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 August 2016

 

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

Exhibit Title
   
99.1 News Release Dated August 10, 2016 - Medicure Reports Second Quarter 2016 Financial Results

 

 

 

 

  
 

 


 

 

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: August 10, 2016 By: /s/ Dr. Albert D. Friesen                           
  Dr. Albert D. Friesen
  Title: President & CEO

 

 



Exhibit 99.1

 

Medicure Reports Second Quarter 2016 Financial Results

WINNIPEG, Aug. 10, 2016 /CNW/ - Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTCQB:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the quarter ended June 30, 2016. 

Quarter Ended June 30, 2016 Highlights:

·Recorded net revenue of $7.7 million during the quarter ended June 30, 2016, an increase of 103% compared to $3.8 million for the quarter ended June 30, 2015;
·Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the quarter ended June 30, 2016 was $2.4 million compared to $1.1 million for the quarter ended June 30, 2015;
·Net income for the quarter ended June 30, 2016 was $433,000, compared to $441,000 for the quarter ended June 30, 2015;

Financial Results

Net revenue from the sale of AGGRASTAT® (tirofiban HCl) finished product for the quarter ended June 30, 2016 was $7.7 million compared to $3.8 million for quarter ended June 30, 2015, an increase of 103%.  Net revenue from the sale of AGGRASTAT® (tirofiban HCl) finished product for the six months ended June 30, 2016 was $13.8 million compared to $7.1 million for the six months ended June 30, 2015, an increase of 93%.  

The increase in revenue compared to the comparable quarter and six month period for the previous year is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT and the continued increase in market share held by the product.  Revenue growth was also aided by favourable fluctuations in the U.S. dollar exchange rate throughout the periods when compared to the same periods in the prior year. 

Adjusted EBITDA for the quarter ended June 30, 2016 after adjusting for $1.2 million of share-based compensation (a non-cash expense item) and $73,000 relating to on-going costs pertaining to the one-time supplemental New Drug Application ("sNDA") filing, was $2.4 million compared to Adjusted EBITDA of $1.1 million for the quarter ended June 30, 2015 which was adjusted for $319,000 of share-based compensation.  Adjusted EBITDA for the six months ended June 30, 2016 after adjusting for $1.4 million of share-based compensation (a non-cash expense item) and $324,000 relating to on-going costs pertaining to the one-time sNDA filing, was $4.5 million compared to Adjusted EBITDA of $2.1 million for the six months ended June 30, 2015 which was adjusted for $742,000 of share-based compensation. 

Net income for the quarter ended June 30, 2016 was $433,000 or $0.03 per share, and was consistent when compared to $441,000 or $0.03 per share for the quarter ended June 30, 2015.  Net income for the six months ended June 30, 2016 was $1.2 million or $0.08 per share compared to $541,000 or $0.04 per share for the six months ended June 30, 2015.

The increase in net income for the six months ended June 30, 2016 is the result of higher revenues, when compared to the same period in the prior year.  This increase was partially offset by higher selling, general and administration and research and development expenses and higher cost of goods sold.  The increase in selling, general and administration expenses is primarily due to higher share-based compensation, which totaled $1.4 million during the six months ended June 30, 2016 compared to $742,000 during the six months ended June 30, 2015, an increased number of staff, resulting in higher personnel expenses and higher selling costs associated with the growth in AGGRASTAT revenues.  The increase in research and development expenses is due to development costs incurred during the three months ended June 30, 2016 associated with the high-value cardiovascular generic drug being developed in collaboration between Medicure and Apicore.  The anticipated filing for the abbreviated New Drug Application ("ANDA") with the U.S. Food and Drug Administration ("FDA") is by the end of 2016.

At June 30, 2016, the Company had cash totaling $7.5 million compared to $3.6 million as of December 31, 2015. The increase in cash is primarily due to the collection of accounts receivable balances that were outstanding as at December 31, 2015.  Cash flows from operating activities for the six months ended June 30, 2016 were $4.5 million compared to $1.2 million for the six months ended June 30, 2015.

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

Note:

 (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 one-time items".  The terms "EBITDA" and "Adjusted EBITDA", as it relates to the quarter and six months ended June 30, 2016 and 2015 results, prepared using International Financial Reporting Standards ("IFRS"), do not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.

Reminder for the Conference Call Tomorrow

Conference call details are as follows:

Topic: Medicure's Q2 2016 Results
Date: Thursday, August 11, 2016
Time: 7:30 am Central Time (8:30 am Eastern Time)
Canada toll-free: 1 (888) 465-5079   (Canada Toll: 1 (416) 216-4169)
United States toll-free: 1 (888) 545-0687
Passcode: 6538569 #           

Webcast: This conference call will be webcast live over the internet and can be accessed from the Medicure investor relations page at the following: http://www.medicure.com/investors.html  

You may request country specific international access info by emailing us in advance at info@medicure.com.

Management will accept and answer questions related to the financial results and its operations during the Q&A period at the end of the conference call. A recording of the call will be available following the event at www.medicure.com.

About Medicure Inc.

Medicure is a specialty pharmaceutical company focused on the development and commercialization of therapeutics for the U.S. hospital market.  The primary focus of the Company and its subsidiaries is the marketing and distribution of AGGRASTAT (tirofiban HCl) for non-ST elevation acute coronary syndrome in the United States, where it is sold through the Company's U.S. subsidiary, Medicure Pharma, Inc.  For more information on Medicure please visit www.medicure.com.

About AGGRASTAT

Indications and Usage
AGGRASTAT is indicated to reduce the rate of thrombotic cardiovascular events (combined endpoint of death, myocardial infarction, or refractory ischemia/repeat cardiac procedure) in patients with non-ST elevation acute coronary syndrome (NSTE-ACS).

Dosage and Administration
Administer intravenously 25 mcg/kg within 5 minutes and then 0.15 mcg/kg/min for up to 18 hours. In patients with creatinine clearance ≤60 mL/min, give 25 mcg/kg within 5 minutes and then 0.075 mcg/kg/min.

Clinical Experience
In clinical studies with the HDB regimen, Aggrastat was administered in combination with aspirin, clopidogrel and heparin or bivalirudin to over 8,000 patients for typically ≤24 hours.

Contraindications
Known hypersensitivity to any component of Aggrastat History of thrombocytopenia with prior exposure to Aggrastat Active internal bleeding, or history of bleeding diathesis, major surgical procedure or severe physical trauma within previous month.

Warnings and Precautions
Aggrastat can cause serious bleeding. If bleeding cannot be controlled discontinue Aggrastat. Thrombocytopenia: Discontinue Aggrastat and heparin.

Adverse Reactions
Bleeding is the most commonly reported adverse reaction.

For more information on AGGRASTAT, please refer to 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, including the expectation of continued revenue growth, are based on the current assumptions, 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, 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, 2015.

Medicure Inc.
Condensed Consolidated Interim Statements of Financial Position
(expressed in Canadian dollars)
(unaudited)
               
        June 30, 2016 December 31, 2015
               
Assets              
Current assets:              
  Cash       $ 7,459,433 $ 3,568,592
  Accounts receivable         5,131,279   9,823,616
  Inventories         3,290,475   2,289,275
  Prepaid expenses         712,984   1,767,071
  Total current assets         16,594,171   17,448,554
Non-current assets:              
  Property and equipment         269,913   230,162
  Intangible assets         527,130   1,411,992
  Investment in Apicore         1,478,069   1,559,599
  Long-term derivative         142,591   227,571
  Deferred tax assets         354,913   379,000
  Total non-current assets         2,772,616   3,808,324
Total assets       $ 19,366,787 $ 21,256,878
               
Liabilities and Equity              
Current liabilities:              
  Accounts payable and accrued liabilities       $ 4,474,333 $ 7,079,091
  Current portion of long-term debt         1,636,569   1,625,191
  Current portion of royalty obligation         1,448,712   1,648,180
  Total current liabilities         7,559,614   10,352,462
Non-current liabilities              
  Long-term debt         1,795,039   2,617,593
  Royalty obligation         3,278,099   3,725,272
  Other long-term liability         -   100,000
  Total non-current liabilities         5,073,138   6,442,865
Total liabilities         12,632,752   16,795,327
Equity:              
  Share capital         121,989,894   121,413,777
  Warrants         101,618   101,618
  Contributed surplus         7,959,770   6,789,195
  Accumulated other comprehensive income         405,829   1,104,388
  Deficit         (123,723,076)   (124,947,427)
  Total equity         6,734,035   4,461,551
Total liabilities and equity       $ 19,366,787 $ 21,256,878

 

Medicure Inc.
Condensed Consolidated Interim Statements of Net Income and Comprehensive Income
(expressed in Canadian dollars)
(unaudited)
                   
      Three
months
ended
June 30,
2016
 

Three
months
ended
June 30,

2015

  Six
months
ended
June 30,
2016
  Six
months
ended
June 30,
2015
Revenue                  
  Product sales, net   $ 7,702,302 $ 3,801,701 $ 13,771,166 $ 7,139,857
Cost of goods sold     864,603   513,976   1,739,097   906,639
Gross Profit     6,837,699   3,287,725   12,032,069   6,233,218
                   
Expenses                  
  Selling, general and administrative     5,049,562   2,374,018   8,215,727   4,446,383
  Research and development     1,100,688   312,758   1,907,985   705,576
      6,150,250   2,686,776   10,123,712   5,151,959
Income before the undernoted     687,449   600,949   1,908,357   1,081,259
                   
Other expense (income):                  
  Revaluation of long-term derivative     (4,318)   (15,219)   84,980   52,505
  Loss on settlement of debt     -   -   -   60,595
      (4,318)   (15,219)   84,980   113,100
                   
Finance expense (income):                  
  Finance expense, net     303,313   195,149   650,193   410,925
  Foreign exchange (gain) loss, net     (44,247)   (20,314)   (51,167)   15,750
      259,066   174,835   599,026   426,675
Net income   $ 432,701 $ 441,333 $ 1,224,351 $ 541,484
Translation adjustment     (219,532)   (77,728)   (698,559)   155,266
Comprehensive income   $ 213,169 $ 363,605 $ 525,792 $ 696,750
Basic earnings per share   $ 0.03 $ 0.03 $ 0.08 $ 0.04
Diluted earnings per share   $ 0.03 $ 0.03 $ 0.07 $ 0.04
Weighted average number of common shares
used in computing basic earnings per share
    14,706,084   12,625,065   14,651,045   12,519,072
Weighted average number of common shares
used in computing fully diluted earnings per share
    16,891,720   14,625,502   16,836,681   14,519,509

 

Medicure Inc.
Condensed Consolidated Interim Statements of Cash Flows
(expressed in Canadian dollars)
(unaudited)
         
      Six months
ended
June 30, 2016
Six months
ended
June 30, 2015
             
Cash (used in) provided by:            
Operating activities:            
  Net income for the period     $ 1,224,351 $ 541,484
  Adjustments for:            
    Revaluation of long-term derivative       84,980   52,505
    Loss on settlement of debt       -   60,595
    Amortization of property and equipment       45,562   7,754
    Amortization of intangible assets       814,863   318,464
    Stock-based compensation       1,383,278   741,707
    (Write-up) down of inventory       (69,592)   89,058
    Finance expense, net       650,193   410,925
    Unrealized foreign exchange (gain) loss       (75,661)   17,247
  Change in the following:            
    Accounts receivable       4,692,337   (661,119)
    Inventories       (931,608)   227,666
    Prepaid expenses       1,054,087   (456,455)
    Accounts payable and accrued liabilities       (3,293,160)   387,276
    Other long-term liability       (100,000)   (84,722)
Interest paid       (112,909)   (172,626)
Royalties paid       (895,512)   (235,603)
Cash flows from operating activities       4,471,209   1,244,156
Investing activities:            
  Acquisition of property and equipment       (85,955)   (51,612)
Cash flows used in investing activities       (85,955)   (51,612)
Financing activities:            
  Issuance of common shares, net of share issue costs       -   3,630,323
  Exercise of stock options       363,414   2,850
  Repayment of long-term debt       (833,333)   -
Cash flows (used in) from financing activities       (469,919)   3,633,173
Foreign exchange (loss) gain on cash held in foreign currency       (24,494)   1,497
Increase in cash       3,890,841   4,827,214
Cash, beginning of period       3,568,592   493,869
Cash, end of period     $ 7,459,433 $ 5,321,083
             
Supplementary information:            
Non-cash financing activities:            
Shares issued on debt settlement     $ - $ 624,029
Warrants issued as share issue costs     $ - $ 232,571

 

SOURCE Medicure Inc.

 

%CIK: 0001133519

For further information: James Kinley, Chief Financial Officer, Tel. 888-435-2220, Fax 204-488-9823, E-mail: info@medicure.com, www.medicure.com

CO: Medicure Inc.

CNW 17:00e 10-AUG-16

 

 

 

 

 



This regulatory filing also includes additional resources:
ex991.pdf
Medicure (PK) (USOTC:MCUJF)
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