Jamieson Wellness Inc

Latest Results (07.08.2024):

Revenue Decline

Jamieson Wellness Inc. reported consolidated revenue of $128.0 million for the first quarter of 2024, marking a decrease of 6.4% compared to the same period in 2023. This decline was primarily driven by a 55.7% drop in Strategic Partners revenue, despite a 6.7% growth in Jamieson Brands revenue.

Gross Profit

The gross profit for Jamieson Wellness Inc. in Q1 2024 was $42.8 million, a decrease of $5.7 million from the previous year. The gross profit margin was 33.4%, down by 210 basis points, largely due to costs associated with a labour disruption. However, the normalized gross profit margin saw a slight increase of 50 basis points.

EBITDA and Net Loss

Jamieson Wellness Inc. reported an EBITDA of $7.1 million for the first quarter of 2024, a significant decrease of 63.0% from the previous year. The company also recorded a net loss of $3.7 million, which is $10.8 million lower than the net earnings in Q1 2023. Adjusted EBITDA was $16.1 million, down by 34.3%.

Segment Performance

In Q1 2024, Jamieson Brands revenue increased by 6.7% to $115.3 million. However, revenue in Canada decreased by 14.7% due to a labour disruption. The U.S. market saw a 37.0% increase in revenue, driven by the youtheory brand, while China experienced a 126.4% revenue growth due to seasonal impacts and investments in demand generation.

Dividend Declaration

Jamieson Wellness Inc.'s board of directors declared a cash dividend of $0.19 per common share for the first quarter of 2024, amounting to approximately $8.0 million in total. This dividend was paid on June 14, 2024, to all common shareholders of record as of May 31, 2024.