Medicine Man Financials
This page shows Medicine Man (SHWZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2023 annual data. Scores normalized against common benchmarks. How we calculate these scores
Medicine Man has an operating margin of 1.9%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is down from 8.1% the prior year.
Medicine Man's revenue grew 8.2% year-over-year to $172.4M, a solid pace of expansion. This earns a growth score of 47/100.
Medicine Man carries a low D/E ratio of 1.28, meaning only $1.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
Medicine Man's current ratio of 0.97 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.
Medicine Man has a free cash flow margin of 2.5%, earning a moderate score of 31/100. The company generates positive cash flow after capital investments, but with room for improvement.
Medicine Man generates a -29.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -14.0% the prior year.
Medicine Man scores 0.19, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Medicine Man passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Medicine Man generates $-0.35 in operating cash flow ($12.2M OCF vs -$34.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Medicine Man earns $0.1 in operating income for every $1 of interest expense ($3.3M vs $32.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Medicine Man generated $172.4M in revenue in fiscal year 2023. This represents an increase of 8.2% from the prior year.
Medicine Man's EBITDA was $24.2M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.0% from the prior year.
Medicine Man reported -$34.5M in net income in fiscal year 2023. This represents a decrease of 87.1% from the prior year.
Medicine Man earned $-0.66 per diluted share (EPS) in fiscal year 2023. This represents a decrease of 34.7% from the prior year.
Cash & Balance Sheet
Medicine Man generated $4.3M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 159.3% from the prior year.
Medicine Man held $19.2M in cash against $153.3M in long-term debt as of fiscal year 2023.
Medicine Man had 74M shares outstanding in fiscal year 2023. This represents an increase of 34.0% from the prior year.
Margins & Returns
Medicine Man's gross margin was 44.1% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is down 6.3 percentage points from the prior year.
Medicine Man's operating margin was 1.9% in fiscal year 2023, reflecting core business profitability. This is down 6.2 percentage points from the prior year.
Medicine Man's net profit margin was -20.0% in fiscal year 2023, showing the share of revenue converted to profit. This is down 8.4 percentage points from the prior year.
Medicine Man's ROE was -29.0% in fiscal year 2023, measuring profit generated per dollar of shareholder equity. This is down 15.0 percentage points from the prior year.
Capital Allocation
Medicine Man invested $7.9M in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents a decrease of 43.8% from the prior year.
SHWZ Income Statement
| Metric | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $43.3M-7.3% | $46.7M+10.3% | $42.4M+5.9% | $40.0M-0.4% | $40.1M-7.0% | $43.2M-2.4% | $44.3M+39.3% | $31.8M |
| Cost of Revenue | $36.3M+43.4% | $25.3M+41.7% | $17.9M+5.2% | $17.0M-22.6% | $21.9M+27.2% | $17.2M-9.8% | $19.1M-8.3% | $20.8M |
| Gross Profit | $7.0M-67.2% | $21.4M-12.6% | $24.5M+6.5% | $23.0M+6.0% | $21.7M-3.4% | $22.5M-10.7% | $25.2M+130.0% | $10.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.2M+16.4% | $9.6M+9.1% | $8.8M-13.5% | $10.2M+14.5% | $8.9M+35.3% | $6.6M-1.1% | $6.7M-2.8% | $6.9M |
| Operating Income | -$16.2M-282.0% | $8.9M+80.0% | $5.0M-12.3% | $5.6M+325.5% | -$2.5M-122.5% | $11.1M+23.0% | $9.0M+288.6% | -$4.8M |
| Interest Expense | -$8.1M+2.5% | -$8.3M-5.4% | -$7.9M-1.9% | -$7.7M-13.1% | -$6.8M+19.4% | -$8.5M-13.5% | -$7.5M-2.6% | -$7.3M |
| Income Tax | $4.5M-17.4% | $5.4M+5.8% | $5.1M+10.3% | $4.7M+28.1% | $3.6M-34.9% | $5.6M+27.0% | $4.4M+249.7% | $1.3M |
| Net Income | -$29.4M-9006.4% | -$322K+95.1% | -$6.6M-478.6% | $1.7M+106.4% | -$27.3M-1611.1% | $1.8M-94.7% | $33.8M+226.4% | -$26.8M |
| EPS (Diluted) | N/A | $-0.03+80.0% | $-0.15-150.0% | $-0.06 | N/A | $0.00-100.0% | $0.24+139.3% | $-0.61 |
SHWZ Balance Sheet
| Metric | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $358.1M-3.4% | $370.6M+0.4% | $369.0M+14.1% | $323.4M+0.2% | $322.9M-2.0% | $329.6M+3.6% | $318.1M0.0% | $318.0M |
| Current Assets | $53.7M-16.6% | $64.4M-3.2% | $66.5M-10.2% | $74.1M+3.3% | $71.7M+0.2% | $71.6M+7.2% | $66.8M-6.4% | $71.4M |
| Cash & Equivalents | $19.2M-1.9% | $19.6M-1.2% | $19.9M-43.5% | $35.2M-9.7% | $38.9M+0.6% | $38.7M+14.4% | $33.9M-29.0% | $47.7M |
| Inventory | $25.8M-21.3% | $32.8M-3.1% | $33.8M+32.2% | $25.6M+13.4% | $22.6M+5.9% | $21.3M+9.9% | $19.4M+18.3% | $16.4M |
| Accounts Receivable | $4.3M-15.6% | $5.0M-18.3% | $6.2M+34.6% | $4.6M+2.6% | $4.5M-13.6% | $5.2M-10.0% | $5.8M+37.1% | $4.2M |
| Goodwill | $67.5M-11.9% | $76.6M+0.8% | $76.0M+17.8% | $64.5M-31.8% | $94.6M-5.0% | $99.6M-7.8% | $108.0M-9.0% | $118.7M |
| Total Liabilities | $238.9M+6.3% | $224.8M+1.8% | $220.9M+16.7% | $189.3M-0.8% | $190.7M+11.7% | $170.7M+5.9% | $161.2M-20.3% | $202.2M |
| Current Liabilities | $55.5M+10.0% | $50.4M+1.3% | $49.8M+18.6% | $42.0M-11.4% | $47.4M+57.7% | $30.0M+5.2% | $28.6M-59.4% | $70.3M |
| Long-Term Debt | $153.3M+1.6% | $150.9M+1.4% | $148.9M+16.1% | $128.2M+2.1% | $125.5M+2.1% | $122.9M+1.5% | $121.1M+2.7% | $117.9M |
| Total Equity | $119.3M-18.2% | $145.8M-1.5% | $148.1M+10.4% | $134.1M+1.5% | $132.2M-17.1% | $159.5M+1.4% | $157.3M+30.0% | $121.0M |
| Retained Earnings | -$80.8M-57.1% | -$51.4M-0.6% | -$51.1M-14.8% | -$44.5M+3.8% | -$46.2M-144.6% | -$18.9M+8.7% | -$20.7M+62.0% | -$54.6M |
SHWZ Cash Flow Statement
| Metric | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.5M-50.3% | $6.9M+158.8% | $2.7M+405.0% | -$880K-114.1% | $6.3M-39.2% | $10.3M+176.4% | -$13.5M-472.3% | $3.6M |
| Capital Expenditures | $1.1M-46.7% | $2.1M+15.2% | $1.8M-38.5% | $2.9M+94.7% | $1.5M-72.5% | $5.4M+22.6% | $4.4M+67.7% | $2.6M |
| Free Cash Flow | $2.4M-51.8% | $4.9M+447.0% | $893K+123.5% | -$3.8M-179.6% | $4.8M-2.0% | $4.9M+127.1% | -$17.9M-1930.5% | $979K |
| Investing Cash Flow | -$1.2M+75.3% | -$4.7M+73.1% | -$17.6M-507.2% | -$2.9M+48.2% | -$5.6M-3.0% | -$5.4M-235.4% | -$1.6M+97.4% | -$62.3M |
| Financing Cash Flow | -$2.7M-8.4% | -$2.5M | N/A | N/A | -$437K | $0+100.0% | -$27.1M-195.5% | $28.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SHWZ Financial Ratios
| Metric | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.2%-29.6pp | 45.9%-12.0pp | 57.9%+0.3pp | 57.6%+3.5pp | 54.1%+2.1pp | 52.0%-4.8pp | 56.8%+22.4pp | 34.4% |
| Operating Margin | -37.5%-56.6pp | 19.1%+7.4pp | 11.7%-2.4pp | 14.1%+20.4pp | -6.2%-32.0pp | 25.7%+5.3pp | 20.4%+35.5pp | -15.1% |
| Net Margin | -67.8%-67.1pp | -0.7%+14.9pp | -15.6%-20.0pp | 4.4%+72.5pp | -68.1%-72.3pp | 4.2%-72.3pp | 76.4%+160.7pp | -84.3% |
| Return on Equity | -24.6%-24.4pp | -0.2%+4.2pp | -4.5%-5.8pp | 1.3%+22.0pp | -20.7%-21.8pp | 1.1%-20.4pp | 21.5%+43.6pp | -22.1% |
| Return on Assets | -8.2%-8.1pp | -0.1%+1.7pp | -1.8%-2.3pp | 0.5%+9.0pp | -8.5%-9.0pp | 0.5%-10.1pp | 10.6%+19.1pp | -8.4% |
| Current Ratio | 0.97-0.3 | 1.28-0.1 | 1.34-0.4 | 1.77+0.3 | 1.51-0.9 | 2.38+0.0 | 2.34+1.3 | 1.02 |
| Debt-to-Equity | 1.28+0.2 | 1.03+0.0 | 1.01+0.0 | 0.960.0 | 0.95+0.2 | 0.770.0 | 0.77-0.2 | 0.97 |
| FCF Margin | 5.4%-5.0pp | 10.4%+8.3pp | 2.1%+11.6pp | -9.5%-21.3pp | 11.9%+0.6pp | 11.3%+51.7pp | -40.5%-43.6pp | 3.1% |
Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Medicine Man's annual revenue?
Medicine Man (SHWZ) reported $172.4M in total revenue for fiscal year 2023. This represents a 8.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Medicine Man's revenue growing?
Medicine Man (SHWZ) revenue grew by 8.2% year-over-year, from $159.4M to $172.4M in fiscal year 2023.
Is Medicine Man profitable?
No, Medicine Man (SHWZ) reported a net income of -$34.5M in fiscal year 2023, with a net profit margin of -20.0%.
What is Medicine Man's EBITDA?
Medicine Man (SHWZ) had EBITDA of $24.2M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Medicine Man have?
As of fiscal year 2023, Medicine Man (SHWZ) had $19.2M in cash and equivalents against $153.3M in long-term debt.
What is Medicine Man's gross margin?
Medicine Man (SHWZ) had a gross margin of 44.1% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.
What is Medicine Man's operating margin?
Medicine Man (SHWZ) had an operating margin of 1.9% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
What is Medicine Man's net profit margin?
Medicine Man (SHWZ) had a net profit margin of -20.0% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
What is Medicine Man's return on equity (ROE)?
Medicine Man (SHWZ) has a return on equity of -29.0% for fiscal year 2023, measuring how efficiently the company generates profit from shareholder equity.
What is Medicine Man's free cash flow?
Medicine Man (SHWZ) generated $4.3M in free cash flow during fiscal year 2023. This represents a 159.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Medicine Man's operating cash flow?
Medicine Man (SHWZ) generated $12.2M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are Medicine Man's total assets?
Medicine Man (SHWZ) had $358.1M in total assets as of fiscal year 2023, including both current and long-term assets.
What are Medicine Man's capital expenditures?
Medicine Man (SHWZ) invested $7.9M in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.
What is Medicine Man's current ratio?
Medicine Man (SHWZ) had a current ratio of 0.97 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
What is Medicine Man's debt-to-equity ratio?
Medicine Man (SHWZ) had a debt-to-equity ratio of 1.28 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Medicine Man's return on assets (ROA)?
Medicine Man (SHWZ) had a return on assets of -9.7% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is Medicine Man's Altman Z-Score?
Medicine Man (SHWZ) has an Altman Z-Score of 0.19, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Medicine Man's Piotroski F-Score?
Medicine Man (SHWZ) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Medicine Man's earnings high quality?
Medicine Man (SHWZ) has an earnings quality ratio of -0.35x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Medicine Man cover its interest payments?
Medicine Man (SHWZ) has an interest coverage ratio of 0.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Medicine Man?
Medicine Man (SHWZ) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.