InterCure Ltd (NASDAQ:INCR) Q2 2022 Earnings Conference Call August 16, 2022 8:30 AM ET

Company Participants

Adam Haliva - Communications Officer

Alexander Rabinovitch - CEO & Director

Amos Cohen - CFO

Conference Call Participants

Victor Ma - Cowen and Company

Pablo Zuanic - Cantor Fitzgerald

Yewon Kang - Canaccord Genuity

Operator

Good day, and thank you for standing by. Welcome to the InterCure Second Quarter 2022 Earnings Call and Webcast. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Adam Haliva, Communications Officer. Please go ahead.

Adam Haliva

Thank you, Michelle, and good morning, everyone, and welcome to InterCure's Second Quarter 2022 Results Conference Call and Webcast. A copy of the company's earnings press release is available on the News & Events section of our website at www.intercure.co.

With me on today's call are Alex Rabinovitch, InterCure's Chief Executive Officer; and Amos Cohen, the company's Chief Financial Officer. Today, we'll review the highlights and financial results for the first quarter ended June 30, 2022, as well as more recent developments. Following these formal remarks, we will be prepared to answer your questions.

But before we begin, please let me remind you that during this conference call, InterCure's management may make forward-looking statements made within the meaning of applicable security laws. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations or intentions. These forward-looking statements are based on current expectations that are subject to a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements.

Factors that could cause actual results to differ materially include, but are not limited to, the risk factors contained in the company's filings with SEDAR and the Securities and Exchange Commission. Please also note, any forward-looking statements made here are as of today and, except to the extent required by law, the company assumes no obligation to update statements as circumstances changes.

Also, please note that all amounts expressed today and during this call are in Canadian dollars or new Israeli shekels, unless otherwise noted.

And with that, I will turn over the call to Alex Rabinovitch, InterCure's CEO. Alex, please go ahead.

Alexander Rabinovitch

Thank you, Adam. Good morning, everyone, and thank you for joining us for our second quarter 2022 earnings call.

I'm proud to report that InterCure has a record-breaking second quarter with quarter-over-quarter top line growth of 9%, reaching $37 million, more than double the revenue of our second quarter 2021. This marks our 10th consecutive quarter of high growth, representing an annual run rate of $150 million. Our momentum carried out over our last quarter, and our continued focus on execution and financial discipline resulted in another strong performance in the second quarter.