Haywood launches coverage of iFabric with a “Buy”

Haywood Securities analyst Gianluca Tucci says iFabric (iFabric Stock Quote, Chart, News, Analysts, Financials TSXV:IFA) has its strongest revenue pipeline in company history as its medical apparel platform scales.

In a Sept. 15 initiation report, Tucci launched coverage of Canadian-based iFabric with a “Buy” rating and $8.00 target.

“IFA carries its strongest revenue pipeline in corporate history, underpinned by the continued scaling of its clinically validated scrubs programs and an expanding finished goods platform spanning medical apparel, footwear, and bedding,” Tucci said.

iFabric designs, develops and distributes performance textile technologies and women’s intimate apparel. Its Intelligent Fabrics business has shifted from chemical technology licensing into finished goods.

Tucci said the August 2025 publication of a peer-reviewed clinical trial in the Journal of Hospital Infection marked a commercial inflection point for the company’s PROTX2 and ecoPEL treated scrubs.

The trial showed statistically significant reductions in surface bacterial contamination on treated scrubs compared with untreated controls in a real-world healthcare setting.

That validation has supported retail adoption of iFabric’s medical scrubs programs across major U.S. and Canadian retailers.

The company’s Doctor’s Choice scrubs platform has expanded to about 1,350 locations at a leading U.S. big-box retailer. Its wholly owned Frontline brand launched at a leading North American wholesale club retailer in February 2026.

Tucci said the scrubs business gives iFabric a multi-year growth runway, while new footwear, apparel and bedding programs broaden the finished goods platform.

The company also uses an outsourced manufacturing model, allowing it to scale without significant fixed capital investment while retaining control of design, branding and retail relationships.

In the first half of fiscal 2026, revenue rose 188% year-over-year to $37.1-million, while Adjusted EBITDA increased to $5.5-million from about $50,000 a year earlier.

Potential catalysts include broader retail adoption, new product launches and possible U.S. Environmental Protection Agency approval of public-health kill claims for PROTX2-treated apparel.

Tucci expects iFabric to generate Adjusted EBITDA of $5.3-million on revenue of $59.1-million in fiscal 2026, improving to Adjusted EBITDA of $6.0-million on revenue of $70.9-million in fiscal 2027.

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