Latest news with #JamiesonWellness
Globe and Mail
28-05-2025
- Business
- Globe and Mail
Jamieson Wellness Inc. Announces Voting Results from 2025 Annual Meeting of Shareholders
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Jamieson Wellness Inc. (' Jamieson Wellness ' or the ' Company ') (TSX: JWEL) announced today that each of the nominee directors listed in the management information circular of the Company dated March 10, 2025 was elected as a director of the Company (a ' Director ') at the annual meeting (the ' Meeting ') of the holders of common shares of the Company (the ' Common Shares ') held today. The number of Common Shares voted in person or by proxy for the election of each Director or withheld was as indicated below: Name of Nominee Votes For % Votes Withheld % Heather Allen 33,842,993 99.86% 46,448 0.14% Dr. Louis Aronne 33,863,450 99.92% 25,991 0.08% Tania Clarke 33,885,796 99.99% 3,645 0.01% Diane Nyisztor 33,885,001 99.99% 4,440 0.01% Michael Pilato 33,858,957 99.91% 30,484 0.09% Timothy Penner 33,873,816 99.95% 15,625 0.05% François Vimard 33,883,746 99.98% 5,695 0.02% Mei Ye 33,882,842 99.98% 6,599 0.02% Final results on all matters voted at the Meeting will be filed with the Canadian securities regulatory authorities and will be available on the Company's SEDAR+ profile at About Jamieson Wellness 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 Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.
Yahoo
27-05-2025
- Business
- Yahoo
Jamieson Wellness Inc. Announces Voting Results from 2025 Annual Meeting of Shareholders
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Jamieson Wellness Inc. ('Jamieson Wellness' or the 'Company') (TSX: JWEL) announced today that each of the nominee directors listed in the management information circular of the Company dated March 10, 2025 was elected as a director of the Company (a 'Director') at the annual meeting (the 'Meeting') of the holders of common shares of the Company (the 'Common Shares') held today. The number of Common Shares voted in person or by proxy for the election of each Director or withheld was as indicated below: Name of Nominee Votes For % Votes Withheld % Heather Allen 33,842,993 99.86% 46,448 0.14% Dr. Louis Aronne 33,863,450 99.92% 25,991 0.08% Tania Clarke 33,885,796 99.99% 3,645 0.01% Diane Nyisztor 33,885,001 99.99% 4,440 0.01% Michael Pilato 33,858,957 99.91% 30,484 0.09% Timothy Penner 33,873,816 99.95% 15,625 0.05% François Vimard 33,883,746 99.98% 5,695 0.02% Mei Ye 33,882,842 99.98% 6,599 0.02% Final results on all matters voted at the Meeting will be filed with the Canadian securities regulatory authorities and will be available on the Company's SEDAR+ profile at About Jamieson Wellness 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 Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada. Investor and Media Contact:Ruth WinkerJamieson Wellness416-960-0052rwinker@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
23-05-2025
- Business
- National Post
Jamieson Wellness Inc. Announces Redemption of Series A Preference Shares
Article content TORONTO — Jamieson Wellness Inc. ('Jamieson Wellness' or the 'Company') (TSX: JWEL) today announced that it will redeem its outstanding 2,527,121 Series A Preference Shares (the 'Preference Shares') currently held by an affiliate of DCP Capital Partners ('DCP') in connection with DCP's 2023 investment in the Company's Chinese business. The redemption will be effective on or about June 4, 2025 (the 'Redemption Date') and will be completed at a price of $40.19 per Preference Share for aggregate liquidation proceeds of $101,565,000. The Preference Shares are being redeemed in accordance with the terms of the contract, which provided DCP with the option to transact such redemption after the second anniversary of the issue date. Article content Article content 'As committed partners in Jamieson's China business and warrant holders, we maintain strong conviction in the Company's fundamentals and growth trajectory,' said Hwan Yoon Chung, Managing Director of DCP. 'In China, Jamieson has emerged as a formidable brand, taking significant market share from established competitors. Together, we have built a high-performing team that is capitalizing on China's rapidly evolving consumer landscape, positioning both Jamieson Wellness and DCP for continued success in this substantial market. The redemption of our Preference Shares reflects our fund's mandated investment cycle, and we are thrilled to continue our partnership via our investment in the Chinese business and our warrants. DCP has been investing in health and wellness in China for more than 30 years, and our continuing partnership with Jamieson allows us to participate in promising growth opportunities in the global VMS market.' Article content 'Our partnership with DCP has been transformative for our China business, which grew over 50% in Q1, and nearly 80% in 2024,' said Mike Pilato, President and CEO of Jamieson Wellness. 'Together, we've established Jamieson as a respected brand in the world's second-largest VMS market, leveraging DCP's deep experience strengthening brands in China and e-commerce expertise. Their strategic counsel and local market knowledge have assisted in building an exceptional team with outstanding capabilities. The growth we're seeing in the Chinese market today isn't a temporary spike but a clear, sustainable trend that validates our strategy. The redemption of DCP's Preference Shares was included in our assumptions for 2025, and our outlook remains unchanged. With our foundation firmly in place and our complementary strengths aligned, we look forward to our continued partnership with DCP as we scale our presence in this critical market that we expect will represent a larger portion of our business in the coming years.' Article content About Jamieson Wellness Inc. Article content 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 Article content Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada. Article content Forward Looking Information Article content This media 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 future plans, goals, strategies, intentions, beliefs, objectives, economic performance or expectations, including with respect to its partnership with DCP Capital Partners and its effects on the Company's business, financial condition, results of operations and shareholders. Article content Words such as 'expect', 'look forward', 'intend', 'may', 'will', 'believe', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. Forward-looking 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 'Summary of Factors Affecting Our Performance', 'Forward Looking Information', Risk Factors', and 'Outlook' in the management discussion and analysis of financial condition and results of operations of the Company filed May 8, 2025 (the 'MD&A'), both of which are available on the Company's profile on SEDAR+ at 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. Article content 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. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Business Wire
23-05-2025
- Business
- Business Wire
Jamieson Wellness Inc. Announces Redemption of Series A Preference Shares
TORONTO--(BUSINESS WIRE)--Jamieson Wellness Inc. ('Jamieson Wellness' or the 'Company') (TSX: JWEL) today announced that it will redeem its outstanding 2,527,121 Series A Preference Shares (the 'Preference Shares') currently held by an affiliate of DCP Capital Partners ('DCP') in connection with DCP's 2023 investment in the Company's Chinese business. The redemption will be effective on or about June 4, 2025 (the 'Redemption Date') and will be completed at a price of $40.19 per Preference Share for aggregate liquidation proceeds of $101,565,000. The Preference Shares are being redeemed in accordance with the terms of the contract, which provided DCP with the option to transact such redemption after the second anniversary of the issue date. 'As committed partners in Jamieson's China business and warrant holders, we maintain strong conviction in the Company's fundamentals and growth trajectory,' said Hwan Yoon Chung, Managing Director of DCP. 'In China, Jamieson has emerged as a formidable brand, taking significant market share from established competitors. Together, we have built a high-performing team that is capitalizing on China's rapidly evolving consumer landscape, positioning both Jamieson Wellness and DCP for continued success in this substantial market. The redemption of our Preference Shares reflects our fund's mandated investment cycle, and we are thrilled to continue our partnership via our investment in the Chinese business and our warrants. DCP has been investing in health and wellness in China for more than 30 years, and our continuing partnership with Jamieson allows us to participate in promising growth opportunities in the global VMS market.' 'Our partnership with DCP has been transformative for our China business, which grew over 50% in Q1, and nearly 80% in 2024,' said Mike Pilato, President and CEO of Jamieson Wellness. 'Together, we've established Jamieson as a respected brand in the world's second-largest VMS market, leveraging DCP's deep experience strengthening brands in China and e-commerce expertise. Their strategic counsel and local market knowledge have assisted in building an exceptional team with outstanding capabilities. The growth we're seeing in the Chinese market today isn't a temporary spike but a clear, sustainable trend that validates our strategy. The redemption of DCP's Preference Shares was included in our assumptions for 2025, and our outlook remains unchanged. With our foundation firmly in place and our complementary strengths aligned, we look forward to our continued partnership with DCP as we scale our presence in this critical market that we expect will represent a larger portion of our business in the coming years." About Jamieson Wellness Inc. 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 Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada. Forward Looking Information This media 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 future plans, goals, strategies, intentions, beliefs, objectives, economic performance or expectations, including with respect to its partnership with DCP Capital Partners and its effects on the Company's business, financial condition, results of operations and shareholders. Words such as 'expect', 'look forward', 'intend', 'may', 'will', 'believe', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. Forward-looking 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 'Summary of Factors Affecting Our Performance', 'Forward Looking Information', Risk Factors', and 'Outlook' in the management discussion and analysis of financial condition and results of operations of the Company filed May 8, 2025 (the 'MD&A'), both of which are available on the Company's profile on SEDAR+ at 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. 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.
Yahoo
08-05-2025
- Business
- Yahoo
Jamieson Wellness Inc. Reports First Quarter 2025 Results
Consolidated revenue increased by 14%;Branded momentum continues in China with 52% revenue growth in Q1 TORONTO, May 08, 2025--(BUSINESS WIRE)--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. "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. "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." First Quarter Highlights Strong consumer consumption in Canada led by continued growth in club and e-commerce channels Revenue growth in China exceeded expectations, driven by strengthening brand awareness, focus on social commerce, retail, and cross-border strategies Elevated consumer consumption of the youtheory brand across all channels, impacted by timing of innovations in the same quarter prior year Immunity and women's health focused campaigns drove demand in the Middle East and Asia Published second annual sustainability impact report, detailing progress towards the Company's 2030 and 2050 sustainability goals First Quarter Financial Results Consolidated Summary All comparisons are with the first quarter of 2024 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 margin3 increased by 440 basis points; normalized gross profit margin increased 270 basis points due to volume driven efficiencies and favourable channel mix EBITDA1 increased by $0.6 million to $7.8 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA1 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 earnings1 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 share2 was $0.14 Summary of Segment Results All comparisons are with the first quarter of 2024 Jamieson Brands 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 margin3 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 EBITDA1 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 margin2 was 13.9%, an increase of 80 basis points mainly due to higher normalized gross profit Strategic Partners 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 margin3 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 EBITDA1 was $0.8 million, a decrease of $0.2 million; Adjusted EBITDA margin2 was 5.4%, a decrease of 230 basis points Balance Sheet and Cash Flow from Operations All comparisons are with the first quarter of 2024 As at March 31, 2025, the Company had approximately $246.1 million in cash and available revolving and swingline facilities and net debt1 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 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. Maintaining Fiscal 2025 Outlook The Company is maintaining its outlook for the 2025 fiscal year and continues to anticipate the following: 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) 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. Declaration of First Quarter Dividend The board of directors of the Company declared a cash dividend for the first quarter of 2025: $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) Consolidated Financial Statements and Management's Discussion and Analysis 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 and on the Investor Relations section of the Company's website at Conference Call 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: By phone: 1-844-763-8274 from Canada and the U.S. or 1-647-484-8814 from international locations Online: or About Jamieson Wellness 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 Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada. Forward-Looking Information 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. 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. 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 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 Non-IFRS and Other Financial Measures 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. 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. Jamieson Wellness Inc. Segment Information In thousands of Canadian dollars, except as otherwise noted Jamieson Brands Three months endedMarch 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 endedMarch 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 %) 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 % (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. Reconciliation of Net Debt In thousands of Canadian dollars As at March 31, As at December 31, 2025 2024 Long-term debt 295,000 308,285 Cash (41,113 ) (44,787 ) Net debt 253,887 263,498 View source version on Contacts Investor and Media Contact Information: Jamieson WellnessRuth Winker416-960-0052rwinker@ Sign in to access your portfolio
