09:05 AM EDT, 08/14/2024 (MT Newswires) -- MediPharm Labs ( MEDIF ) said Wednesday that its gross profit surged in the second quarter, driven by cost reductions, production efficiencies and a favorable product mix.

The pharmaceutical company, which specializes in precision-based cannabinoids, said its gross profit climbed to $3.4 million from $855,000.

Revenue rose to $10.4 million from $9.6 million. Adjusted EBITDA loss was cut to $124,000 from a loss of $3.2 million.

"Q2 2024 was a major 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 three years and Q2 put MediPharm ( MEDIF ) on the verge of profitability."