Jamieson Wellness Inc. Reports Third Quarter 2024 Results

In This Article:

20% branded revenue growth highlights continued consumer focus on proactive health and wellness solutions

TORONTO, November 07, 2024--(BUSINESS WIRE)--Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today reported its third quarter results for the period ended September 30, 2024. 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 brands continued to resonate with consumers globally in the third quarter, with strong consumption and growth in all of our key markets," said Mike Pilato, President and CEO of Jamieson Wellness. "Consumers continue to improve their health and wellness with quality brands they can trust, which is reflected in our branded revenue growth of 20% in the quarter.

"As we prepare to close 2024, we remain focused on the execution of our strategic priorities. Our newly launched integrated advertising campaign in Canada continues to reinforce Jamieson’s position as the leading VMS brand in the country and we are preparing to take its success into international markets in 2025. Our investments in brand growth in China and in the U.S. are ongoing, and we have increased collaboration with our key distributor partners to further fuel the growth in our International business segment.

"Our results this quarter were driven by the growing consumer momentum behind proactive health and wellness solutions, and exceptional execution by our entire team. I want to thank all our team members for their dedication to delivering growth, relentless pursuit of our commitments, and passion for ensuring our high-quality products help to inspire better lives every day."

Third Quarter Highlights

  • Successful launch of the Jamieson brand’s integrated advertising campaign in Canada, focused on the Company’s 102-year-history of quality and trust

  • Achieved the Company’s highest third quarter revenue to date in China, driven by investments in increasing brand awareness, market penetration, and ecommerce programs

  • Sustained growth of the youtheory brand, led by consumption of product innovations

  • 25% International revenue growth, driven by innovation and distribution gains in multiple markets

  • Renewed the Company’s partnership with environmental restoration company veritree, expanding its Canadian kelp restoration project and committing to two new international tree planting projects in 2025

Third Quarter Financial Results Consolidated Summary

All comparisons are with the third quarter of 2023

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