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 November 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 November 9, 2016 - Medicure Reports Third 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: November 9, 2016 |
By: |
/s/ Dr. Albert D. Friesen |
|
Dr. Albert D. Friesen |
|
Title: President & CEO |
Exhibit 99.1
Medicure Reports Third Quarter 2016 Financial Results
WINNIPEG, Nov. 9, 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 September 30, 2016.
Quarter Ended September 30, 2016 Highlights:
| · | Recorded net revenue of $8.2 million during the quarter
ended September 30, 2016, an increase of 51% compared to $5.4 million for the quarter ended September 30, 2015; |
| · | Adjusted earnings before interest, taxes, depreciation
and amortization (EBITDA)1 for the quarter ended September 30, 2016 was $2.9 million compared to $2.1 million for the
quarter ended September 30, 2015; |
| · | Net income for the quarter ended September 30, 2016
was $2.0 million, compared to a net loss of $348,000 for the quarter ended September 30, 2015; |
Financial Results
Net revenue from the sale of AGGRASTAT® (tirofiban
HCl) finished product for the quarter ended September 30, 2016 was $8.2 million compared to $5.4 million for quarter ended September
30, 2015, an increase of 51%. Net revenue from the sale of AGGRASTAT finished product for the nine months ended September
30, 2016 was $22.0 million compared to $12.6 million for the nine months ended September 30, 2015, an increase of 75%.
The increase in revenue compared to the comparable quarter
and nine 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 for the nine month period
was also aided by favourable fluctuations in the U.S. dollar exchange rate throughout the period when compared to the same period
in the prior year.
Adjusted EBITDA for the quarter ended September 30, 2016 was
$2.9 million compared to Adjusted EBITDA of $2.0 million for the quarter ended September 30, 2015 which was adjusted for a $1.9
million filing fee with the FDA and $174,000 of share-based compensation. Adjusted EBITDA for the nine months ended September
30, 2016 after adjusting for $1.3 million of share-based compensation (a non-cash expense item) and $346,000 relating to on-going
costs pertaining to a one-time FDA filing, was $7.3 million compared to Adjusted EBITDA of $4.2 million for the nine months ended
September 30, 2015 which was adjusted for a $1.9 million filing fee with the FDA and $915,000 of share-based compensation.
Net income for the quarter ended September 30, 2016 was $2.0
million or $0.13 per share, compared to a net loss of $348,000 or $0.02 per share for the quarter ended September 30, 2015.
Net income for the nine months ended September 30, 2016 was $3.2 million or $0.22 per share compared to $194,000 or $0.01 per share
for the nine months ended September 30, 2015.
The increase in net income for the nine months ended September
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 expenses. The increase in selling, general and administration expenses
is primarily due to an increased number of staff, resulting in higher personnel expenses and higher selling costs associated with
the growth in AGGRASTAT revenues.
At September 30, 2016, the Company had cash totaling $8.8
million compared to $3.6 million as of December 31, 2015. The increase in cash is due to higher revenues and the associated net
income after adjusting for non-cash items. Cash flows from operating activities for the nine months ended September
30, 2016 were $4.8 million compared to $327,000 for the nine months ended September 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 nine months ended September 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 Q3 2016 Results
Date: Thursday, November 10, 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: 7630948#
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.
Condensed Consolidated Interim Statements of Financial Position |
(expressed in Canadian dollars) |
(unaudited) |
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash |
|
$ |
8,822,292 |
|
$ |
3,568,592 |
|
Accounts receivable |
|
|
6,615,064 |
|
|
9,823,616 |
|
Inventories |
|
|
3,539,509 |
|
|
2,289,275 |
|
Prepaid expenses |
|
|
381,902 |
|
|
1,767,071 |
|
Total current assets |
|
|
19,358,767 |
|
|
17,448,554 |
Non-current assets: |
|
|
|
|
|
|
|
Property and equipment |
|
|
278,818 |
|
|
230,162 |
|
Intangible assets |
|
|
133,823 |
|
|
1,411,992 |
|
Investment in Apicore |
|
|
1,495,735 |
|
|
1,559,599 |
|
Long-term derivative |
|
|
13,084 |
|
|
227,571 |
|
Deferred tax assets |
|
|
359,201 |
|
|
379,000 |
|
Total non-current assets |
|
|
2,280,661 |
|
|
3,808,324 |
Total assets |
|
$ |
21,639,428 |
|
$ |
21,256,878 |
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
3,672,064 |
|
$ |
7,079,091 |
|
Current portion of long-term debt |
|
|
1,641,530 |
|
|
1,625,191 |
|
Current portion of royalty obligation |
|
|
1,425,675 |
|
|
1,648,180 |
|
Total current liabilities |
|
|
6,739,269 |
|
|
10,352,462 |
Non-current liabilities |
|
|
|
|
|
|
|
Long-term debt |
|
|
1,382,822 |
|
|
2,617,593 |
|
Royalty obligation |
|
|
3,138,273 |
|
|
3,725,272 |
|
Other long-term liability |
|
|
- |
|
|
100,000 |
|
Total non-current liabilities |
|
|
4,521,095 |
|
|
6,442,865 |
Total liabilities |
|
|
11,260,364 |
|
|
16,795,327 |
Equity: |
|
|
|
|
|
|
|
Share capital |
|
|
124,625,551 |
|
|
121,413,777 |
|
Warrants |
|
|
79,848 |
|
|
101,618 |
|
Contributed surplus |
|
|
6,782,145 |
|
|
6,789,195 |
|
Accumulated other comprehensive income |
|
|
611,259 |
|
|
1,104,388 |
|
Deficit |
|
|
(121,719,739) |
|
|
(124,947,427) |
|
Total equity |
|
|
10,379,064 |
|
|
4,461,551 |
Total liabilities and equity |
|
$ |
21,639,428 |
|
$ |
21,256,878 |
Condensed Consolidated Interim Statements of Net Income (Loss) and Comprehensive Income (Loss) |
(expressed in Canadian dollars) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months
ended
September
30, 2016 |
|
Three
months
ended
September
30, 2015 |
|
Nine
months
ended
September
30, 2016 |
|
Nine
months
ended
September
30, 2015 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Product sales, net |
|
$ |
8,203,523 |
$ |
5,415,992 |
$ |
21,974,689 |
$ |
12,555,849 |
Cost of goods sold |
|
|
992,045 |
|
542,071 |
|
2,731,142 |
|
1,448,710 |
Gross Profit |
|
|
7,211,478 |
|
4,873,921 |
|
19,243,547 |
|
11,107,139 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
3,724,094 |
|
2,393,240 |
|
11,939,821 |
|
6,839,623 |
|
Research and development |
|
|
1,018,201 |
|
2,643,757 |
|
2,926,186 |
|
3,349,333 |
|
|
|
4,742,295 |
|
5,036,997 |
|
14,866,007 |
|
10,188,956 |
Income (loss) before the undernoted |
|
|
2,469,183 |
|
(163,076) |
|
4,377,540 |
|
918,183 |
|
|
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
Revaluation of long-term derivative |
|
|
129,507 |
|
(43,676) |
|
214,487 |
|
8,829 |
|
Loss on settlement of debt |
|
|
- |
|
- |
|
- |
|
60,595 |
|
|
|
129,507 |
|
(43,676) |
|
214,487 |
|
69,424 |
|
|
|
|
|
|
|
|
|
|
Finance expense (income): |
|
|
|
|
|
|
|
|
|
|
Finance expense, net |
|
|
296,561 |
|
201,665 |
|
946,754 |
|
612,590 |
|
Foreign exchange loss (gain), net |
|
|
39,778 |
|
26,583 |
|
(11,389) |
|
42,333 |
|
|
|
336,339 |
|
228,248 |
|
935,365 |
|
654,923 |
Net income (loss) |
|
$ |
2,003,337 |
$ |
(347,648) |
$ |
3,227,688 |
$ |
193,836 |
Translation adjustment |
|
|
205,430 |
|
315,634 |
|
(493,129) |
|
470,900 |
Comprehensive income (loss) |
|
$ |
2,208,767 |
$ |
(32,014) |
$ |
2,734,559 |
$ |
664,736 |
Basic earnings (loss) per share |
|
$ |
0.13 |
$ |
(0.02) |
$ |
0.22 |
$ |
0.01 |
Diluted earnings (loss) per share |
|
$ |
0.12 |
$ |
(0.02) |
$ |
0.20 |
$ |
0.01 |
Weighted average number of common
shares used in computing basic earnings
(loss) per share |
|
|
15,172,119 |
|
14,366,917 |
|
14,826,004 |
|
13,336,109 |
Weighted average number of common
shares used in computing fully diluted
earnings (loss) per share |
|
|
16,609,865 |
|
14,366,917 |
|
16,263,750 |
|
15,558,196 |
Condensed Consolidated Interim Statements of Cash Flows |
(expressed in Canadian dollars) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Nine months
ended
September 30,
2016 |
|
|
Nine months
ended
September 30,
2015 |
|
|
|
|
|
|
|
|
Cash (used in) provided by: |
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
Net income for the period |
$ |
3,227,688 |
|
$ |
193,836 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
Revaluation of long-term derivative |
|
214,487 |
|
|
8,829 |
|
|
|
Loss on settlement of debt |
|
- |
|
|
60,595 |
|
|
|
Amortization of property and equipment |
|
63,482 |
|
|
15,043 |
|
|
|
Amortization of intangible assets |
|
1,214,171 |
|
|
487,235 |
|
|
|
Share-based compensation |
|
1,340,001 |
|
|
915,207 |
|
|
|
(Write-up) down of inventory |
|
(69,592) |
|
|
96,233 |
|
|
|
Finance expense, net |
|
946,754 |
|
|
612,590 |
|
|
|
Unrealized foreign exchange (gain) loss |
|
(8,976) |
|
|
44,568 |
|
|
Change in the following: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
3,208,552 |
|
|
(1,834,893) |
|
|
|
Inventories |
|
(1,180,642) |
|
|
(84,922) |
|
|
|
Prepaid expenses |
|
1,385,169 |
|
|
(269,155) |
|
|
|
Accounts payable and accrued liabilities |
|
(4,049,915) |
|
|
813,259 |
|
|
|
Other long-term liability |
|
(100,000) |
|
|
(77,084) |
|
Interest paid |
|
(149,615) |
|
|
(248,745) |
|
Royalties paid |
|
(1,247,791) |
|
|
(405,434) |
|
Cash flows from operating activities |
|
4,793,773 |
|
|
327,162 |
|
Investing activities: |
|
|
|
|
|
|
|
Acquisition of property and equipment |
|
(112,660) |
|
|
(122,429) |
|
Cash flows used in investing activities |
|
(112,660) |
|
|
(122,429) |
|
Financing activities: |
|
|
|
|
|
|
|
Issuance of common shares, net of share issue costs |
|
- |
|
|
3,630,323 |
|
|
Exercise of stock options |
|
1,814,780 |
|
|
31,065 |
|
|
Exercise of warrants |
|
28,173 |
|
|
- |
|
|
Repayment of long-term debt |
|
(1,250,001) |
|
|
(277,778) |
|
Cash flows from financing activities |
|
592,952 |
|
|
3,383,610 |
|
Foreign exchange loss on cash held in foreign currency |
|
(20,365) |
|
|
(2,235) |
|
Increase in cash |
|
5,253,700 |
|
|
3,586,108 |
|
Cash, beginning of period |
|
3,568,592 |
|
|
493,869 |
|
Cash, end of period |
$ |
8,822,292 |
|
$ |
4,079,977 |
|
|
|
|
|
|
|
|
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 09-NOV-16
This regulatory filing also includes additional resources:
ex991.pdf
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