Jamieson Wellness Inc. Reports First Quarter 2025 Results
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TORONTO — Jamieson Wellness Inc. ('Jamieson Wellness' or the 'Company') (TSX: JWEL) today reported its first quarter results for the period ended March 31, 2025. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See 'Non-IFRS and Other Financial Measures' below.
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'Our team delivered solid results in Q1 that continued to demonstrate the power of our strategy in action,' said Mike Pilato, President and CEO of Jamieson Wellness. 'Consolidated revenue growth in the quarter was 14%, and branded revenue growth of 13.9% exceeded our expectations. We also grew Adjusted EBITDA ahead of revenue, reflecting both sustained global demand for our products and our team's precise execution in meeting that opportunity.
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'Our China business grew over 50% in Q1 as we capitalized on our strategic investments and tailored approach to this key region. In the U.S, we are on track to meet our growth expectations as we are actively expanding the youtheory brand with our new e-commerce partner. Our strategic initiatives in Canada and International markets reflected both category strength and our continued ability to outpace market growth.
'2025 is off to a great start. We're executing on our innovation roadmap, expanding channel reach, and enhancing operational efficiency to maintain this momentum. This focused strategy will continue to drive revenue, EBITDA, and cash flow growth in the coming year. We're grateful for our team's unwavering dedication and the loyalty of our customers and consumers as we continue to deliver innovative natural health solutions and build on our foundation of profitable growth.'
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First Quarter Highlights
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Consolidated revenue increased 14.0% to $146.0 million, driven by 13.9% growth in Jamieson Brands and 14.9% growth in Strategic Partners
Gross profit increased by $12.4 million to $55.2 million; normalized gross profit increased by $10.4 million largely driven by higher revenues and increased margins
Gross profit margin 3 increased by 440 basis points; normalized gross profit margin increased 270 basis points due to volume driven efficiencies and favourable channel mix
EBITDA 1 increased by $0.6 million to $7.8 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA 1 increased by $3.0 million or 18.4% to $19.1 million, reflecting the impact of higher sales volumes and gross profit margins, partially offset by investments in SG&A
Net loss was $2.5 million; Adjusted net earnings 1 was $5.9 million, or $2.0 million higher, reflecting higher normalized earnings from operations
Diluted earnings per share was ($0.06); Adjusted diluted earnings per share 2 was $0.14
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Summary of Segment Results
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All comparisons are with the first quarter of 2024
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Jamieson Brands
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Revenue increased 13.9% or $16.0 million to $131.4 million
Canada revenue increased by 14.3% to $69.5 million, driven by continued strong consumer consumption and pricing while lapping lower shipments prior year due to the labour disruption
China revenue increased 52.1% to $28.5 million, driven by strengthening of brand awareness and growth in social e-commerce that continues to outpace the market
youtheory revenue declined by 13.0% to $26.5 million as expected. Strong consumption driving shipment growth of 16.5% in traditional channels in the quarter was offset by the impact of lapping innovation pipefill in Q1 2024. Q1 2025 revenue growth increased by 19.3% vs Q1 2023.
International revenue increased by 28.8% to $6.9 million, driven by growth in key markets while lapping lower shipments prior year due to the labour disruption
Gross profit increased by $12.7 million to $53.8 million; normalized gross profit increased by $10.4 million mainly due to higher revenues and increased margins
Gross profit margin 3 increased by 520 basis points to 40.9%; normalized gross profit margin increased by 320 basis points to 41.7%, mainly due to volume driven efficiencies and favourable channel mix
Adjusted EBITDA 1 increased by $3.1 million to $18.3 million, driven by higher gross profit partially offset by increased investments in SG&A to support growth and brand awareness in China; Adjusted EBITDA margin 2 was 13.9%, an increase of 80 basis points mainly due to higher normalized gross profit
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Strategic Partners
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Revenue increased 14.9% or $1.9 million to $14.6 million, driven by shipments of new customer contracts awarded in the fourth quarter of the prior year and timing of customer orders
Gross profit was $1.4 million, a decrease of $0.2 million; gross profit margin 3 was 9.8%, a decrease of 320 basis points; normalized gross profit margin decreased by 160 basis points to 11.4% driven mainly by customer mix
Adjusted EBITDA 1 was $0.8 million, a decrease of $0.2 million; Adjusted EBITDA margin 2 was 5.4%, a decrease of 230 basis points
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Balance Sheet and Cash Flow from Operations
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As at March 31, 2025, the Company had approximately $246.1 million in cash and available revolving and swingline facilities and net debt 1 of $253.9 million
The Company generated $31.6 million in cash from operations compared to $7.3 million used in Q1 2024
Cash from operating activities before working capital considerations of $4.7 million was consistent with prior year
Cash generated from working capital increased by $38.8 million driven by lower accounts receivable due to the timing of customer collections
During the period ended March 31, 2025, the Company purchased for cancellation 348,160 Common Shares under its NCIB program for an aggregate consideration of $10.0 million
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1 This is a non-IFRS financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS financial measure.
2 This is a non-IFRS ratio. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS ratio.
3 This is a supplementary financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each supplementary financial measure.
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Maintaining Fiscal 2025 Outlook
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The Company is maintaining its outlook for the 2025 fiscal year and continues to anticipate the following:
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Revenue to range between $800.0 to $840.0 million (+9.0% to +14.5% growth)
Adjusted EBITDA to range from $157.0 to $163.0 million (+11.0% to +15.5% growth)
Adjusted diluted earnings per share to range from $1.82 to $1.93 (+13.0% to +20.0% growth)
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Based on the currently announced tariff framework, which the Company recognizes is constantly evolving, no material impact is expected in 2025. For additional details on the Company's fiscal 2025 outlook, including guidance for the second quarter of 2025, refer to the 'Outlook' section in the management's discussion and analysis of financial condition and results of operations ('MD&A') for the three months ended March 31, 2025.
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Declaration of First Quarter Dividend
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The board of directors of the Company declared a cash dividend for the first quarter of 2025:
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$0.21 per common share, or approximately $8.8 million in the aggregate
Paid on June 13, 2025 to all common shareholders of record at the close of business on May 30, 2025
The Company has designated this dividend as an 'eligible dividend' for the purposes of the Income Tax Act (Canada)
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The Company's unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three months ended March 31, 2025 and related MD&A are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Investor Relations section of the Company's website at https://investors.jamiesonwellness.com.
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Management will host a conference call to discuss the Company's first quarter 2025 results at 5:00 p.m. ET today, May 8, 2025. To access:
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Jamieson Wellness is dedicated to Inspiring Better Lives Every Day with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada's #1 vitamins, minerals and supplements ('VMS') brand. The Company's youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The Company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit jamiesonwellness.com.
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Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.
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This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2024 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as 'expect', 'anticipate', 'intend', 'may', 'will', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025 and under the 'Risk Factors' section in the MD&A filed today, May 8, 2025. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.
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The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See 'Forward-looking Information' and 'Risk Factors' within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.
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Jamieson Wellness Inc.
Selected Consolidated Financial Information
In thousands of Canadian dollars, except share and per share amounts
Three months ended
March 31
2025
2024
Revenue
145,963
128,038
Cost of sales
90,743
85,253
Gross profit
55,220
42,785
Gross profit margin
37.8
%
33.4
%
Selling, general and administrative expenses
49,587
39,558
Share-based compensation
2,087
1,749
Earnings from operations
3,546
1,478
Operating margin
2.4
%
1.2
%
Foreign exchange loss/(gain)
504
(771
)
Interest expense and other financing costs
4,908
4,873
Accretion on preferred shares
2,272
2,219
Loss before income taxes
(4,138
)
(4,843
)
Recovery of income taxes
(1,624
)
(1,124
)
Net loss
(2,514
)
(3,719
)
Net loss attributable to:
Shareholders
(2,446
)
(4,113
)
Non-controlling interests
(68
)
394
(2,514
)
(3,719
)
Adjusted net earnings
5,948
3,915
EBITDA
7,797
7,149
Adjusted EBITDA
19,066
16,097
Adjusted EBITDA margin
13.1
%
12.6
%
Weighted average number of shares
Basic
41,979,827
41,479,861
Diluted
41,979,827
41,479,861
Earnings per share attributable to common shareholders:
Basic, earnings per share
(0.06
)
(0.09
)
Diluted, earnings per share
(0.06
)
(0.09
)
Adjusted diluted, earnings per share
0.14
0.09
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Jamieson Wellness Inc.
Consolidated Statements of Financial Position
In thousands of Canadian dollars
March 31,
2025 December 31,
2024
Assets
Current assets
Cash
41,113
44,787
Accounts receivable
128,113
228,031
Inventories
177,947
154,658
Derivatives
1,441
2,661
Prepaid expenses and other current assets
8,757
6,803
Income taxes recoverable
4,037
–
361,408
436,940
Non-current assets
Property, plant and equipment
102,294
103,591
Goodwill
287,454
287,503
Intangible assets
375,684
377,214
Deferred income tax
3,855
3,545
Total assets
1,130,695
1,208,793
Liabilities
Current liabilities
Accounts payable and accrued liabilities
97,284
137,653
Income taxes payable
990
4,373
Derivatives
2,688
2,982
Current portion of other long-term liabilities
27,740
27,673
128,702
172,681
Long-term liabilities
Long-term debt
295,000
308,285
Post-retirement benefits
1,238
1,209
Deferred income tax
62,601
64,467
Redeemable preferred shares
100,410
98,138
Other long-term liabilities
14,334
15,633
Total liabilities
602,285
660,413
Equity
Share capital
325,426
326,219
Warrants
14,705
14,705
Contributed surplus
24,029
23,835
Retained earnings
80,521
99,109
Accumulated other comprehensive income
40,576
41,313
Total shareholders' equity
485,257
505,181
Non-controlling interests
43,153
43,199
Total equity
528,410
548,380
Total liabilities and equity
1,130,695
1,208,793
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Non-IFRS and Other Financial Measures
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This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses the following non-IFRS financial measures: 'EBITDA', 'Adjusted EBITDA' and 'Adjusted net earnings', the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, 'normalized gross profit', 'normalized SG&A', 'normalized earnings from operations', 'cash from operating activities before working capital considerations' and 'net debt', the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: 'Adjusted EBITDA margin', 'Adjusted diluted earnings per share', 'normalized gross profit margin', 'normalized operating margin', and the following supplementary financial measures: 'gross profit margin' and 'operating margin' to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the 'How we Assess the Performance of our Business' section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company's financial statements to which the measure relates.
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The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the 'Non-IFRS and Other Financial Measures' of this press release for further information on each non-IFRS financial measure) for the three months ended March 31, 2025.
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Jamieson Wellness Inc.
Three months ended
March 31
2025
2024
$ Change % Change
Revenue
131,381
115,348
16,033
13.9
%
Gross profit
53,790
41,130
12,660
30.8
%
Labour relations costs (1)
–
3,253
(3,253
)
(100.0
%)
IT system implementation (2)
1,023
–
1,023
–
Normalized gross profit
54,813
44,383
10,430
23.5
%
Gross profit margin
40.9
%
35.7
%
–
5.2
%
Normalized gross profit margin
41.7
%
38.5
%
–
3.2
%
Share-based compensation (3)
2,087
1,749
338
19.3
%
Selling, general and administrative expenses
48,040
38,061
9,979
26.2
%
Donations (4)
(3,118
)
–
(3,118
)
(100.0
%)
IT system implementation (2)
(4,286
)
(2,980
)
(1,306
)
(43.8
%)
Legal and other
(25
)
(297
)
272
91.6
%
Labour relations costs (1)
–
(1,440
)
1,440
100.0
%
Normalized selling, general and administrative expenses
40,611
33,344
7,267
21.8
%
Earnings from operations
3,663
1,320
2,343
177.5
%
IT system implementation (2)
5,309
2,980
2,329
78.2
%
Labour relations costs (1)
–
4,693
(4,693
)
(100.0
%)
Donations (4)
3,118
–
3,118
100.0
%
Legal and other
25
297
(272
)
(91.6
%)
Normalized earnings from operations
12,115
9,290
2,825
30.4
%
Operating margin
2.8
%
1.1
%
–
1.7
%
Normalized operating margin
9.2
%
8.1
%
–
1.1
%
Adjusted EBITDA
18,273
15,124
3,149
20.8
%
Adjusted EBITDA margin
13.9
%
13.1
%
–
0.8
%
Strategic Partners
Three months ended
March 31
2025
2024
$ Change % Change
Revenue
14,582
12,690
1,892
14.9
%
Gross profit
1,430
1,655
(225
)
(13.6
%)
IT system implementation (2)
226
–
226
100.0
%
Normalized gross profit
1,656
1,655
1
0.1
%
Gross profit margin
9.8
%
13.0
%
–
(3.2
%)
Normalized gross profit margin
11.4
%
13.0
%
–
(1.6
%)
Selling, general and administrative expenses
1,547
1,497
50
3.3
%
Earnings from operations
(117
)
158
(275
)
(174.1
%)
IT system implementation (2)
226
–
226
100.0
%
Normalized earnings from operations
109
158
(49
)
(31.0
%)
Operating margin
(0.8
%)
1.2
%
–
(2.0
%)
Normalized operating margin
0.7
%
1.2
%
–
(0.5
%)
Adjusted EBITDA
793
973
(180
)
(18.5
%)
Adjusted EBITDA margin
5.4
%
7.7
%
–
(2.2
%)
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Reconciliation of Non-IFRS Financial Measures
In thousands of Canadian dollars
Three months ended
March 31
2025
2024
Net loss:
(2,514
)
(3,719
)
Add:
Recovery of income taxes
(1,624
)
(1,124
)
Interest expense and other financing costs
4,908
4,873
Accretion on preferred shares
2,272
2,219
Depreciation of property, plant, and equipment
3,255
3,516
Amortization of intangible assets
1,500
1,384
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
7,797
7,149
Share-based compensation (3)
2,087
1,749
Foreign exchange loss/(gain)
504
(771
)
Labour relations costs (1)
–
4,693
IT system implementation (2)
5,535
2,980
Donations (4)
3,118
–
Legal and other
25
297
Adjusted EBITDA
19,066
16,097
Recovery of income taxes
1,624
1,124
Interest expense and other financing costs
(4,908
)
(4,873
)
Depreciation of property, plant, and equipment
(3,255
)
(3,516
)
Amortization of intangible assets
(1,500
)
(1,384
)
Share-based compensation (3)
(1,965
)
(1,627
)
Tax deduction from vesting of certain share-based awards
(689
)
–
Tax effect of normalization adjustments
(2,425
)
(1,906
)
Adjusted net earnings
5,948
3,915
Three months ended
March 31
2025
2024
Gross profit
55,220
42,785
Labour relations costs (1)
–
3,253
IT system implementation (2)
1,249
–
Normalized gross profit
56,469
46,038
Normalized gross profit margin
38.7
%
36.0
%
Selling, general and administrative expenses
49,587
39,558
Donations (4)
(3,118
)
–
IT system implementation (2)
(4,286
)
(2,980
)
Labour relations costs (1)
–
(1,440
)
Legal and other
(25
)
(297
)
Normalized selling, general and administrative expenses
42,158
34,841
Earnings from operations
3,546
1,478
IT system implementation (2)
5,535
2,980
Labour relations costs (1)
–
4,693
Donations (4)
3,118
–
Legal and other
25
297
Normalized earnings from operations
12,224
9,448
Normalized operating margin
8.4
%
7.4
%
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(1)
Prior year expenses are comprised of third party legal, security fees and unavoidable facility expenditures. All expenses are directly related to the facility closure and collective bargaining process with unionized employees at a manufacturing and warehousing facility in Windsor, Canada.
(2)
Mainly pertains to development and post implementation start-up costs associated with our IT system implementation to augment our system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly.
(3)
Our share-based compensation expense pertains to our long-term incentive plan, with stock options, performance-based share units, time-based restricted share units, and deferred share units expenses, along with associated payroll taxes.
(4)
Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires.
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