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Medicure Inc (2)
Symbol MPH
Shares Issued 10,296,313
Close 2023-05-25 C$ 1.10
Market Cap C$ 11,325,944
Recent Sedar Documents

Medicure earns $290,000 in Q1 2023

2023-05-26 17:53 ET - News Release

An anonymous director reports

MEDICURE REPORTS FINANCIAL RESULTS FOR QUARTER ENDED MARCH 31, 2023

Medicure Inc. has released its results from operations for the quarter ended March 31, 2023.

Quarter Ended March 31, 2023 Highlights:

  • Recorded total net revenue of $5.6 million during the quarter ended March 31, 2023 compared to $5.7 million for the quarter ended March 31, 2022 and;
  • Recorded total net revenue from the sale of AGGRASTAT of $2.7 million during the quarter ended March 31, 2023 compared to $2.8 million for the quarter ended March 31, 2022 and;
  • Recorded total net revenue from the sale of ZYPITAMAG of $640,000 during the quarter ended March 31, 2023 compared to $1.1 million for the quarter ended March 31, 2022 and;
  • Recorded total net revenue from the Marley Drug business of $2.3 million during the quarter ended March 31, 2023 compared to $1.9 million for the quarter ended March 31, 2022 and;
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended March 31, 2023 was $916,000 compared to adjusted EBITDA of $1.2 million for the quarter ended March 31, 2022 and;
  • Net income for the quarter ended March 31, 2023 was $290,000 or $0.03 per share compared to net income of $482,000 or $0.05 per share for the quarter ended March 31, 2022.

Financial Results

The modest decrease in AGGRASTAT revenues when compared to the same period in the previous year, as described above, is the result of a decrease in the volume of AGGRASTAT sold in 2023 when compared to 2022, in conjunction with an increase in wholesaler fees.

The royalty obligations related to AGGRASTAT are now fulfilled and are no longer due.

ZYPITAMAG contributed $640,000 of revenue for the quarter ended March 31, 2023 compared to $1.1 million for the quarter ended March 31, 2022. The decrease in revenue is primarily as a result of increased fees to wholesalers and pharmacy benefit managers.

The Marley Drug business contributed $2.3 million of revenue for the quarter ended March 31, 2023 compared to $1.9 million for the quarter ended March 31, 2022. Marley Drug is a US pharmacy licensed to ship medications to all 50 states, Washington D.C. and Puerto Rico. It serves thousands of customers and provides another channel for direct-to-consumer marketing, distribution and improved profit margin for ZYPITAMAG. The increase in revenue is a result of increased sales through its e-commerce platform, including increased sales of ZYPITAMAG.

Adjusted EBITDA for the quarter ended March 31, 2023 was $916,000 compared to $1.2 million for the quarter ended March 31, 2022. Decreased adjusted EBITDA for the quarter ended March 31, 2023 resulted from higher selling and research and development expenses, partially offset by increased Marley Drug revenue and reduced general and administrative expenses.

Net income for the quarter ended March 31, 2023 was $290,000 or $0.03 per share compared to net income of $482,000 or $0.05 per share for the quarter ended March 31, 2022. The main factors contributing to the decrease in net income recorded for the quarter ended March 31, 2023 were higher selling and research and development expenses, partially offset by increased Marley Drug revenue and reduced general and administrative expenses.

At March 31, 2023, the Company had unrestricted cash totaling $4.9 million, equal to $4.9 million of unrestricted cash held as of December 31, 2022. Cash flows from operating activities for the quarter ended March 31, 2023 was $173,000 compared to cash used in operating activities of $736,000 for the period ended March 31, 2022.

All amounts referenced herein are in Canadian dollars unless otherwise noted.

The full financial statements are available on SEDAR and on the Company's website.

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.

Conference Call Info:

Topic:  Medicure's Q1 2023 Results

Call date:   Monday, May 29, 2023

Time:   7:30 AM Central Time (8:30 AM Eastern Time)

Toll Free:   1 (888) 506-0062

International:  International:

Participant Access Code:  408939

Webcast:   This conference call will be webcast live over the internet

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.

We seek Safe Harbor.

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