01:58 PM EDT, 03/27/2024 (MT Newswires) -- MediPharm Labs Corp. ( MEDIF ) , a pharmaceutical company specializing in precision-based cannabinoids, on Wednesday reported a fourth-quarter net loss of $3 million, or $0.01 per share, narrower than a loss of $5.6 million, or $0.02 per share, a year earlier.

Net revenue for the quarter ended Dec. 31, 2023, was $9.1 million, up from $5.6 million a year earlier.

Adjusted EBITDA loss for Q4 was $1.6 million, as compared with a loss of $3.6 million a year ago.

MediPharm ( MEDIF ) plans to further improve on profitability in 2024, including optimizing facility utilization with additional contract manufacturing, growing sales of healthy margin products, increasing international sales with local pharmaceutical partners, and refreshing the Canadian adult use and wellness portfolio to grow sales in its largest addressable market.

The company's shares, which surged 11.8% in Canada yesterday, plunged 10.5% on last look on Wednesday.

Price: 0.09, Change: -0.01, Percent Change: -10.53