UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT OF
FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April 2022
Commission File Number: 001-31995
MEDICURE
INC.
(Translation of registrant's name into English)
2-1250 Waverley Street
Winnipeg, MB Canada R3T 6C6
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.
Yes o
No x
If “Yes” is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 8a72____.
EXHIBIT
LIST
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Medicure Inc. |
| |
(Registrant) |
| |
|
| |
|
|
| Date: April 27, 2022 |
By: |
/s/ Dr. Albert D. Friesen |
| |
Dr. Albert D. Friesen |
| |
Title: CEO |
Exhibit 99.1
MEDICURE REPORTS FINANCIAL RESULTS FOR QUARTER
AND YEAR ENDED DECEMBER 31, 2021
WINNIPEG, MB, April 27, 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 and year ended December 31, 2021.
Quarter and Year Ended December 31, 2021 Highlights:
- Recorded total net revenue of $21.7 million during the year ended
December 31, 2021 compared to $11.6 million for the year ended December 31, 2020 and;
- Recorded total net revenue of $6.8 million during the quarter
ended December 31, 2021 compared to $2.4 million for the quarter ended December 31, 2020 and;
- Recorded total net revenue from the sale of AGGRASTAT®
of $11.5 million during the year ended December 31, 2021 compared to $10.6 million for the year ended December 31, 2020 and;
- Recorded total net revenue from the sale of ZYPITAMAG®
of $3.1 million during the year ended December 31, 2021 compared to $453,000 for the year ended December 31, 2020 and;
- Diversified product portfolio with revenues from the Marley Drug
business of $6.9 million during the year ended December 31, 2021 and;
- Adjusted earnings before interest, taxes, depreciation and amortization
(EBITDA1) for the year ended December 31, 2021 was $2.1 million compared to adjusted EBITDA of negative $3.9 million for the
year ended December 31, 2020 and;
- Net loss for the year ended December 31, 2021 was $727,000 compared
to $6.8 million for the year ended December 31, 2020;
Financial Results
The increase in AGGRASTAT® revenues
when compared to the same periods in the previous year, as described above, is the result of increases in the volume of AGGRASTAT®
sold in 2021 when compared to 2020, in conjunction to improvements in contract price management.
ZYPITAMAG® contributed $3.1 million
of revenue for the year ended December 31, 2021 compared to $453,000 for the year ended December 31, 2020. The increase in revenue is
primarily as a result of improved patient access and fill rate through Medicure's subsidiary Marley Drug, which also results in reduced
fees to wholesalers and pharmacy benefit managers.
The Marley Drug business, acquired on December 17,
2020, contributed $6.9 million of revenue for the year ended December 31, 2021. 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.
Sodium nitroprusside contributed $59,000 of revenue
during the year ended December 31, 2021 compared to $116,000 of revenue during the year ended December 31, 2020 which is lower primarily
as a result of pricing pressure from competitors.
Adjusted EBITDA for the three months ended December
31, 2021 was $1.6 million compared to negative $1.4 million for the three months ended December 31, 2020. The increase in adjusted EBITDA
for the three months ended December 31, 2021 is the result of higher revenues when compared to the same period in 2020 despite increases
in cost of goods and selling expenses.
Adjusted EBITDA for the year ended December 31, 2021
was $2.1 million compared to negative $3.9 million for the year ended December 31, 2020. Increased adjusted EBITDA for the year ended
December 31, 2021 resulted from higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, reduced general and
administrative and research and development expenses, partially offset by higher cost of goods sold and selling expenses as a result of
the full year of Marley Drug operation.
During the year ended December 31, 2021, the Company
recorded $402,000 in government assistance resulting from the Canada Emergency Wage Subsidy. The funding has been recorded as a
reduction of the related salary expenditures within general and administrative expenses for the year ended December 31, 2021.
Net income for the three months ended December 31,
2021 was $1.9 million or $0.18 per share compared to net loss of $4.4 million or $0.41 per share for the three months ended December 31,
2020. The main factors contributing to the increase in net income recorded for the three months ended December 31, 2021 were a $1.8
million gain based on the year-end fair value assessment of the contingent consideration recorded in the prior year in relation to the
acquisition of Marley Drug, higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, and reduced general and
administrative and research and development expenses, partially offset by a $1.3 million inventory write down, higher cost of goods sold
and selling expenses as a result of the full year of Marley Drug operation.
Net loss for the year ended December 31, 2021 was
$710,000 or $0.07 per share compared to $6.8 million or $0.64 per share for the year ended December 31, 2020. The main factors contributing
to the decrease in the net loss recorded for the year ended December 31, 2021 were a $1.8 million gain based on the year-end the fair
value assessment of the contingent consideration recorded in the prior in relation to the acquisition of Marley Drug, a $491,000
recovery from PREXXARTAN, higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, and reduced general and administrative
and research and development expenses, partially offset by a $1.3 million inventory write down, higher cost of goods sold and selling
expenses as a result of the full year of Marley Drug operation.
At December 31, 2021, the Company had unrestricted
cash totaling $3.7 million, up from $2.7 million of unrestricted cash held as of December 31, 2020. Cash flows from operating activities
for the year ended December 31, 2021 totaled $3.9 million compared to $2.2 million used in operating activities for the year ended December
31, 2020.
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, 2022 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
| (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 and year ended December 31, 2021 and 2020 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®, 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 PRV, 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.
Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)
| As at December 31 |
2021 |
2020 |
| Assets |
|
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 3,694 |
$ 2,716 |
| Restricted cash |
3 |
1,394 |
| Accounts receivable |
4,659 |
5,253 |
| Inventories |
3,329 |
5,139 |
| Prepaid expenses |
869 |
1,174 |
| Total current assets |
12,554 |
15,676 |
| Non–current assets: |
|
|
| Property and equipment |
1,611 |
1,640 |
| Intangible assets |
11,212 |
13,596 |
| Goodwill |
2,974 |
2,986 |
| Other assets |
57 |
156 |
| Total non–current assets |
15,854 |
18,378 |
| Total assets |
$ 28,408 |
$ 34,054 |
|
Liabilities and Equity |
|
|
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
$ 6,668 |
$ 6,979 |
| Current portion of royalty obligation |
423 |
362 |
| Current portion of acquisition payable |
634 |
637 |
| Holdback payable |
- |
1,876 |
| Current portion of contingent consideration |
293 |
1,925 |
| Current income taxes payable |
114 |
164 |
| Current portion of lease obligation |
380 |
367 |
| Total current liabilities |
8,512 |
12,310 |
| Non–current liabilities |
|
|
| Royalty obligation |
65 |
335 |
| Acquisition payable |
591 |
1,132 |
| Contingent consideration |
40 |
51 |
| Lease obligation |
789 |
1,080 |
| Total non–current liabilities |
1,485 |
2,598 |
| Total liabilities |
9,997 |
14,908 |
| Equity: |
|
|
| Share capital |
80,917 |
80,917 |
| Contributed surplus |
10,429 |
10,294 |
| Accumulated other comprehensive loss |
(6,640) |
(6,497) |
| Deficit |
(66,295) |
(65,568) |
| Total Equity |
18,411 |
19,146 |
| Total liabilities and equity |
$ 28,408 |
$ 34,054 |
| |
|
|
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 |
2021 |
2020 |
2019 |
| Revenue, net |
|
|
|
| Product sales, net |
$ 21,744 |
$ 11,610 |
$ 20,173 |
| Cost of goods sold |
9,032 |
6,480 |
7,272 |
| Gross profit |
12,712 |
5,130 |
12,901 |
| |
|
|
|
| Expenses |
|
|
|
| Selling |
10,312 |
5,359 |
13,399 |
| General and administrative |
2,697 |
4,579 |
3,395 |
| Research and development |
1,796 |
3,299 |
4,349 |
| |
14,805 |
13,237 |
21,143 |
| |
|
|
|
| Other expense (income): |
|
|
|
| Other Income |
(1,828) |
|
|
| Revaluation of holdback |
- |
- |
3,623 |
| Impairment loss on intangible assets |
- |
- |
6,321 |
| |
(1,828) |
- |
9,944 |
| Finance (income) costs: |
|
|
|
| Finance (income) expense, net |
525 |
(765) |
(1,115) |
| Foreign exchange (gain) loss, net |
(31) |
(497) |
2,570 |
| |
494 |
(1,262) |
1,455 |
| Net loss before income taxes |
$ (759) |
$ (6,845) |
$ (19,641) |
| Income tax recovery (expense) |
|
|
|
| Current |
32 |
- |
(22) |
| Deferred |
- |
- |
(123) |
| |
32 |
- |
(145) |
| Net loss |
$ (727) |
$ (6,845) |
$ (19,786) |
| Item that may be reclassified to profit or loss |
|
|
|
| Exchange differences on translation of foreign subsidiaries: |
(143) |
(746) |
(683) |
| |
|
|
|
| Item that will not be reclassified to profit and loss |
|
|
|
| Revaluation of investment in Sensible Medical at FVOCI |
- |
- |
(6,336) |
| Comprehensive loss |
$ (870) |
$ (7,591) |
$ (26,805) |
| |
|
|
|
| Loss per share |
|
|
|
| Basic |
$ (0.07) |
$ (0.64) |
$ (1.32) |
| Diluted |
$ (0.07) |
$ (0.64) |
$ (1.32) |
| |
|
|
|
|
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
| For the year ended December 31 |
2021 |
2020 |
2019 |
| Cash (used in) provided by: |
|
|
|
| Operating activities: |
|
|
|
| Net (loss) income for the year |
$ (727) |
$ (6,845) |
$ (19,786) |
| Adjustments for: |
|
|
|
| Current income tax expense (recovery) |
(32) |
- |
22 |
| Deferred income tax expense (recovery) |
- |
- |
123 |
| Impairment of property and equipment |
- |
- |
95 |
| Impairment of intangible assets |
- |
- |
6,321 |
| Revaluation of holdback receivable |
- |
- |
3,623 |
| Amortization of property and equipment |
406 |
307 |
485 |
| Amortization of intangible assets |
2,739 |
2,466 |
1,438 |
| Share–based compensation |
135 |
317 |
417 |
| Write-down of inventories |
1,339 |
682 |
1,983 |
| Change in fair value of contingent consideration |
(1,803) |
|
|
| Finance (income) expense, net |
525 |
(765) |
(1,115) |
| Unrealized foreign exchange (gain) loss |
(31) |
(497) |
362 |
| Change in the following: |
|
|
|
| Accounts receivable |
593 |
5,081 |
(318) |
| Inventories |
471 |
723 |
(4,072) |
| Prepaid expenses |
305 |
703 |
842 |
| Other assets |
99 |
- |
78 |
| Accounts payable and accrued liabilities |
20 |
(3,802) |
(4,992) |
| Interest received (paid), net |
49 |
22 |
1,685 |
| Income taxes paid |
- |
(306) |
(477) |
| Royalties paid |
(99) |
(326) |
(1,355) |
| Cash flows (used in) from operating activities |
3,989 |
(2,240) |
(14,641) |
| Investing activities: |
|
|
|
| Acquisition of Marley Drug, Inc, net of cash acquired |
- |
(7,238) |
- |
| Investment in Sensible Medical |
- |
- |
(6,337) |
| Receipt of holdback receivable funds |
- |
- |
6,719 |
| Redemptions (purchase) of short-term investments |
- |
- |
47,747 |
| Repayment of holdback payable |
(1,876) |
|
|
| Acquisition of property and equipment |
(377) |
(2) |
(186) |
| Acquisition of intangible assets |
(441) |
- |
(13,660) |
| Cash flows from investing activities |
(2,694) |
(7,240) |
34,283 |
| Financing activities: |
|
|
|
|
Repurchase of common shares under substantial
issuer bid |
- |
- |
(26,139) |
|
Repurchase of common shares under normal
course issuer bid |
- |
(522) |
(4,145) |
| Proceeds from exercise of stock options |
- |
- |
20 |
| Repayment of lease liability |
(316) |
(244) |
- |
| Cash flows used in financing activities |
(316) |
(766) |
(30,264) |
|
Foreign exchange (loss) gain on cash held in
foreign currency |
(1) |
(3) |
(552) |
| (Decrease) increase in cash |
978 |
(10,249) |
(11,174) |
| Cash and cash equivalents, beginning of period |
2,716 |
12,965 |
24,139 |
| Cash and cash equivalents, end of period |
$ 3,694 |
$ 2,716 |
$ 12,965 |
View original content:https://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-and-year-ended-december-31-2021-301534819.html
SOURCE Medicure Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2022/27/c5840.html
%CIK: 0001133519
For further information: Dr. Albert Dr. Friesen, Chief Executive
Officer, Tel. 888-435-2220, Fax 204-488-9823, E-mail: info@medicure.com, www.medicure.com
CO: Medicure Inc.
CNW 20:00e 27-APR-22
This regulatory filing also includes additional resources:
ex991.pdf
Medicure (PK) (USOTC:MCUJF)
Historical Stock Chart
From Nov 2024 to Dec 2024
Medicure (PK) (USOTC:MCUJF)
Historical Stock Chart
From Dec 2023 to Dec 2024
