MEDICURE REPORTS FINANCIAL RESULTS FOR QUARTER ENDED SEPTEMBER 30, 2022
Medicure Inc. reported Q3 2022 results with total net revenue of $5.3 million, up from $4.9 million in Q3 2021. Key contributors included AGGRASTAT® ($3.1 million), ZYPITAMAG® ($434,000), and Marley Drug® ($1.8 million). Adjusted EBITDA reached $1.4 million, compared to $282,000 last year. Net income improved to $1.1 million or $0.11 per share, compared to a net loss of $946,000 or $0.09 per share in Q3 2021. The company had unrestricted cash of $4.5 million as of September 30, 2022.
- Total net revenue increased to $5.3 million in Q3 2022 from $4.9 million in Q3 2021.
- Adjusted EBITDA rose to $1.4 million compared to $282,000 the previous year.
- Net income of $1.1 million or $0.11 per share, improving from a net loss of $946,000.
- AGGRASTAT® revenue growth was offset by a decrease in volume sold.
WINNIPEG, MB, Nov. 24, 2022 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV: MPH) (OTC: 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 ended September 30, 2022.
Quarter Ended September 30, 2022 Highlights:
- Recorded total net revenue of
$5.3 million during the quarter ended September 30, 2022 compared to$4.9 million for the quarter ended September 30, 2021 and; - Recorded total net revenue from the sale of AGGRASTAT® of
$3.1 million during the quarter ended September 30, 2022 compared to$2.9 million for the quarter ended September 30, 2021 and; - Recorded total net revenue from the sale of ZYPITAMAG® of
$434,000 during the quarter ended September 30, 2022 compared to$388,000 for the quarter ended September 30, 2021 and; - Recorded total net revenue from the Marley Drug®business of
$1.8 million during the quarter ended September 30, 2022 compared to$1.6 million for the quarter ended September 30, 2021 and; - Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended September 30, 2022 was
$1.4 million compared to adjusted EBITDA of$282,000 for the quarter ended September 30, 2021 and; - Net income for the quarter ended September 30, 2022 was
$1.1 million or$0.11 per share compared to a net loss of$946,000 or$0.09 per share for the quarter ended September 30, 2021.
Financial Results
The increase in AGGRASTAT® revenue when compared to the same period in the previous year, as described above, is the result of improvements in inventory and contract management, partially offset by a decrease in volume sold.
ZYPITAMAG® contributed
The Marley Drug business contributed
Adjusted EBITDA for the three months ended September 30, 2022 was
Net Income for the three months ended September 30, 2022 was
At September 30, 2022, the Company had unrestricted cash totaling
The Company does not have any long-term debt recorded in its consolidated financial statements as at September 30, 2022.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
The full financial statements are available at www.sedar.com and on the Company's website at www.medicure.com.
Notes
(1) | 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 ended September 30, 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. |
Conference Call Info:
Topic: Medicure's Q3 2022 Results
Call date: Friday, November 25, 2022
Time: 7:30 AM Central Time (8:30 AM Eastern Time)
Canada toll: 1 (416) 764-8659
North American toll-free: 1 (888) 664-6392
Passcode: not required
Webcast: This conference call will be webcast live over the internet and can be accessed from the Medicure investor relations page at the following link: www.medicure.com/investors
You may request international country-specific access information by e-mailing the Company in advance. Management will accept and answer questions related to the financial results and operations during the question-and-answer period at the end of the conference call. A recording of the call will be available following the event at the Company's website.
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 be added to Medicure's e-mail list, please visit:
http://medicure.mediaroom.com/alerts
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 Form 20F for the year ended December 31, 2021.
AGGRASTAT® (tirofiban hydrochloride) injection, ZYPITAMAG® (pitavastatin) tablets, and Marley Drug® are registered trademarks.
Condensed Consolidated Interim Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)
September 30, 2022 | December 31, 2021 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 4,535 | $ 3,694 |
Restricted Cash | 3 | 3 |
Accounts receivable | 5,322 | 4,659 |
Inventories | 3,660 | 3,329 |
Prepaid expenses | 719 | 869 |
Total current assets | 14,239 | 12,554 |
Non‑current assets: | ||
Property, plant and equipment | 1,329 | 1,611 |
Intangible assets | 11,147 | 11,212 |
Goodwill | 3,215 | 2,974 |
Other assets | 30 | 57 |
Total non‑current assets | 15,721 | 15,854 |
Total assets | $ 29,960 | $ 28,408 |
Liabilities and Equity | ||
Current liabilities: | ||
Accounts payable and accrued liabilities | $ 6,340 | $ 6,668 |
Current portion of royalty obligation | 178 | 423 |
Current portion of acquisition payable | 685 | 634 |
Current portion of contingent consideration | - | 293 |
Current income taxes payable | 81 | 114 |
Current portion of lease obligation | 389 | 380 |
Total current liabilities | 7,673 | 8,512 |
Non‑current liabilities | ||
Royalty obligation | - | 65 |
Acquisition payable | 685 | 591 |
Contingent Consideration | 44 | 40 |
Lease obligation | 599 | 789 |
Total non‑current liabilities | 1,328 | 1,485 |
Total liabilities | 9,001 | 9,997 |
Equity: | ||
Share capital | 80,917 | 80,917 |
Contributed surplus | 10,479 | 10,429 |
Accumulated other comprehensive income | (5,053) | (6,640) |
Deficit | (65,384) | (66,295) |
Total Equity | 20,959 | 18,411 |
Total liabilities and equity | $ 29,960 | $ 28,408 |
Condensed Consolidated Interim Statements of Net Income (Loss) and Comprehensive Income
(Loss) (expressed in thousands of Canadian dollars, except per share amounts)
Three months | Three months | Nine months | Nine months | |
Revenue, net | $ 5,287 | $ 4,919 | $ 16,750 | $ 14,941 |
Cost of goods sold | 1,391 | 2,037 | 5,034 | 6,011 |
Gross profit | 3,896 | 2,882 | 11,716 | 8,930 |
Expenses | ||||
Selling | 1,694 | 2,601 | 5,060 | 7,904 |
General and administrative | 1,036 | 538 | 3,909 | 1,694 |
Research and development | 314 | 468 | 1,984 | 1,754 |
3,044 | 3,607 | 10,953 | 11,352 | |
Other Income: | ||||
Change in fair value of contingent | (302) | - | (302) | (491) |
Finance (income) costs: | ||||
Finance expense, net | 33 | 40 | 90 | 278 |
Foreign exchange (gain) loss, net | (10) | 226 | 25 | 401 |
(279) | 266 | (187) | 188 | |
Net income (loss) before income taxes | $ 1,131 | $ (991) | $ 950 | $ (2,610) |
Income tax (recovery) expense | ||||
Current | 18 | (45) | 39 | (24) |
Net income (loss) | $ 1,113 | $ (946) | $ 911 | $ (2,634) |
Other comprehensive income (loss): | ||||
Item that may be reclassified to profit or loss | ||||
Exchange differences on translation | 1,257 | (688) | 1,587 | 352 |
Other comprehensive income (loss), net of | 1,257 | (688) | 1,587 | 352 |
Comprehensive income (loss) | 2,370 | (1,634) | 2,499 | (2,282) |
Earnings (loss) per share | ||||
Basic | $ 0.11 | $ (0.09) | $ 0.09 | $ (0.26) |
Diluted | $ 0.11 | $ (0.09) | $ 0.09 | $ (0.26) |
Condensed Consolidated Interim Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
For the nine months ended September 30 | 2022 | 2021 |
Cash (used in) provided by: | ||
Operating activities: | ||
Net income (loss) for the period | $ 911 | $ (2,634) |
Adjustments for: | ||
Change in fair value of contingent consideration | (302) | |
Amortization of property, plant and equipment | 343 | 283 |
Amortization of intangible assets | 1,171 | 2,371 |
Share‑based compensation | 50 | 186 |
Finance expense, net | 90 | 278 |
Unrealized foreign exchange loss | 812 | 278 |
Income tax expense | 39 | - |
Change in the following: | ||
Accounts receivable | (285) | 529 |
Inventories | (61) | 1,192 |
Prepaid expenses | 203 | 87 |
Accounts payable and accrued liabilities | (865) | 293 |
Other assets | 27 | - |
Interest received, net | 10 | 55 |
Income taxes paid | (42) | - |
Royalties paid | (772) | (297) |
Cash flows from operating activities | 1,329 | 1,819 |
Investing activities: | ||
Acquisition of property, plant and equipment | - | (326) |
Acquisition of intangible assets | (269) | (297) |
Cash flows used in investing activities | (269) | (623) |
Financing activities: | ||
Purchase of common shares under normal course issuer bid | - | (2) |
Repayment of lease liability | (219) | (235) |
Payment of Holdback | - | (372) |
Cash flows used in financing activities | (219) | (609) |
Foreign exchange gain on cash held in foreign currency | - | - |
Increase in cash and cash equivalents | 841 | 587 |
Cash and cash equivalents, beginning of period | 3,694 | 2,716 |
Cash and cash equivalents, end of period | $ 4,535 | $ 3,303 |
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SOURCE Medicure Inc.
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