Medicure Reports Financial Results for Quarter and Year Ended December 31, 2022
Medicure Inc. (OTC PINK: MCUJF) reported its financial results for the year and quarter ending December 31, 2022. The company achieved a total net revenue of $23.1 million, up from $21.7 million in 2021. For Q4 2022, revenue was $6.3 million, slightly down from $6.8 million in Q4 2021. Key revenue drivers included AGGRASTAT® sales of $11.7 million and ZYPITAMAG® sales of $3.6 million. Adjusted EBITDA increased to $3.3 million from $2.1 million in the prior year. Net income was reported at $1.4 million or $0.13 per share, compared to a loss of $727,000 in 2021. Despite the positive overall financial performance, Medicure made a marketing hold on sodium nitroprusside due to poor commercial viability.
- Total net revenue increased to $23.1 million in 2022 from $21.7 million in 2021.
- Q4 2022 revenue remained robust at $6.3 million despite a decline from Q4 2021.
- AGGRASTAT® sales rose to $11.7 million; ZYPITAMAG® sales grew to $3.6 million.
- Adjusted EBITDA increased to $3.3 million, up from $2.1 million year-over-year.
- Net income improved to $1.4 million or $0.13 per share, a significant turnaround from the previous net loss.
- Q4 2022 revenue decreased from $6.8 million in Q4 2021 to $6.3 million.
- Sodium nitroprusside reported zero revenue in 2022 compared to $59,000 in 2021, leading to a marketing hold.
WINNIPEG, MB / ACCESSWIRE / April 6, 2023 / Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH)(OTC PINK:MCUJF), a company focused on the development and commercialization of pharmaceuticals and healthcare products for patients and prescribers in the United States market, today reported its results from operations for the quarter and year ended December 31, 2022.
Quarter and Year Ended December 31, 2022 Highlights:
- Recorded total net revenue of
$23.1 million during the year ended December 31, 2022 compared to$21.7 million for the year ended December 31, 2021 and; - Recorded total net revenue of
$6.3 million during the quarter ended December 31, 2022 compared to$6.8 million for the quarter ended December 31, 2021 and; - Recorded total net revenue from the sale of AGGRASTAT® of
$11.7 million during the year ended December 31, 2022 compared to$11.5 million for the year ended December 31, 2021 and; - Recorded total net revenue from the sale of ZYPITAMAG® of
$3.6 million during the year ended December 31, 2022 compared to$3.2 million for the year ended December 31, 2021 and; - Recorded total net revenue from the Marley Drug business of
$7.8 million during the year ended December 31, 2022 compared to$6.9 million for the year ended December 31, 2021 and; - Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the year ended December 31, 2022 was
$3.3 million compared to adjusted EBITDA of$2.1 million for the year ended December 31, 2021 and; - Net income for the year ended December 31, 2022 was
$1.4 million or$0.13 per share compared to a net loss of$727,000 or$0.07 per share for the year ended December 31, 2021;
Financial Results
The increase in AGGRASTAT® revenues when compared to the same period in the previous year, as described above, is the result of increases in the volume of AGGRASTAT® sold in 2022 when compared to 2021, in conjunction to improvements in inventory and contract management.
ZYPITAMAG® contributed
The Marley Drug business, acquired on December 17, 2020, contributed
Sodium nitroprusside did not contribute any revenue during the year ended December 31, 2022 compared to
Adjusted EBITDA for the year ended December 31, 2022 was
Net income for the year ended December 31, 2022 was
At December 31, 2022, the Company had unrestricted cash totaling
All amounts referenced herein are in Canadian dollars unless otherwise noted.
The Company plans to hold an investor conference call in May 2022 to present the results for the three months ended March 31, 2023 with date and dial in information to be provided. The full financial statements are available at www.sedar.com and on the Company's website at www.medicure.com.
Notes
- The Company defines EBITDA as "earnings before interest, taxes, depreciation, amortization and other income or expense" and Adjusted EBITDA as "EBITDA adjusted for non‑cash and non-recurring items". The terms "EBITDA" and "Adjusted EBITDA", as it relates to the three months and year ended December 31, 2022 and 2021 results prepared using IFRS, do not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.
About Medicure Inc.
Medicure is a pharmaceutical company focused on the development and commercialization of therapies for the U.S. cardiovascular market. The present focus of the Company is the marketing and distribution of AGGRASTAT® (tirofiban hydrochloride) injection and ZYPITAMAG® (pitavastatin) tablets in the United States, where they are sold through the Company's U.S. subsidiary, Medicure Pharma Inc. Medicure also operates Marley Drug, Inc. ("Marley Drug"), a pharmacy located in North Carolina that offers an Extended Supply drug program serving all 50 states, Washington D.C. and Puerto Rico. Marley Drug® is committed to improving the health status of its patients and the communities they serve while reducing overall health care costs for employers and other health care consumers. For more information visit www.marleydrug.com. To learn more about The Extended Supply Generic Drug Program call 800.286.6781 or email info@marleydrug.com.For more information on Medicure please visit www.medicure.com. For additional information about AGGRASTAT®, please visit www.aggrastathdb.com or refer to the full Prescribing Information. For additional information about ZYPITAMAG®, please visit www.zypitamag.com or refer to the full Prescribing Information.
To receive investor and business updates from Medicure, please fill out this form click here to be added to Medicure's e-mail list.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements, include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's future product revenues, expected results, including future revenue from P5P, the likelihood of receiving a priority review voucher from the United State Food and Drug Administration, expected future growth in revenues, stage of development, additional capital requirements, risks associated with the completion and timing of clinical trials and obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; results of current and future clinical trials; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities or the US Securities and Exchange Commission, and in the "Risk Factors" section of its current Form 20F.
AGGRASTAT® (tirofiban hydrochloride) injection, ZYPITAMAG® (pitavastatin) tablets, and Marley Drug® are registered trademarks.
For more information, please contact:
Dr. Albert D. Friesen
Chief Executive Officer
Tel. 888-435-2220
Fax 204-488-9823
E-mail: info@medicure.com
www.medicure.com
Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)
| As at December 31 | 2022 | 2021 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4,857 | $ | 3,694 | ||||
Restricted cash | - | 3 | ||||||
Accounts receivable | 5,635 | 4,659 | ||||||
Inventories | 3,221 | 3,329 | ||||||
Prepaid expenses | 1,134 | 869 | ||||||
Total current assets | 14,847 | 12,554 | ||||||
Non-current assets: | ||||||||
Property and equipment | 1,187 | 1,611 | ||||||
Intangible assets | 10,624 | 11,212 | ||||||
Goodwill | 3,177 | 2,974 | ||||||
Other assets | 63 | 57 | ||||||
Total non-current assets | 15,051 | 15,854 | ||||||
Total assets | $ | 29,898 | $ | 28,408 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 7,128 | $ | 6,668 | ||||
Current portion of royalty obligation | 179 | 423 | ||||||
Current portion of acquisition payable | 677 | 634 | ||||||
Current portion of contingent consideration | - | 293 | ||||||
Current income taxes payable | 60 | 114 | ||||||
Current portion of lease obligations | 346 | 380 | ||||||
Total current liabilities | 8,390 | 8,512 | ||||||
Non-current liabilities | ||||||||
Royalty obligation | - | 65 | ||||||
Acquisition payable | - | 591 | ||||||
Contingent consideration | - | 40 | ||||||
Lease obligations | 503 | 789 | ||||||
Total non-current liabilities | 503 | 1,485 | ||||||
Total liabilities | 8,893 | 9,997 | ||||||
Equity: | ||||||||
Share capital | 80,917 | 80,917 | ||||||
Contributed surplus | 10,476 | 10,429 | ||||||
Accumulated other comprehensive loss | (5,458 | ) | (6,640 | ) | ||||
Deficit | (64,930 | ) | (66,295 | ) | ||||
Total equity | 21,005 | 18,411 | ||||||
Total liabilities and equity | $ | 29,898 | $ | 28,408 | ||||
Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income
(expressed in thousands of Canadian dollars, except per share amounts)
| For the year ended December 31 | 2022 | 2021 | 2020 | |||||||||
Revenue, net | ||||||||||||
Product sales, net | $ | 23,065 | $ | 21,744 | $ | 11,610 | ||||||
Cost of goods sold | 6,990 | 9,032 | 6,480 | |||||||||
Gross profit | 16,075 | 12,712 | 5,130 | |||||||||
Expenses | ||||||||||||
Selling | 7,935 | 10,312 | 5,359 | |||||||||
General and administrative | 4,193 | 2,697 | 4,579 | |||||||||
Research and development | 2,754 | 1,796 | 3,299 | |||||||||
| 14,882 | 14,805 | 13,237 | ||||||||||
Other Income: | ||||||||||||
Other Income | (346 | ) | (1,828 | ) | - | |||||||
| (346 | ) | (1,828 | ) | - | ||||||||
Finance (income) costs: | ||||||||||||
Finance (income) expense, net | 206 | 525 | (765 | ) | ||||||||
Foreign exchange (gain) loss, net | (52 | ) | (31 | ) | (497 | ) | ||||||
| 154 | 494 | (1,262 | ) | |||||||||
Net income (loss) before income taxes | $ | 1,385 | $ | (759 | ) | $ | (6,845 | ) | ||||
Income tax recovery (expense) | ||||||||||||
Current | (20 | ) | 32 | - | ||||||||
Deferred | - | - | - | |||||||||
| (20 | ) | 32 | - | |||||||||
Net profit (loss) | $ | 1,365 | $ | (727 | ) | $ | (6,845 | ) | ||||
Item that may be reclassified to profit or loss | ||||||||||||
Exchange differences on translation of foreign subsidiaries: | 1,182 | (143 | ) | (746 | ) | |||||||
Comprehensive Income (loss) | $ | 2,547 | $ | (870 | ) | $ | (7,591 | ) | ||||
Earnings (loss) per share | ||||||||||||
Basic | $ | 0.13 | $ | (0.07 | ) | $ | (0.64 | ) | ||||
Diluted | $ | 0.13 | $ | (0.07 | ) | $ | (0.64 | ) | ||||
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
| For the year ended December 31 | 2022 | 2021 | 2020 | ||||
Cash (used in) provided by: | |||||||
Operating activities: | |||||||
Net profit (loss) for the year | |||||||
Adjustments for: | |||||||
Current income tax expense (recovery) | 20 | (32) | - | ||||
Amortization of property and equipment | 461 | 406 | 307 | ||||
Amortization of intangible assets | 1,594 | 2,739 | 2,466 | ||||
Share‑based compensation | 47 | 135 | 317 | ||||
Write-down of inventories | 38 | 1,339 | 682 | ||||
Change in fair value of contingent consideration | (346) | (1,803) | - | ||||
Finance (income) expense, net | 190 | 525 | (765) | ||||
Unrealized foreign exchange (gain) loss | (52) | (31) | (497) | ||||
Change in the following: | |||||||
Accounts receivable | (864) | 593 | 5,081 | ||||
Inventories | 166 | 471 | 723 | ||||
Prepaid expenses | (194) | 305 | 703 | ||||
Other assets | (2) | 99 | - | ||||
Accounts payable and accrued liabilities | 568 | 20 | (3,802) | ||||
Interest received (paid), net | (16) | 49 | 22 | ||||
Income taxes paid | (91) | - | (306) | ||||
Royalties paid | (1,056) | (99) | (326) | ||||
Cash flows from (used in) operating activities | 1,828 | 3,989 | (2,240) | ||||
Investing activities: | |||||||
Acquisition of Marley Drug, Inc, net of cash acquired | - | - | (7,238) | ||||
Repayment of holdback payable | - | (1,876) | - | ||||
Acquisition of property and equipment | (14) | (377) | (2) | ||||
Acquisition of intangible assets | (296) | (441) | - | ||||
Cash flows (used in) from investing activities | (310) | (2,694) | (7,240) | ||||
Financing activities: | |||||||
Repurchase of common shares under normal course issuer bid | - | - | (522) | ||||
Repayment of lease liability | (355) | (316) | (244) | ||||
Cash flows used in financing activities | (355) | (316) | (766) | ||||
Foreign exchange loss on cash held in foreign currency | - | (1) | (3) | ||||
Increase (decrease) in cash | 1,163 | 978 | (10,249) | ||||
Cash and cash equivalents, beginning of period | 3,694 | 2,716 | 12,965 | ||||
Cash and cash equivalents, end of year | |||||||
SOURCE: Medicure, Inc.
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https://www.accesswire.com/748034/Medicure-Reports-Financial-Results-for-Quarter-and-Year-Ended-December-31-2022
FAQ
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