07:47 AM EDT, 05/15/2024 (MT Newswires) -- MediPharm Labs ( MEDIF ) reported Wednesday higher gross profit and revenue in the first quarter compared to the same period a year ago.

The cannabinoids-focused pharmaceutical company booked a gross profit of $2.7 million, jumping from $387,000.

Revenue climbed to $9.8 million from 5.8 million. Adjusted EBITDA improved to negative $949,000 from negative $3.1 million.

"With adjusted EBITDA getting close to breakeven, the leadership team can now devote even more energy to growing our business," CEO David Pidduck said.

The company said it expects to improve profitability in 2024, outlining plans to boost adjusted EBITDA by a further $1 million to $2 million by optimizing production and logistics facilities.

"Q1 2024 was another step in the right direction towards profitability and becoming cash flow positive," CFO Greg Hunter said. "Our revenue and adjusted EBITDA were both the highest in over 3 years."

MediPharm's ( MEDIF ) share price rose 6.3% to $0.085 yesterday.