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 2019
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 29, 2019 |
By: |
/s/ Dr. Albert D. Friesen |
| |
Dr. Albert D. Friesen |
| |
Title: President & CEO |
Exhibit 99.1
Medicure Reports Financial Results for
Quarter and Year Ended December 31, 2018
WINNIPEG, April 29, 2019 /CNW/ - Medicure Inc.
("Medicure" or the "Company") (TSXV:MPH, OTC:MCUJF), a pharmaceutical company, today reported
its results from operations for the quarter and year ended December 31, 2018.
Year Ended December 31, 2018 Highlights:
- Recorded total net revenue
from the sale of products of $29.1 million during the year ended December 31, 2018 compared to $27.1 million for the year ended
December 31, 2017;
- Recorded total net revenue
from the sale of AGGRASTAT® of $28.5 million during the year ended December 31, 2018 compared to $27.1 million for
the year ended December 31, 2017;
- Net income for the year
ended December 31, 2018 was $3.9 million, compared to net income of $43.4 million for the year ended December 31, 2017, which includes
the gain on the sale of the Apicore business which occurred in October 2017;
- Adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA)1 for the year ended December 31, 2018 was $0.2 million compared
to adjusted EBITDA of $4.8 million for the year ended December 31, 2017 and
- Diversified product portfolio with US FDA ANDA approval
of Sodium Nitroprusside and acquisition of US marketing rights to ZYPITAMAGTM.
Financial Results
Net revenues for the year ended December 31,
2018 were $29.1 million compared to $27.1 million for the year ended December 31, 2017. Net revenues from AGGRASTAT®
for the year ended December 31, 2018 were $28.5 million compared to $27.1 million for the year ended December 31, 2017. Additionally,
ZYPITAMAGTM, which was launched commercially by the Company in 2018, contributed $0.7 million of net revenues for the
year ended December 31, 2018.
Net revenues from AGGRASTAT® for
the three months ended December 31, 2018 were $8.2 million compared to $5.0 million for the three months ended December 31, 2017.
The Company continues to experience an increase
in patient market share held by AGGRASTAT® and an increase in the number of new hospital customers using the product
leading to the highest hospital demand for AGGRASTAT® in the Company's history, which is partially offset by increased
price competition as a result of increased generic competitors, which resulted in lower discounted prices for AGGRASTAT®
throughout 2018. An increased volume of AGGRASTAT® sold and a weaker Canadian dollar compared to its US counterpart
resulted in the revenue increases experienced in 2018.
Medicure continues to focus on expanding the
customer base for AGGRASTAT® and growing the sales of ZYPITAMAGTM (pitavastatin). Diversification
of revenues remains an important aspect of the Company's focus with the Company signing a marketing agreement for ReDSTM
in January 2019 and the expected launch of Sodium Nitroprusside in mid-2019.
Adjusted EBITDA for the year ended December
31, 2018 was $0.2 million compared to $4.8 million for the year ended December 31, 2017. The decrease in adjusted EBITDA for the
year is the result of the higher selling, general and administration expenses caused by the incurrence of additional costs relating
to the commercial organization due to the launch of ZYPITAMAGTM and higher research and development expenses related
to the Company's product development pipeline. Adjusted EBITDA for the three months ended December 31, 2018 was negative $2.0 million
compared to negative $0.6 million for the three months ended December 31, 2017.
Net income for the year ended December 31,
2018 was $3.9 million or $0.25 per share. This compares to net income of $43.4 million or $2.78 per share for the year ended December
31, 2017, which includes income of $11.5 million or $0.74 per share from continuing operations and income from discontinued operations
of $31.9 million or $2.04 per share. Discontinued operations includes the operations of Apicore and the gain on the sale
of the Apicore business.
Net income for the three months ended December
31, 2018 was $1.5 million or $0.10 per share, compared to net income of $51.4 million or $2.81 per share for the three months ended
December 31, 2017, primarily relating to the gain on the sale of the Apicore business.
At December 31, 2018, the Company had unrestricted
cash and short-term investments totaling $71.9 million compared to $5.3 million as of December 31, 2017. The increase in cash is
due to the proceeds received from the sale of the Apicore business in October 2017, which were received in 2018. Cash flows
from operating activities for the year ended December 31, 2018 totaled $0.7 million.
All amounts referenced herein are in Canadian
dollars unless otherwise noted.
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 quarters and years ended December 31, 2018 and 2017 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.
Conference Call Info:
Topic: Medicure's Fiscal Year End 2018 Results
Call date: Tuesday, April 30, 2019
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: 8925377#
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: http://www.medicure.com/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
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, ZYPITAMAGTM (pitavastatin)
tablets and the ReDS™ device in the United States, where they are sold through the Company's U.S. subsidiary, Medicure Pharma
Inc. For more information on Medicure please visit www.medicure.com.
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, 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, 2018.
AGGRASTAT® (tirofiban hydrochloride)
is a registered trademark of Medicure International Inc.
Consolidated Statements of Financial Position
(expressed in Canadian dollars)
| As at December 31 |
2018 |
2017 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Current assets: |
|
|
|
|
| Cash and cash equivalents |
$ |
24,139,281 |
$ |
5,260,480 |
| Short-term investments |
|
47,747,000 |
|
- |
| Accounts receivable |
|
10,764,579 |
|
8,588,255 |
| Consideration receivable |
|
- |
|
82,678,366 |
| Inventories |
|
4,239,267 |
|
3,075,006 |
| Prepaid expenses |
|
2,696,693 |
|
903,914 |
| Assets held for sale |
|
- |
|
14,052,861 |
| Total current assets |
|
89,586,820 |
|
114,558,882 |
| Non-current assets: |
|
|
|
|
| Property, plant and equipment |
|
316,013 |
|
221,622 |
| Intangible assets |
|
1,705,250 |
|
1,756,300 |
| Holdback receivable |
|
11,909,368 |
|
12,068,773 |
| Other assets |
|
116,786 |
|
- |
| Deferred tax assets |
|
127,176 |
|
326,108 |
| Total non-current assets |
|
14,174,593 |
|
14,372,803 |
| Total assets |
$ |
103,761,413 |
$ |
128,931,685 |
| |
|
|
|
|
| Liabilities and Equity |
|
|
|
|
| Current liabilities: |
|
|
|
|
| Accounts payable and accrued liabilities |
$ |
14,378,215 |
$ |
10,371,103 |
| Accrued transaction costs |
|
- |
|
22,360,730 |
| Current income taxes payable |
|
1,058,487 |
|
2,428,560 |
| Current portion of royalty obligation |
|
1,495,548 |
|
1,537,202 |
| Liabilities held for sale |
|
- |
|
6,976,313 |
| Total current liabilities |
|
16,932,250 |
|
43,673,908 |
| Non-current liabilities |
|
|
|
|
| Royalty obligation |
|
2,035,010 |
|
2,911,810 |
| License fee payable |
|
- |
|
501,800 |
| Other long-term liabilities |
|
1,200,608 |
|
1,135,007 |
| Total non-current liabilities |
|
3,235,618 |
|
4,548,617 |
| Total liabilities |
|
20,167,868 |
|
48,222,525 |
| Equity: |
|
|
|
|
| Share capital |
|
122,887,105 |
|
125,733,727 |
| Warrants |
|
1,948,805 |
|
1,948,805 |
| Contributed surplus |
|
7,628,188 |
|
6,897,266 |
| Accumulated other comprehensive income |
|
1,267,717 |
|
673,264 |
| Deficit |
|
(50,138,270) |
|
(54,543,902) |
| Total Equity |
|
83,593,545 |
|
80,709,160 |
| Total liabilities and equity |
$ |
103,761,413 |
$ |
128,931,685 |
Consolidated Statements of Net Income and
Comprehensive Income
(expressed in Canadian dollars)
| For the year ended December 31 |
2018 |
2017 |
2016 |
| Revenue, net |
|
|
|
|
|
|
| Product sales, net |
$ |
29,109,365 |
$ |
27,132,832 |
$ |
29,304,800 |
| Cost of goods sold |
|
4,152,238 |
|
3,464,686 |
|
3,721,191 |
| Gross profit |
|
24,957,127 |
|
23,668,146 |
|
25,583,609 |
| |
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
| Selling, general and administrative |
|
19,502,337 |
|
14,867,635 |
|
15,417,604 |
| Research and development |
|
6,681,013 |
|
5,148,233 |
|
3,630,079 |
| |
|
26,183,350 |
|
20,015,868 |
|
19,047,683 |
| (Loss) income before the undernoted |
|
(1,226,223) |
|
3,652,278 |
|
6,535,926 |
| |
|
|
|
|
|
|
| Other expense (income): |
|
|
|
|
|
|
| Revaluation of holdback receivable |
|
1,472,999 |
|
(82,489) |
|
- |
| Impairment loss |
|
- |
|
635,721 |
|
- |
| |
|
1,472,999 |
|
553,232 |
|
- |
| |
|
|
|
|
|
|
| Finance (income) costs: |
|
|
|
|
|
|
| Finance (income) expense, net |
|
(1,060,932) |
|
837,461 |
|
2,478,914 |
| Foreign exchange (gain) loss, net |
|
(6,460,805) |
|
(175,459) |
|
262,469 |
| |
|
(7,521,737) |
|
662,002 |
|
2,741,383 |
| Net income before income taxes |
$ |
4,822,515 |
$ |
2,437,044 |
$ |
3,794,543 |
| Income tax (expense) recovery |
|
|
|
|
|
|
| Current |
|
(677,900) |
|
9,392,836 |
|
(501,315) |
| Deferred |
|
(218,976) |
|
(333,187) |
|
331,095 |
| |
|
(896,876) |
|
9,059,649 |
|
(170,220) |
| |
|
|
|
|
|
|
| Net income before discontinued operations |
$ |
3,925,639 |
$ |
11,496,693 |
$ |
3,624,323 |
| Net income from discontinued operations, net of tax |
|
- |
|
31,924,191 |
|
23,358,318 |
| Net income |
$ |
3,925,639 |
$ |
43,420,884 |
$ |
26,982,641 |
| Translation adjustment, attributable to: |
|
|
|
|
|
|
| Continuing operations |
|
594,453 |
|
(30,295) |
|
(400,829) |
| Discontinued operations |
|
- |
|
21,567 |
|
(21,567) |
| Comprehensive income |
$ |
4,520,092 |
$ |
43,412,156 |
$ |
26,560,245 |
| |
|
|
|
|
|
|
| Earnings per share from continuing operations |
|
|
|
|
|
|
| Basic |
$ |
0.25 |
$ |
0.74 |
$ |
0.24 |
| Diluted |
$ |
0.24 |
$ |
0.63 |
$ |
0.21 |
| |
|
|
|
|
|
|
| Earnings per share from discontinued operations |
|
|
|
|
|
|
| Basic |
$ |
- |
$ |
2.04 |
$ |
1.56 |
| Diluted |
$ |
- |
$ |
1.76 |
$ |
1.35 |
| |
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
| Basic |
$ |
0.25 |
$ |
2.78 |
$ |
1.80 |
| Diluted |
$ |
0.24 |
$ |
2.39 |
$ |
1.56 |
Consolidated Statements of Cash Flows
(expressed in Canadian dollars)
| For the year ended December 31 |
2018 |
2017 |
2016 |
| Cash (used in) provided by: |
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
| Net income from continuing operations for the year |
$ |
3,925,639 |
$ |
11,496,693 |
$ |
3,624,323 |
| Net income from discontinued operations for the year |
|
- |
|
31,924,191 |
|
23,358,318 |
| |
|
3,925,639 |
|
43,420,884 |
|
26,982,641 |
| Adjustments for: |
|
|
|
|
|
|
| Gain on sale of Apicore |
|
- |
|
(55,254,236) |
|
- |
| Current income tax expense (recovery) |
|
677,900 |
|
(9,392,836) |
|
504,586 |
| Deferred income tax expense (recovery) |
|
218,976 |
|
(1,513,868) |
|
301,512 |
| Impairment loss |
|
- |
|
635,721 |
|
- |
| Revaluation of holdback receivable |
|
1,472,999 |
|
(82,489) |
|
- |
| Revaluation of long-term derivative |
|
- |
|
- |
|
(20,560,440) |
| Gain on step acquisition |
|
- |
|
- |
|
(4,895,573) |
| Amortization of property, plant and equipment |
|
103,207 |
|
1,173,019 |
|
189,008 |
| Amortization of intangible assets |
|
195,977 |
|
6,633,957 |
|
2,192,024 |
| Share-based compensation |
|
1,022,175 |
|
623,115 |
|
1,400,241 |
| Write-down (write-up) of inventories |
|
94,517 |
|
385,289 |
|
(108,817) |
| Finance (income) expense, net |
|
(1,060,932) |
|
837,461 |
|
3,416,678 |
| Unrealized foreign exchange (gain) loss |
|
(5,322,916) |
|
270,663 |
|
215,386 |
| Change in the following: |
|
|
|
|
|
|
| Accounts receivable |
|
(1,340,746) |
|
(3,713,375) |
|
(4,174,691) |
| Inventories |
|
(1,258,778) |
|
145,339 |
|
2,520,499 |
| Prepaid expenses |
|
(1,792,779) |
|
76,724 |
|
1,706,109 |
| Other assets |
|
- |
|
33,130 |
|
(1,229) |
| Accounts payable and accrued liabilities |
|
7,131,998 |
|
48,398,200 |
|
143,257 |
| Deferred revenue |
|
- |
|
(621,455) |
|
(382,727) |
| Other long-term liabilities |
|
- |
|
77,467 |
|
(102,828) |
| Interest received (paid), net |
|
255,119 |
|
(7,485,956) |
|
(1,223,664) |
| Income taxes paid |
|
(2,041,317) |
|
(894,327) |
|
- |
| Royalties paid |
|
(1,538,766) |
|
(1,829,295) |
|
(1,712,390) |
| Cash flows from operating activities |
|
742,273 |
|
21,923,132 |
|
6,409,582 |
| Investing activities: |
|
|
|
|
|
|
| Proceeds from Apicore Sale Transaction |
|
65,234,555 |
|
89,719,599 |
|
- |
| Purchase of short-term investments |
|
(44,100,000) |
|
- |
|
- |
| Acquisition of Class C common shares of Apicore |
|
- |
|
(31,606,865) |
|
- |
| Acquisition of Class E common shares of Apicore |
|
- |
|
(2,640,725) |
|
- |
| Acquisition of Apicore, net of cash acquired |
|
- |
|
- |
|
(41,711,546) |
| Acquisition of property, plant and equipment |
|
(197,494) |
|
(1,194,703) |
|
(464,208) |
| Acquisition of intangible assets |
|
(1,280,540) |
|
(127,144) |
|
- |
| Cash flows from (used in) investing activities |
|
19,656,521 |
|
54,150,162 |
|
(42,175,754) |
Consolidated Statements of Cash Flows (Continued)
(expressed in Canadian dollars)
| For the year ended December 31 |
2018 |
2017 |
2016 |
| Financing activities: |
|
|
|
| Repurchase of common shares under normal course issuer bid |
(3,021,340) |
- |
- |
| Proceeds from exercise of stock options |
363,458 |
519,999 |
1,844,130 |
| Proceeds from exercise of Apicore stock options |
- |
421,942 |
- |
| Proceeds from exercise of warrants |
- |
92,332 |
39,172 |
| Issuance of long-term debt |
- |
- |
56,781,184 |
| Repayment of long-term debt |
- |
(75,180,908) |
(1,666,666) |
| Repayment of note payable to Apicore |
- |
(18,507,400) |
- |
| Increase in short-term borrowings |
- |
161,923 |
332,555 |
| Decrease (increase) in cash held in escrow |
- |
12,809,072 |
(12,809,072) |
| Finance lease payments |
- |
(101,946) |
(10,463) |
| Payment of due to vendor |
- |
(3,185,945) |
- |
| Cash flows (used in) from financing activities |
(2,657,882) |
(82,970,931) |
44,510,840 |
| Foreign exchange (loss) gain on cash held in foreign currency |
1,137,889 |
(108,060) |
(47,083) |
| Increase (decrease) in cash |
18,878,801 |
(7,005,697) |
8,697,585 |
| Cash and cash equivalents, beginning of period |
5,260,480 |
12,266,177 |
3,568,592 |
| Cash and cash equivalents, end of period |
$ 24,139,281 |
$ 5,260,480 |
$ 12,266,177 |
View
original content:http://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-and-year-ended-december-31-2018-300840151.html
SOURCE Medicure Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2019/29/c1308.html
%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 17:30e 29-APR-19
This regulatory filing also includes additional resources:
ex991.pdf
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