Intercure(US:INCR)2024-05-01 11:10Financial Performance - Revenues for FY2023 reached NIS 356 million, with an Adjusted EBITDA of NIS 61 million, approximately 17% of revenues, compared to NIS 51 million in preliminary results [6]. - The company's operating profit was NIS 26 million, before reductions of goodwill and fixed assets of NIS 68 million due to war damage [6]. - InterCure has cash on hand of NIS 111 million and achieved positive EBITDAs for Q3 and Q4 2023, marking the fourteenth and fifteenth consecutive quarters of profitability [6]. - The October 7 terror attack impacted revenues in H2 2023, but the company anticipates resuming growth in 2024 [6]. Product Development and Launch - The company plans to launch its first products in Germany in the coming months, following recent cannabis reform [6]. - InterCure expanded its branded products portfolio by launching over 40 new GMP SKUs during 2023 [6]. Growth Strategy - InterCure expects sequential double-digit quarterly growth during 2024 [6]. - The company continues to execute its global expansion strategy, focusing on enhancing product offerings and international partnerships [7]. Operational Expansion - The company has expanded its medical cannabis pharmacy chain to a total of 24 active locations as of now [6]. - InterCure is entitled to full compensation from Israeli authorities for damages caused to its Southern Facility, having received tens of millions of NIS as advance payments [6].