developing and launching the world's leading
pharmaceutical grade medical cannabis products in parallel to the
global expansion of our production and distribution platform.
InterCure's target markets are evolving at a rapid pace as more and
more countries adopt supportive regulations that allow us to
operate and implement our leading model."
The Company plans to file its full financial
results for the second quarter on Monday, August 15, 2022.
____________________________1 CAD conversion
rate from NIS as of 06.30.2022
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 June 30, 2022 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
statements. Forward-looking statements may include, but are not
limited to, statements relating to InterCure’s objectives plans and
strategies, as well as statements, other than historical facts,
that address activities, events or developments that InterCure
intends, expects, projects, believes or anticipates will or may
occur in the future. These statements are often characterized by
terminology such as “believes”, “hopes”, “may”, “anticipates”,
“should”, “intends”, “plans”, “will”, “expects”, “estimates”,
“projects”, “positioned”, “strategy” and similar expressions.
Specific forward-looking statements contained in this press release
include, but are not limited to: the Company’s Q2 2022 revenue, the
success of its global expansion plans, the expected annualized
revenue for 2022, and its expansion strategy to major markets
worldwide. Forward-looking statements are based on assumptions and
assessments made in light of management’s experience and perception
of historical trends, current conditions, expected future
developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Many factors could cause InterCure’s actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: the Company’s future revenue growth
and profitability, the expected operations, financial results
business strategy, competitive strengths, expansion strategy to
major markets worldwide, the legalization of CBD in Israel and its
impacts on the Company, the impact of the COVID-19 pandemic and the
war in Ukraine. 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 Israeli, U.S. and 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 the Company Annual
Information Form dated April 5, 2022 which is available on SEDAR at
www.sedar.com, and under the heading “Risk Factors” and “Cautionary
Note Regarding Forward-Looking Statements” in the annual report on
Form 20-F, filed with the Securities Exchange Commission on April
28, 2022. 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@intercure.co
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