Jamieson Wellness Inc. (TSX: JWEL) shared its financial results for the quarter ended March 31, 2025, reporting a consolidated revenue increase of 14 per cent to $146.0 million. The Canadian supplements company attributed the uplift to broad-based demand, notable branded momentum in China and effective execution of its global strategy.
Branded Revenue Fuels Growth
Jamieson Wellness’s core Jamieson Brands segment saw revenue climb 13.9 per cent to $131.4 million. In Canada, sales rose 14.3 per cent to $69.5 million, driven by strong consumer uptake in club and e-commerce channels and favourable pricing adjustments. Meanwhile, the Company’s targeted investments in China paid dividends, with branded revenue surging 52.1 per cent to $28.5 million, outpacing local market growth through social commerce and retail partnerships.
“Our China business grew over 50 per cent in Q1 as we capitalized on our strategic investments and tailored approach to this key region,” said Mike Pilato, President and CEO. “We’re also on track in the U.S. with our youtheory brand expansion via a new e-commerce partner.”
Although youtheory revenue dipped 13 per cent to $26.5 million—reflecting lapping product innovations from Q1 2024—traditional channel shipments rose 16.5 per cent versus the same quarter last year and were 19.3 per cent higher than Q1 2023. International markets contributed $6.9 million in sales, up 28.8 per cent year-over-year.
Margin Expansion and Earnings Improvements
Gross profit expanded by $12.4 million to $55.2 million, while gross profit margin improved by 440 basis points to 37.8 per cent, thanks to volume-driven efficiencies and a favourable channel mix. Adjusted EBITDA grew 18.4 per cent to $19.1 million, outpacing revenue growth as enhanced margins and disciplined cost management offset increased selling, general and administrative (SG&A) investments to support brand awareness in key markets.
Despite a net loss of $2.5 million, adjusted net earnings rose by $2.0 million to $5.9 million, or $0.14 per diluted share, reflecting higher normalized operating profitability.
Strategic Partners Segment Shows Steady Progress
Jamieson’s Strategic Partners division delivered 14.9 per cent revenue growth to $14.6 million, driven by shipments under new contracts secured in Q4 2024. Adjusted EBITDA for the segment was $0.8 million, yielding a 5.4 per cent margin, modestly down from 7.7 per cent a year earlier due to customer mix and order timing.
Strong Cash Flow and Balance Sheet Discipline
The Company generated $31.6 million of cash from operations in Q1 2025, compared to an outflow of $7.3 million in Q1 2024, largely due to improved working-capital management. At quarter-end, Jamieson Wellness held $246.1 million in cash and available credit facilities, against net debt of $253.9 million. The Board approved the repurchase of 348,160 common shares under the NCIB programme, spending $10.0 million to date.
Maintaining Fiscal 2025 Outlook
Jamieson reaffirmed its full-year guidance, forecasting:
- Revenue: $800.0 million–$840.0 million (+9.0 per cent to +14.5 per cent)
- Adjusted EBITDA: $157.0 million–$163.0 million (+11.0 per cent to +15.5 per cent)
- Adjusted diluted EPS: $1.82–$1.93 (+13.0 per cent to +20.0 per cent)
The Company anticipates no material tariff impact for the remainder of 2025 under the current framework.
Q1 2025 Dividend Declared
Jamieson Wellness’s Board declared a quarterly cash dividend of $0.21 per common share (approximately $8.8 million), payable June 13, 2025, to shareholders of record at close of business May 30, 2025. The dividend is designated as an “eligible dividend” under the Income Tax Act (Canada).
