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 May 2020
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: May 12, 2020 |
By: |
/s/ Dr. Albert D.
Friesen |
| |
Dr. Albert D. Friesen |
| |
Title: CEO |
Exhibit
99.1
Medicure Reports Financial Results for Quarter Ended March 31,
2020
WINNIPEG, May 12, 2020 /CNW/ - Medicure Inc. ("Medicure" or
the "Company") (TSXV:MPH, OTC:MCUJF), a cardiovascular
pharmaceutical company, today reported its results from operations
for the quarter ended March 31, 2020.
Quarter Ended March 31, 2020 Highlights:
-
Recorded total net revenue from the
sale of products of $3.0 million during the quarter ended March 31,
2020 compared to $4.9 million for the quarter ended March 31,
2019;
-
Recorded total net revenue from the
sale of AGGRASTAT® of $2.7 million during the quarter
ended March 31, 2020 compared to $4.8 million for the quarter ended
March 31, 2019;
-
Adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA1) for the
quarter ended March 31, 2020 was negative $1.3 million compared to
adjusted EBITDA of negative $1.7 million for the quarter ended
March 31, 2019; and
-
Net loss for the quarter ended March
31, 2020 was $1.5 million compared to net loss of $2.8 million for
the quarter ended March 31, 2019.
Financial Results
Net revenues for the three months ended March 31, 2020 were $3.0
million compared to $4.9 million for the three months ended March
31, 2019. Net revenues from AGGRASTAT® for the
three months ended March 31, 2020 were $2.7 million compared to
$4.8 million for the three months ended March 31, 2019.
ZYPITAMAGTM and SNP contributed $163,000 and $31,000,
respectively during the three months ended March 31, 2020.
Additionally, ReDSTM contributed net revenue of $89,000
for the three months ended March 31, 2020 compared to $103,000 for
the three months ended March 31, 2019.
The Company continues to show strong patient market share with
AGGRASTAT®, however, the market share is offset by
increased price competition caused by enhanced generic Integrilin
competition, which resulted in lower discounted prices for
AGGRASTAT® into the first quarter of 2020. There was
also decreases in the volume of the product sold compared to 2019.
The Company is beginning to see an increase in demand for
ZYPITAMAGTM and expects growth in ZYPITAMAGTM
revenues going forward.
Adjusted EBITDA for the three months ended March 31, 2020 was
negative $1.3 million compared to negative $1.7 million for the
three months ended March 31, 2019. The change in adjusted EBITDA
for the three months ended March 31, 2020 is the result of lower
selling, general and administration and research and development
expenses, partially offset by lower revenues during the three
months ended March 31, 2020 when compared to the same period in
2019.
Net loss for the three months ended March 31, 2020 was $1.5 million
or $0.14 per share compared to net loss of $2.8 million or $0.18
per share for the three months ended March 31, 2019. The change in
the net loss for the three months ended March 31, 2020 is the
result of lower selling, general and administration and research
and development expenses and a gain on foreign exchange, partially
offset by lower revenues experienced during the three months
ended March 31, 2020 when compared to the three months ended March
31, 2019.
At March 31, 2020, the Company had unrestricted cash totaling $12.7
million consistent with the $13.0 million of unrestricted cash held
as of December 31, 2019. Cash flows used in operating activities
for the three months ended March 31, 2020 totaled $822,000 compared
to $1.9 million for the three months ended March 31, 2019.
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 three months ended March 31, 2020 and 2019
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 2020 Results
Call date: Wednesday, May 13, 2020
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:
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 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,
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, 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,
2019.
AGGRASTAT® (tirofiban hydrochloride) is a registered trademark
of Medicure International Inc.
Condensed Consolidated Interim Statements of Financial
Position
(expressed in thousands of Canadian dollars, except per share
amounts)
(unaudited)
|
|
|
|
|
|
March
31, 2020 |
December
31, 2019 |
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash
and cash equivalents |
$ |
12,688 |
$ |
12,965 |
|
Accounts
receivable |
9,700 |
10,216 |
|
Inventories |
8,020 |
6,328 |
|
Prepaid
expenses |
1,965 |
1,855 |
|
Total
current assets |
32,373 |
31,364 |
|
Non-current
assets: |
|
|
|
Property,
plant and equipment |
1,207 |
1,282 |
|
Intangible
assets |
9,844 |
9,599 |
|
Other
assets |
39 |
39 |
|
Total
non-current assets |
11,090 |
10,920 |
|
Total
assets |
$ |
43,463 |
$ |
42,284 |
| |
|
|
|
Liabilities
and Equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
10,064 |
$ |
9,384 |
|
Current
portion of royalty obligation |
1,010 |
872 |
|
Current
portion of acquisition payable |
709 |
649 |
|
Income
taxes payable |
564 |
517 |
|
Current
portion of lease obligation |
249 |
240 |
|
Total
current liabilities |
12,596 |
11,662 |
|
Non-current
liabilities |
|
|
|
Royalty
obligation |
1,176 |
1,176 |
|
Acquisition
payable |
1,852 |
1,655 |
|
Lease
obligation |
793 |
849 |
|
Total
non-current liabilities |
3,821 |
3,680 |
|
Total
liabilities |
16,417 |
15,342 |
|
Equity: |
|
|
|
Share
capital |
85,364 |
85,364 |
|
Warrants |
1,949 |
1,949 |
|
Contributed
surplus |
8,105 |
8,028 |
|
Accumulated
other comprehensive income |
(4,260) |
(5,751) |
|
Deficit |
(64,112) |
(62,648) |
|
Total
Equity |
27,046 |
26,942 |
|
Total
liabilities and equity |
$ |
43,463 |
$ |
42,284 |
Condensed Consolidated Interim Statements of Net Loss and
Comprehensive Income (Loss)
(expressed in thousands of Canadian dollars, except per share
amounts)
(unaudited)
|
|
|
|
|
For
the three months ended March 31 |
2020 |
2019 |
|
|
|
|
| Revenue,
net |
$ |
3,010 |
$ |
4,880 |
|
Cost
of goods sold |
1,542 |
1,038 |
|
Gross
profit |
1,468 |
3,842 |
|
|
|
|
|
Expenses |
|
|
|
Selling |
2,069 |
4,128 |
|
General
and administrative |
800 |
935 |
|
Research
and development |
858 |
921 |
|
|
3,727 |
5,984 |
|
|
|
|
|
Finance
(income) costs: |
|
|
|
Finance
expense (income), net |
73 |
(190) |
|
Foreign
exchange (gain) loss, net |
(868) |
881 |
|
|
(795) |
691 |
|
Net
loss before income taxes |
$ |
(1,464) |
$ |
(2,833) |
| |
|
|
|
Income
tax recovery |
|
|
|
Current |
- |
(77) |
|
|
- |
(77) |
|
Net
loss |
$ |
(1,464) |
$ |
(2,756) |
| |
|
|
|
Other
comprehensive income (loss): |
|
|
|
Item
that may be reclassified to profit or loss |
|
|
Exchange
differences on translation
of foreign
subsidiaries |
1,491 |
(834) |
|
|
|
|
|
Item
that will not be reclassified to profit or loss: |
|
|
|
Revaluation
of investment in Sensible Medical at FVOCI |
- |
117 |
|
Other
comprehensive income (loss), net of tax |
1,491 |
(717) |
|
Comprehensive
income (loss) |
$ |
27 |
$ |
(3,473) |
|
|
|
|
|
Loss
per share |
|
|
|
Basic |
$ |
(0.14) |
$ |
(0.18) |
|
Diluted |
$ |
(0.14) |
$ |
(0.18) |
Condensed Consolidated Interim Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share
amounts)
(unaudited)
|
|
|
|
|
For
the three months ended March 31 |
2020 |
2019 |
|
Cash
(used in) provided by: |
|
|
|
Operating
activities: |
|
|
|
Net
loss for the period |
$ |
(1,464) |
$ |
(2,756) |
|
Adjustments
for: |
|
|
|
Current
income tax recovery |
- |
(77) |
|
Amortization
of property, plant and equipment |
75 |
122 |
|
Amortization
of intangible assets |
608 |
183 |
|
Share-based
compensation |
77 |
122 |
|
Write-down
of inventories |
207 |
|
|
Finance
expense (income), net |
73 |
(190) |
|
Unrealized
foreign exchange loss |
401 |
867 |
|
Change
in the following: |
|
|
|
Accounts
receivable |
516 |
2,752 |
|
Inventories |
(1,899) |
(36) |
|
Prepaid
expenses |
(110) |
(341) |
|
Accounts
payable and accrued liabilities |
680 |
(3,046) |
|
Interest
received, net |
14 |
969 |
|
Royalties
paid |
- |
(462) |
|
Cash
flows used in operating activities |
(822) |
(1,893) |
|
Investing
activities: |
|
|
|
Investment
in Sensible Medical |
- |
(6,337) |
|
Redemptions
of short-term investments |
- |
2,313 |
|
Acquisition
of property, plant and equipment |
- |
(164) |
|
Acquisition
of intangible assets |
- |
(7,038) |
|
Cash
flows used in investing activities |
- |
(11,226) |
|
Financing
activities: |
|
|
|
Purchase
of common shares under normal course issuer bid |
- |
(899) |
|
Cash
flows used in financing activities |
- |
(899) |
|
Foreign
exchange gain (loss) on cash held in foreign currency |
545 |
(14) |
|
Decrease
in cash and cash equivalents |
(277) |
(14,032) |
|
Cash
and cash equivalents, beginning of period |
12,965 |
24,139 |
|
Cash
and cash equivalents, end of period |
$ |
12,688 |
$ |
10,107 |
View original
content:http://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-ended-march-31-2020-301057838.html
SOURCE Medicure Inc.
View original
content:
http://www.newswire.ca/en/releases/archive/May2020/12/c8428.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 12-MAY-20
This regulatory filing also includes additional resources:
ex991.pdf
