WINNIPEG, MB, May 30, 2022
/CNW/ - 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 March 31, 2022,
and is pleased to also announce the appointment of Mr. Haaris Uddin
(CPA, B.Comm.) as Chief Financial Officer, effective June 1, 2022.
Quarter Ended March 31, 2022
Highlights:
- Recorded total net revenue of $5.7
million during the quarter ended March 31, 2022 compared to $4.9 million for the quarter ended March 31, 2021 and;
- Recorded total net revenue from the sale of
AGGRASTAT® of $2.8 million
during the quarter ended March 31,
2022 compared to $2.6 million
for the quarter ended March 31, 2021
and;
- Recorded total net revenue from the sale of
ZYPITAMAG® of $1.0 million
during the quarter ended March 31,
2022 compared to $161,000 for
the quarter ended March 31, 2021
and;
- Diversified product portfolio with revenues from the Marley
Drug business of $1.9 million during
the quarter ended March 31, 2022
compared to $2.1 million for the
quarter ended March 31, 2021
and;
- Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA1) for the quarter ended
March 31, 2022 was $1.2 million compared to adjusted EBITDA of
$31,000 for the quarter ended
March 31, 2021 and;
- Net income for the quarter ended March
31, 2022 was $482,000 compared
to a net loss of $1.0 million for the
quarter ended March 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 units of AGGRASTAT® sold.
ZYPITAMAG® contributed $1.0
million of revenue for the quarter ended March 31, 2022 compared to $161,000 for the quarter ended March 31, 2021. The increase in revenue is
primarily a result of increased sales to insured customers and
improved patient access and fill rate through Medicure's
subsidiary, Marley Drug, which also resulted in reduced fees to
wholesalers and pharmacy benefit managers.
The Marley Drug business contributed $1.9
million of revenue during the quarter ended March 31, 2022 compared to $2.1 million for the quarter ended March 31, 2021. The decrease in revenue is
primarily due to increased competition for filling generic
medications. 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 has proven success in marketing
based on accessible pricing of generic drugs and a focus on cash
price without use of insurance. It provides another channel for
direct-to-consumer marketing, distribution and improved profit
margin for ZYPITAMAG.
Adjusted EBITDA for the three months ended March 31, 2022 was $1.2
million compared to $31,000
for the three months ended March 31,
2021. The increase in adjusted EBITDA for the three months
ended March 31, 2022 is the result of
higher revenues when compared to the same period in 2021 along with
decreases in cost of goods and selling expenses, partially offset
by higher general and administrative costs related to improvements
in the Marley Drug E-Commerce platform.
Net income for the three months ended March 31, 2022 was $482,000 or $0.05
per share compared to net loss of $1.0
million or $0.10 per share for
the three months ended March 31,
2021. The main factors contributing to the increase in net
income recorded for the three months ended March 31, 2022 were higher revenues when compared
to the same period in 2021 along with decreases in cost of goods
and selling expenses, partially offset by higher general and
administrative costs related to improvements in the Marley Drug
E-Commerce platform.
At March 31, 2022, the Company had
unrestricted cash totaling $2.8
million, which is the same amount of unrestricted cash held
as of March 31, 2021. Cash flows used
in operating activities for the quarter ended March 31, 2022 totaled $736,000 compared to $224,000 from operating activities for the
quarter ended March 31, 2021.
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.
Regarding the appointment of Mr. Uddin as Chief Financial
Officer, he began his career with Ernst & Young LLP as a senior
accountant in assurance services and brings experience in public
company reporting within the life sciences industry in both
Canada and the United States.
On behalf of the Board of Directors and management, Dr.
Albert D. Friesen, CEO and Chair of
the Board of Directors, stated, "We are excited to welcome Haaris
to the management team. He is an outstanding addition for us and
will bring leadership and strength in financial reporting to
Medicure and help to build our future success."
Medicure has granted stock options (the "Options") to Mr.
Uddin to purchase a total of 20,000 common shares at a price of
$1.20 per common share. The Options,
which vest immediately, are exercisable for a period of five years
and have been granted in accordance with the terms of the Company's
current stock option plan. The grant of Options is subject to the
approval of the TSX Venture Exchange.
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 March 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 2022 Results
Call date: Tuesday, May 31, 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/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®, refer to the full Prescribing Information.
For additional information about ZYPITAMAG®, 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 of Medicure
International Inc.
Condensed Consolidated Interim Statements of Financial
Position
(expressed in thousands of Canadian dollars,
except per share amounts)
|
March 31,
2022
|
December 31,
2021
|
Assets
|
|
|
Current assets:
|
|
|
Cash and cash equivalents
|
$
2,797
|
$
3,694
|
Restricted cash
|
3
|
3
|
Accounts receivable
|
5,994
|
4,659
|
Inventories
|
3,454
|
3,329
|
Prepaid expenses
|
796
|
869
|
Total current assets
|
13,044
|
12,554
|
Non–current
assets:
|
|
|
Property and equipment
|
1,488
|
1,611
|
Intangible assets
|
10,732
|
11,212
|
Goodwill
|
2,931
|
2,974
|
Other assets
|
28
|
57
|
Total non–current assets
|
15,179
|
15,854
|
Total
assets
|
$
28,223
|
$
28,408
|
Liabilities and
Equity
|
|
|
Current
liabilities:
|
|
|
Accounts payable and accrued liabilities
|
$
6,310
|
$
6,668
|
Current portion of royalty obligation
|
361
|
423
|
Current portion of acquisition payable
|
625
|
634
|
Current portion of contingent consideration
|
289
|
293
|
Current income taxes payable
|
155
|
114
|
Current portion of lease obligation
|
376
|
380
|
Total current liabilities
|
8,116
|
8,512
|
Non–current
liabilities
|
|
|
Royalty obligation
|
16
|
65
|
Acquisition payable
|
596
|
591
|
Contingent consideration
|
40
|
40
|
Lease obligation
|
714
|
789
|
Total non–current liabilities
|
1,366
|
1,485
|
Total
liabilities
|
9,482
|
9,997
|
Equity:
|
|
|
Share capital
|
80,917
|
80,917
|
Contributed surplus
|
10,446
|
10,429
|
Accumulated other comprehensive loss
|
(6,809)
|
(6,640)
|
Deficit
|
(65,813)
|
(66,295)
|
Total Equity
|
18,741
|
18,411
|
Total liabilities
and equity
|
$
28,223
|
$
28,408
|
|
|
|
|
|
|
|
Condensed Consolidated Interim Statements of Net Loss and
Comprehensive Income (Loss)
(expressed in thousands of
Canadian dollars, except per share amounts)
For the three months
ended March 31
|
2022
|
2021
|
|
|
|
Revenue,
net
|
$
5,716
|
$
4,936
|
Cost of goods
sold
|
1,691
|
1,927
|
Gross
profit
|
4,025
|
3,009
|
|
|
|
Expenses
|
|
|
Selling
|
1,692
|
2,768
|
General and
administrative
|
1,312
|
585
|
Research and
development
|
345
|
581
|
|
3,349
|
3,934
|
|
|
|
Finance (income)
costs:
|
|
|
Finance expense,
net
|
19
|
121
|
Foreign exchange
loss (gain), net
|
133
|
2
|
|
152
|
123
|
Net income (loss)
before income taxes
|
$
524
|
$
(1,048)
|
|
|
|
Income tax (expense)
recovery
|
(42)
|
-
|
|
-
|
-
|
Net income
(loss)
|
$
482
|
$
(1,048)
|
Other comprehensive
(loss) income:
|
|
|
Item that may be
reclassified to profit or loss
|
|
|
Exchange differences
on translation
of foreign
subsidiaries
|
(169)
|
(236)
|
Other comprehensive
(loss) income, net of tax
|
(169)
|
(236)
|
Comprehensive (loss)
income
|
$
313
|
$
(1,284)
|
|
|
|
Loss per
share
|
|
|
Basic
|
$
0.05
|
$
(0.10)
|
Diluted
|
$
0.05
|
$
(0.10)
|
Condensed Consolidated Interim Statements of Cash
Flows
(expressed in thousands of Canadian dollars, except
per share amounts)
For the three months
ended March 31
|
2022
|
2021
|
Cash (used in) provided
by:
|
|
|
Operating
activities:
|
|
|
Net income (loss) for the period
|
$
482
|
$
(1,048)
|
Adjustments for:
|
|
|
Current income tax expense
|
42
|
-
|
Amortization of property, plant and
equipment
|
107
|
94
|
Amortization of intangible assets
|
368
|
800
|
Share–based compensation
|
17
|
53
|
Write-down of inventories
|
-
|
-
|
Finance expense, net
|
19
|
121
|
Unrealized foreign exchange loss
|
133
|
2
|
Change in the following:
|
|
|
Accounts receivable
|
(1,433)
|
595
|
Inventories
|
(129)
|
302
|
Prepaid expenses
|
73
|
(11)
|
Accounts payable and accrued
liabilities
|
(396)
|
(578)
|
Other assets
|
(29)
|
-
|
Interest (paid)
received, net
|
10
|
(7)
|
Royalties paid
|
-
|
(99)
|
Cash flows from
(used) in operating activities
|
(736)
|
224
|
Investing
activities:
|
|
|
Acquisition of intangible assets
|
(47)
|
-
|
Cash flows used in
investing activities
|
(47)
|
-
|
Financing
activities:
|
|
|
Repayment of lease liability
|
(79)
|
(84)
|
Cash flows used in
financing activities
|
(79)
|
(84)
|
Foreign exchange gain
(loss) on cash held in foreign currency
|
(35)
|
-
|
Increase (decrease) in
cash and cash equivalents
|
(897)
|
140
|
Cash and cash
equivalents, beginning of period
|
3,694
|
2,716
|
Cash and cash
equivalents, end of period
|
$
2,797
|
$
2,856
|
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content:https://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-ended-march-31-2022-and-appointment-of-haaris-uddin-as-chief-financial-officer-301557461.html
SOURCE Medicure Inc.