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 2021
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 20, 2021 |
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, 2020
Conference call to be
held in connection with the Company's Q1 2021 results to be released in May 2021
WINNIPEG, MB, April 20, 2021 /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, 2020.
Quarter and Year Ended December 31, 2020
Highlights:
- Recorded total net revenue
of $11.6 million during the year ended December 31, 2020 compared to $20.2 million for the year ended December 31, 2019 and;
- Recorded total net revenue
of $2.4 million during the quarter ended December 31, 2020 compared to $3.5 million for the quarter ended December 31, 2019 and;
- Recorded total net revenue
from the sale of AGGRASTAT® of $10.6 million during the year ended December 31, 2020 compared to $19.4 million
for the year ended December 31, 2019 and;
- Diversified product portfolio
with ZYPITAMAG® revenues of $453,000 and revenues from the Marley Drug business of $340,000 during the year
ended December 31, 2020 and;
- Reduced selling expenses
to $5.4 million for the year ended December 31, 2020 compared to $13.4 million for the year ended December 31, 2019 and;
- Adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA1) for the year ended December 31, 2020 was negative $3.9 million
compared to adjusted EBITDA of negative $3.8 million for the year ended December 31, 2019 and;
- Net loss for the year
ended December 31, 2020 was $6.8 million compared to $19.8 million for the year ended December 31, 2019;
Financial Results
The decrease in AGGRASTAT® revenues
when compared to the same periods in the previous year, as described above, is the result of decreases in the volume of AGGRASTAT®
sold in 2020 when compared to 2019, due mainly to fewer procedures being performed as a result of the COVID-19 pandemic and a decline
in the overall use of the drug class. In addition, the Company continues to experience pricing pressures from competitors which
contributed to the decline in revenue from AGGRASTAT®.
ZYPITAMAG® contributed $453,000
of revenue for the year ended December 31, 2020 compared to $183,000 for the year ended December 31, 2019. With the acquisition
of the Marley Drug business in December of 2020, including direct to patient marketing, and improved insurance coverage experienced
during 2020, the Company has seen some growth in interest in ZYPITAMAG® during 2020. COVID-19 has provided some
challenges with physician access, however, the Company continues to pursue innovative marketing strategies to grow the usage of
the product.
The Marley Drug business, acquired on December
17, 2020, contributed $340,000 of revenue to the Company for the period beginning on December 17, 2020. Marley provides excellent
customer service, cost competitive medications, expedited direct to patient delivery, and is licensed in 49 states, Washington
D.C. and Puerto Rico. Its advanced operating systems include automated pill dispensing, an extended supply generic drug program,
and an effective customer communication system. Marley has been successful in marketing directly to customers, providing access
to medications without the need for insurance, and building a nationwide customer base.
Additionally, sodium nitroprusside (SNP), which
was first sold commercially during 2020, contributed $116,000 of revenue during the year ended December 31, 2020. The Company also
earned $95,000 of revenue from ReDSTM during the year ended December 31, 2020 compared to $618,000 for the year ended
December 31, 2019.
Adjusted EBITDA for the three months ended
December 31, 2020 was negative $2.9 million compared to negative $1.9 million for the three months ended December 31, 2019. The
decrease in adjusted EBITDA for the three months ended December 31, 2020 is the result of lower revenues when compared to the same
period in 2019 and higher general and administrative expenses as a result of increased legal expenses resulting from the patent
challenge litigation which was settled during the three months ended December 31, 2020.
Adjusted EBITDA for the year ended December
31, 2020 was negative $3.9 million consistent with negative $3.8 million for the year ended December 31, 2019. Adjusted EBITDA
for the year ended December 31, 2020 resulted from lower revenues, however this revenue decline was offset by lower selling and
research and development expenses when compared to 2019.
During the year ended December 31, 2020, the
Company recorded $860,000 in government assistance resulting from the Canada Emergency Wage Subsidy. The funding has been
recorded as a reduction of the related salary expenditures with $595,000 recorded within selling expenses, $159,000 recorded within
general and administrative expenses and $106,000 recorded within research and development expenses.
Net loss for the three months ended December
31, 2020 was $4.4 million or $0.41 per share compared to net loss of $15.5 million or $1.08 per share for the three months ended
December 31, 2019. The main factors contributing to the decrease in the net loss recorded for the three months ended December 31,
2020 were the impairment loss recorded on the ReDSTM license, and a loss recorded upon the settlement of the holdback
receivable during the three months ended December 31, 2019, partially offset by lower revenue experienced during the three months
ended December 31, 2020.
Net loss for the year ended December 31, 2020
was $6.8 million or $0.64 per share compared to $19.8 million or $1.32 per share for the year ended December 31, 2019. The main
factors contributing to the decrease in the net loss recorded for the year ended December 31, 2020 were the impairment loss recorded
on the ReDSTM license, and a loss recorded upon the settlement of the holdback receivable during 2019, partially offset
by lower revenue experienced during the year ended December 31, 2020.
At December 31, 2020, the Company had unrestricted
cash totaling $2.7 million, down from the $13.0 million of unrestricted cash held as of December 31, 2019, primarily due to cash
used in the acquisition of Marley Drug. The Company is in the process of obtaining debt financing from a commercial bank to replenish
its cash balance. Cash flows used in operating activities for the year ended December 31, 2020 totaled $2.2 million compared to
$14.6 million for the year ended December 31, 2019.
All amounts referenced herein are in Canadian
dollars unless otherwise noted.
The Company plans to hold an investor conference
call in early May 2021 to present the results for the year ended December 31, 2020 and the three months ended March 31, 2021 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, 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. |
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"), a pharmacy located in North
Carolina that offers an Extended Supply mail order drug program serving 49 states, Washington D.C. and Puerto Rico. Marley 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, 2020.
AGGRASTAT® (tirofiban hydrochloride)
injection and ZYPITAMAG® (pitavastatin) tablets 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 |
2020 |
2019 |
| Assets |
|
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ |
2,716 |
$ |
12,965 |
| Restricted cash |
1,394 |
- |
| Accounts receivable |
5,253 |
10,216 |
| Inventories |
5,139 |
6,328 |
| Prepaid expenses |
1,174 |
1,855 |
| Total current assets |
15,676 |
31,364 |
| Non–current assets: |
|
|
| Property and equipment |
1,640 |
1,282 |
| Intangible assets |
13,596 |
9,599 |
| Goodwill |
2,986 |
- |
| Other assets |
156 |
39 |
| Total non–current assets |
18,378 |
10,920 |
| Total assets |
$ |
34,054 |
$ |
42,284 |
|
Liabilities and Equity |
|
|
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
$ |
6,979 |
$ |
9,384 |
| Current portion of royalty obligation |
362 |
872 |
| Current portion of acquisition payable |
637 |
649 |
| Holdback payable |
1,876 |
- |
| Current portion of contingent consideration |
1,925 |
- |
| Current income taxes payable |
164 |
517 |
| Current portion of lease obligation |
367 |
240 |
| Total current liabilities |
12,310 |
11,662 |
| Non–current liabilities |
|
|
| Royalty obligation |
335 |
1,176 |
| Acquisition payable |
1,132 |
1,655 |
| Contingent consideration |
51 |
- |
| Lease obligation |
1,080 |
849 |
| Total non–current liabilities |
2,598 |
3,680 |
| Total liabilities |
14,908 |
15,342 |
| Equity: |
|
|
| Share capital |
80,917 |
85,364 |
| Warrants |
- |
1,949 |
| Contributed surplus |
10,294 |
8,028 |
| Accumulated other comprehensive income |
(6,497) |
(5,751) |
| Deficit |
(65,568) |
(62,648) |
| Total Equity |
19,146 |
26,942 |
| Total liabilities and equity |
$ |
34,054 |
$ |
42,284 |
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 |
2020 |
2019 |
2018 |
| Revenue, net |
|
|
|
| Product sales, net |
$ |
11,610 |
$ |
20,173 |
$ |
29,109 |
| Cost of goods sold |
6,480 |
7,272 |
4,152 |
| Gross profit |
5,130 |
12,901 |
24,957 |
| |
|
|
|
| Expenses |
|
|
|
| Selling |
5,359 |
13,399 |
15,580 |
| General and administrative |
4,579 |
3,395 |
3,922 |
| Research and development |
3,299 |
4,349 |
6,681 |
| |
13,237 |
21,143 |
26,183 |
| |
|
|
|
| Other expense (income): |
|
|
|
| Revaluation of holdback receivable |
- |
3,623 |
1,473 |
| Impairment loss on intangible assets |
- |
6,321 |
- |
| |
- |
9,944 |
1,473 |
| Finance (income) costs: |
|
|
|
| Finance (income) expense, net |
(765) |
(1,115) |
(1,061) |
| Foreign exchange (gain) loss, net |
(497) |
2,570 |
(6,461) |
| |
(1,262) |
1,455 |
(7,522) |
| Net (loss) income before income taxes |
$ |
(6,845) |
$ |
(19,641) |
$ |
4,823 |
| Income tax (expense) recovery |
|
|
|
| Current |
- |
(22) |
(678) |
| Deferred |
- |
(123) |
(219) |
| |
- |
(145) |
(897) |
| Net (loss) income |
$ |
(6,845) |
$ |
(19,786) |
$ |
3,926 |
| Item that may be reclassified to profit or loss |
|
|
|
| Exchange differences on translation of foreign subsidiaries: |
(746) |
(683) |
595 |
| |
|
|
|
| Item that will not be reclassified to profit and loss |
|
|
|
| Revaluation of investment in Sensible Medical at FVOCI |
- |
(6,336) |
- |
| Comprehensive (loss) income |
$ |
(7,591) |
$ |
(26,805) |
$ |
4,521 |
| (Loss) earnings per share |
|
|
|
| Basic |
$ |
(0.64) |
$ |
(1.32) |
$ |
0.25 |
| Diluted |
$ |
(0.64) |
$ |
(1.32) |
$ |
0.24 |
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
| For the year ended December 31 |
2020 |
2019 |
2018 |
| Cash (used in) provided by: |
|
|
|
| Operating activities: |
|
|
|
| Net (loss) income for the year |
$ |
(6,845) |
$ |
(19,786) |
$ |
3,926 |
| Adjustments for: |
|
|
|
| Current income tax expense (recovery) |
- |
22 |
678 |
| Deferred income tax expense (recovery) |
- |
123 |
219 |
| Impairment of property and equipment |
- |
95 |
- |
| Impairment of intangible assets |
- |
6,321 |
- |
| Revaluation of holdback receivable |
- |
3,623 |
1,473 |
| Amortization of property and equipment |
307 |
485 |
103 |
| Amortization of intangible assets |
2,466 |
1,438 |
196 |
| Share–based compensation |
317 |
417 |
1,022 |
| Write-down of inventories |
682 |
1,983 |
95 |
| Finance (income) expense, net |
(765) |
(1,115) |
(1,061) |
| Unrealized foreign exchange (gain) loss |
(497) |
362 |
(5,323) |
| Change in the following: |
|
|
|
| Accounts receivable |
5,081 |
(318) |
(1,341) |
| Inventories |
723 |
(4,072) |
(1,259) |
| Prepaid expenses |
703 |
842 |
(1,793) |
| Other assets |
- |
78 |
- |
| Accounts payable and accrued liabilities |
(3,802) |
(4,992) |
7,132 |
| Interest received (paid), net |
22 |
1,685 |
255 |
| Income taxes paid |
(306) |
(477) |
(2,041) |
| Royalties paid |
(326) |
(1,355) |
(1,539) |
| Cash flows (used in) from operating activities |
(2,240) |
(14,641) |
742 |
| Investing activities: |
|
|
|
| Acquisition of Marley Drug, Inc, net of cash acquired |
(7,238) |
- |
- |
| Investment in Sensible Medical |
- |
(6,337) |
- |
| Proceeds from Apicore Sale Transaction |
- |
- |
65,235 |
| Receipt of holdback receivable funds |
- |
6,719 |
- |
| Redemptions (purchase) of short-term investments |
- |
47,747 |
(44,100) |
| Acquisition of property and equipment |
(2) |
(186) |
(197) |
| Acquisition of intangible assets |
- |
(13,660) |
(1,281) |
| Cash flows from investing activities |
(7,240) |
34,283 |
19,657 |
| Financing activities: |
|
|
|
| Repurchase of common shares under substantial issuer bid |
- |
(26,139) |
- |
| Repurchase of common shares under normal course issuer bid |
(522) |
(4,145) |
(3,021) |
| Proceeds from exercise of stock options |
- |
20 |
363 |
| Repayment of lease liability |
(244) |
- |
- |
| Cash flows used in financing activities |
(766) |
(30,264) |
(2,658) |
| Foreign exchange (loss) gain on cash held in foreign currency |
(3) |
(552) |
1,138 |
| (Decrease) increase in cash |
(10,249) |
(11,174) |
18,879 |
| Cash and cash equivalents, beginning of period |
12,965 |
24,139 |
5,260 |
| Cash and cash equivalents, end of period |
$ |
2,716 |
$ |
12,965 |
$ |
24,139 |
View
original content:http://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-and-year-ended-december-31-2020-301273200.html
SOURCE Medicure Inc.
View
original content: http://www.newswire.ca/en/releases/archive/April2021/20/c8210.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 18:00e 20-APR-21
This regulatory filing also includes additional resources:
ex991.pdf
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