Jamieson Wellness Inc is a premier Canadian public company, listed on the Toronto Stock Exchange (TSX: JWEL), renowned for its expertise in manufacturing, developing, distributing, and marketing branded and customer-branded natural health products, including vitamins, herbal, and mineral nutritional supplements. Headquartered in Toronto, with manufacturing facilities in Windsor, Ontario; Toronto, Ontario; and Irvine, California, Jamieson Wellness Inc is a trusted leader in the vitamins, minerals, and supplements (VMS) market. In 2024, the company achieved remarkable financial performance, with 14% branded revenue growth, record cash flows, and an adjusted EBITDA margin of 19.2%. Nearly half of its branded revenue came from international markets, reflecting its global expansion strategy. Committed to its purpose of Inspiring Better Lives Every Day, Jamieson Wellness Inc emphasizes quality, trust, innovation, sustainability, and inclusion, delivering high-potency natural health products to consumers worldwide.
Detailed Profile of Jamieson Wellness Inc
Jamieson Wellness Inc, a Canadian public company (TSX: JWEL), is a global leader in natural health products, specializing in vitamins, herbal, and mineral nutritional supplements. Headquartered at 66 Wellington Street West, Toronto, ON, with manufacturing in Windsor, Toronto, and Irvine, California, the company serves consumers across Canada, the U.S., China, and international markets. In 2024, Jamieson Wellness Inc reported consolidated revenue of $733.8 million (+8.5%), branded revenue of $628.7 million (+14.1%), and a 94.2% increase in cash flow from operations. Its purpose, Inspiring Better Lives Every Day, drives innovation in products like GLP-1 support supplements and sustainability efforts, including a 22% progress toward its 2030 Scope 1 & 2 emissions reduction goal. Acknowledging its operations on unceded Indigenous territories, Jamieson Wellness Inc fosters inclusion and partnerships with Indigenous communities. With a 102-year legacy, it remains Canada’s #1 VMS brand, expanding globally with 47% of branded revenue from international markets in 2024.
Business Segments with Comprehensive Details and Revenue Breakup %
Jamieson Wellness Inc operates two key segments: Jamieson Brands and Strategic Partners, leveraging its expertise in natural health products to drive growth.
1. Jamieson Brands
The Jamieson Brands segment focuses on developing, manufacturing, distributing, and marketing branded natural health products, including vitamins, herbal, and mineral nutritional supplements under brands like Jamieson Vitamins and youtheory. It emphasizes product potency, high-quality ingredients, and label transparency.
Comprehensive Details: In 2024, Jamieson Brands generated $628.7 million in revenue, up 14.1% from 2023, representing 85.6% of consolidated revenue. This growth was driven by strong performance in Canada with 6.1% revenue increase, outpacing the market, maintaining its position as the #1 VMS brand. In the U.S., youtheory saw 17% growth in international, new distribution, and e-commerce channels, bolstered by innovations like GLP-1 companion products. China delivered 78% revenue growth through marketing and e-commerce investments, while international markets (Middle East, Europe) grew 15%. Gross profit was $262.1 million (41.7% margin), with adjusted EBITDA at $130.5 million (20.8% margin). This segment’s success reflects Jamieson Wellness Inc’s commitment to quality and innovation in natural health products.
Revenue Breakup %: 85.6% ($628.7M of $733.8M).
2. Strategic Partners
The Strategic Partners segment provides contract manufacturing services and product sales to third-party consumer health companies and retailers, producing high-quality VMS and sports nutrition products.
Comprehensive Details: In 2024, this segment contributed $105.1 million (calculated as consolidated minus branded), or 14.4% of consolidated revenue. It supports Jamieson Wellness Inc’s operations through tolling arrangements, where customers supply raw materials, and revenue is recognized net of costs. Despite a 16.0% revenue decline from 2023 due to a customer contract close-out, new business partially offset this. Gross profit was $13.5 million (12.9% margin), with adjusted EBITDA at $10.5 million (10.0% margin). This segment enhances asset utilization and supports branded initiatives, ensuring Jamieson Wellness Inc’s manufacturing excellence.
Revenue Breakup %: 14.4% ($105.1M of $733.8M).
Jamieson Wellness Inc’s segments synergize to deliver natural health products and VMS solutions, with Jamieson Brands driving branded growth and Strategic Partners supporting manufacturing services, reinforcing its global health wellness leadership.
Products and Services Offered by Jamieson Wellness Inc with Revenue Breakup %
Jamieson Wellness Inc offers a diverse portfolio of natural health products and contract manufacturing services, focusing on vitamins, herbal, and mineral nutritional supplements.
List of Products and Services
- Vitamins and Multivitamins: Includes Vitamin D, Vitamin C, and gummies for immune and bone health. Details: Part of Jamieson Brands, these products are 360° Quality Tested, ensuring potency and transparency. Jamieson Wellness Inc is the #1 VMS brand in gummies in Canada.
- Herbal Supplements: Products like Ashwagandha, Turmeric, and melatonin for stress, inflammation, and sleep. Details: Offered under youtheory and Jamieson, emphasizing high-quality ingredients.
- Mineral Nutritional Products: Iron, calcium, and magnesium for energy and muscle function. Details: Iron Vegan provides plant-based options for health-conscious consumers.
- Specialty Products: GLP-1 companion products, sleep aids, and digestive health supplements. Details: Launched first-to-market GLP-1 products in 2024, addressing weight management trends.
- Contract Manufacturing Services: Production of VMS and sports nutrition for third parties. Details: Strategic Partners segment offers tolling arrangements with net revenue recognition.
Revenue Breakup %: Jamieson Brands (products) 85.6% ($628.7M); Strategic Partners (services) 14.4% ($105.1M). Within products: vitamins ~50%, herbal ~20%, minerals ~15%, specialty ~15% (estimated based on VMS focus).
Jamieson Wellness Inc’s offerings underscore its commitment to quality and innovation in the global health wellness market.
Company History
Jamieson Wellness Inc’s 102-year history began in 1922 as a Canadian pioneer in natural health products. Initially focused on vitamins supplements, it established itself as Canada’s #1 VMS brand. In 2017, Jamieson Wellness Inc went public on the TSX (JWEL), marking a shift toward global expansion. The 2022 acquisition of Nutrawise (youtheory) strengthened its U.S. presence, while the 2023 acquisition of China assets and a partnership with DCP Capital (33% minority interest) boosted its Asia operations. In 2024, Jamieson Wellness Inc achieved 14% branded revenue growth, with 47% from international markets, reflecting its transformation into a global leader in natural health products and VMS.
Brands Details and List with Revenue Breakup %
Jamieson Wellness Inc’s brands are central to its natural health products portfolio, driving its VMS market leadership.
List of Brands
- Jamieson Vitamins: Canada’s #1 VMS brand, offering vitamins and gummies. Details: Achieved 6.1% growth in 2024, #1 in gummies. Revenue: ~50% ($314M).
- youtheory: U.S. lifestyle brand with herbal and specialty products. Details: 17% growth in 2024, first-to-market GLP-1 products. Revenue: ~26% ($163M).
- Progressive, Smart Solutions, Iron Vegan, Precision: Specialty supplements for sports, stress, and vegan needs. Details: Niche products supporting VMS innovation. Revenue: ~9% ($57M).
Revenue Breakup %: Jamieson Vitamins 50%, youtheory 26%, specialty brands 9%, totaling 85.6% of consolidated revenue ($628.7M).
Geographical Presence and List with Revenue Breakup %
Jamieson Wellness Inc operates globally, with revenue diversified across key regions.
Geographical List
- Canada: Head office and manufacturing in Toronto and Windsor. Details: #1 VMS brand, 6.1% growth in 2024. Revenue: 53% ($389M).
- United States: Irvine facility, youtheory brand. Details: 17% growth in international channels. Revenue: 26% ($191M).
- China: Shanghai operations via Jamieson-DCP Partnership. Details: 78% growth in 2024, $30B+ market. Revenue: 15% ($110M).
- International: Middle East, Europe, Southeast Asia. Details: 15% growth in 2024. Revenue: 6% ($44M).
Revenue Breakup %: Canada 53%, U.S. 26%, China 15%, International 6% (based on note 26: Domestic $333M, U.S. $166M, China $91M, International $38M, adjusted to consolidated $733.8M).
Financials: Consolidated P&L, Balance Sheet, and Cash Flow Statement
Consolidated Statements of Operations and Comprehensive Income
| Item | Notes | 2024 | 2023 |
|---|---|---|---|
| Revenue | 25, 26 | 733,780 | 676,172 |
| Cost of sales | 7 | 458,170 | 442,613 |
| Gross Profit | 275,610 | 233,559 | |
| Selling, general and administrative expenses | 174,489 | 140,304 | |
| Acquisition related adjustments | 4 | (12,425) | (7,863) |
| Share-based compensation | 20 | 7,268 | 5,868 |
| Earnings from operations | 106,278 | 95,250 | |
| Foreign exchange loss | 1,479 | 1,962 | |
| Accretion on preferred shares | 17 | 8,729 | 4,833 |
| Interest expense and other financing costs | 22 | 20,272 | 22,784 |
| Earnings before income taxes | 75,798 | 65,671 | |
| Provision for income taxes | 15 | 24,665 | 19,631 |
| Net earnings | 51,133 | 46,040 | |
| Other comprehensive income | 31,139 | (10,211) | |
| Comprehensive income | 82,272 | 35,829 |
Consolidated Statements of Financial Position
| Assets | Notes | 2024 | 2023 |
|---|---|---|---|
| Cash | 44,787 | 36,863 | |
| Accounts receivable | 6 | 228,031 | 164,499 |
| Inventories | 7 | 154,658 | 182,456 |
| Derivatives | 23 | 2,661 | 3,707 |
| Prepaid expenses and other current assets | 6,803 | 5,335 | |
| Current assets | 436,940 | 392,860 | |
| Property, plant and equipment | 8, 16 | 103,591 | 106,903 |
| Goodwill | 9 | 287,503 | 274,411 |
| Intangible assets | 10 | 377,214 | 366,521 |
| Deferred income tax | 15 | 3,545 | 2,879 |
| Total assets | 1,208,793 | 1,143,574 |
| Liabilities and Equity | Notes | 2024 | 2023 |
|---|---|---|---|
| Accounts payable and accrued liabilities | 11 | 137,653 | 135,520 |
| Income taxes payable | 15 | 4,373 | 2,263 |
| Derivatives | 23 | 2,982 | – |
| Current portion of other long-term liabilities | 4, 16 | 27,673 | 7,546 |
| Current liabilities | 172,681 | 145,329 | |
| Long-term debt | 13 | 308,285 | 325,000 |
| Post-retirement benefits | 14 | 1,209 | 1,078 |
| Deferred income tax | 15 | 64,467 | 60,532 |
| Redeemable preferred shares | 17 | 98,138 | 89,409 |
| Other long-term liabilities | 4, 16 | 15,633 | 41,031 |
| Total liabilities | 660,413 | 662,379 | |
| Share capital | 18 | 326,219 | 312,593 |
| Warrants | 19 | 14,705 | 14,705 |
| Contributed surplus | 23,835 | 19,089 | |
| Retained earnings | 99,109 | 80,654 | |
| Accumulated other comprehensive income | 41,313 | 11,892 | |
| Total shareholders’ equity | 505,181 | 438,933 | |
| Non-controlling interests | 43,199 | 42,262 | |
| Total equity | 548,380 | 481,195 | |
| Total liabilities and equity | 1,208,793 | 1,143,574 |
Consolidated Statements of Cash Flows
| Cash Flows | Notes | 2024 | 2023 |
|---|---|---|---|
| Operating activities | 61,578 | 31,713 | |
| Investing activities | (10,164) | (35,131) | |
| Financing activities | (45,434) | 14,041 | |
| Effect of foreign currency translation on cash | 1,944 | – | |
| Increase in cash | 7,924 | 10,623 | |
| Cash – Beginning of the year | 36,863 | 26,240 | |
| Cash – End of the year | 44,787 | 36,863 |
Subsidiary, Wholly-Owned Subsidiary, and Associate Details with Revenue Breakup %
Jamieson Wellness Inc’s subsidiaries support its global operations in natural health products and VMS.
Full List of Subsidiaries
- Jamieson Laboratories Ltd (100%): Canada, Canadian dollar. Details: Core manufacturing for Jamieson brands. Revenue: ~40%.
- International Nutrient Technologies Limited (100%): Canada, Canadian dollar. Details: Supports nutrient technology.
- Body Plus Nutritional Products Inc (100%): Canada, Canadian dollar. Details: Specialty products, ~5%.
- Jamieson Health Products Australia Pty Ltd (100%): Australia, Australian dollar. Details: Distribution in Australia.
- Nutrawise UK Ltd (100%): UK, British pound sterling. Details: UK youtheory operations.
- Jamieson Health Products UK Ltd (100%): UK, U.S. dollar. Details: Health product distribution.
- Jamieson Health Products USA Ltd (100%): USA, U.S. dollar. Details: U.S. Jamieson operations.
- Nutrawise Health & Beauty LLC (100%): USA, U.S. dollar. Details: youtheory brand, ~26%.
- Jamieson Health Products Netherlands B.V (100%): Netherlands, U.S. dollar. Details: European operations.
- Nutrawise Japan GK (100%): Japan, Japanese yen. Details: Japanese market.
- Jamieson Health Products (Cayman Islands) Limited (66.7%): Cayman Islands, U.S. dollar. Details: Holds China operations, ~15%.
- Jamieson Health Products (Hong Kong) Limited (66.7%): China, U.S. dollar. Details: Hong Kong subsidiary.
- Jamieson Health Products (Shanghai) Co., Ltd (66.7%): China, Chinese yuan. Details: Shanghai operations.
- Jamieson Health Products (Hong Kong) Trading Limited (66.7%): China, U.S. dollar. Details: Trading activities.
- Jamieson Health Products (Hong Kong) Operating Limited (66.7%): China, U.S. dollar. Details: Operating in Hong Kong.
Revenue Breakup %: Canada ~53%, U.S. ~26%, China ~15%, International ~6%. No associates.
Physical Properties (Offices, Plants, Factories, etc.)
Jamieson Wellness Inc’s physical properties are key to its production of natural health products.
List
- Head Office, Toronto, Canada: Administrative hub on unceded Indigenous territories.
- Facilities, Windsor, Canada: Primary manufacturing for vitamins and supplements.
- Manufacturing, Irvine, California: U.S. plant for youtheory products.
Details: These facilities ensure high-quality production with 360° Quality Tested standards, supporting Jamieson Wellness Inc’s reputation for quality and innovation.
Founders Details
Jamieson Wellness Inc was founded in 1922 by pioneers in natural health products, though specific founder names are not provided. The company’s 102-year legacy emphasizes quality, trust, and innovation, establishing it as Canada’s #1 VMS brand.
Board of Directors Details
Jamieson Wellness Inc’s board drives its strategic growth.
List
- Tim Penner: Chair, emphasizes financial performance.
- Diane Nyisztor: New director, 30+ years in HR and governance.
- Mike Pilato: President & CEO, leads global expansion.
Details: Strengthened in 2024, the board ensures leadership in VMS and global health wellness.
Investment Details and Passive Investment %
Jamieson Wellness Inc’s investments include strategic acquisitions: Nutrawise (youtheory, 100%, 2022) and China assets (2023, 66.7% via DCP partnership). No passive investments are listed (0%).
Future Investment Plan
Jamieson Wellness Inc plans to invest in marketing, innovation, and infrastructure to drive growth in 2025, targeting revenue of $800M-$840M, adjusted EBITDA of $157M-$163M, and adjusted EPS of $1.82-$1.93. Investments will focus on brand building, e-commerce, and sustainability, with capital expenditures of $10M-$15M and working capital of $25M-$35M. Growth is expected in China (25-35%), U.S. (5-15%), and international markets (20-30%).
