InterCure Ltd
NASDAQ:INCR
InterCure Ltd
InterCure Ltd. engages in the business of medical cannabis and biomedicine. Thorugh its wholly owned subsidiary Canndoc the Company operates as licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products.
InterCure Ltd. engages in the business of medical cannabis and biomedicine. Thorugh its wholly owned subsidiary Canndoc the Company operates as licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products.
Record Revenue: InterCure posted record 2022 revenue of $150 million, up 77% from 2021, with continued strong growth despite a slowdown in new patient procurement in Israel.
Profitability: Adjusted EBITDA reached $32 million for 2022, representing 22% of revenue, and net profit after tax was just under $70 million.
Market Share Growth: InterCure's revenue growth far outpaced overall patient growth in Israel, reflecting a strong gain in market share.
Gross Margin Trends: Gross margin decreased to 41% in 2022 from 44% the prior year, mainly due to inventory liquidation by weaker competitors, though high-quality product pricing remained stable.
International Expansion: The company expanded into Europe with exports and new pharmacy openings, anticipating higher margins in markets like Germany and the UK.
Regulatory Catalyst: Major Israeli prescription reform is expected to drive market growth by up to 70% in 2023, potentially easing the patient bottleneck.
Solid Balance Sheet: InterCure ended 2022 with $95 million in cash and positive operating cash flow, positioning the company for further expansion.
