IM Cannabis Corp. (IMCC) Reports Q2 Loss, Tops Revenue Estimates

Financial Performance - IM Cannabis Corp. reported a quarterly loss of $0.17 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.84, and an improvement from a loss of $1.14 per share a year ago, representing an earnings surprise of 79.76% [1] - The company posted revenues of $10.78 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 12.07%, and up from $9.83 million in the same quarter last year [2] Stock Performance - IM Cannabis shares have increased approximately 28.9% since the beginning of the year, outperforming the S&P 500's gain of 13.9% [3] - The current Zacks Rank for IM Cannabis is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.81 on revenues of $10.11 million, and for the current fiscal year, it is -$4.32 on revenues of $38.99 million [7] - The estimate revisions trend for IM Cannabis is mixed, and changes in earnings expectations may occur following the recent earnings report [6] Industry Context - The Medical - Products industry, to which IM Cannabis belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]