In today’s briefing:
- Olympus (7733) – OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist
- MariMed, Inc. – 3Q23 Revenue Exceeds Estimates; Adjusted EBITDA In Line
Olympus (7733) – OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist
- Yesterday, Olympus Corp (7733 JP) announced Q2 earnings which were trifle light, and announced a sharp downward revision to full-year OP despite higher revs on weaker yen.
- OP takes a hit because of expenses related to the shutdown of Veran Medical device sales (announced 6 Sep, “causing” a 2.4% share price fall the next day).
- They also announced an ¥80bn buyback. That should be worth 3.0-3.5% of shares out, but overhang exists. The label is the label. The details are inside. They matter.
MariMed, Inc. – 3Q23 Revenue Exceeds Estimates; Adjusted EBITDA In Line
- MariMed report 3Q revenue of $38.8 million, which was slightly ahead of our estimate of $38.5 million.
- This represents a 6.3% increase Q/Q and a 14.4% improvement Y/Y.
- The revenue increase was driven primarily by Maryland. MariMed has a dispensary in Annapolis that converted to adult-use on July 1 and sales grew 88% Q/Q.
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