WINNIPEG, MB, Aug. 27, 2021 /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 June 30, 2021.
Quarter Ended June 30, 2021
Highlights:
- Recorded total net revenue from the sale of products of
$5.09 million during the second
quarter ended June 30, 2021 compared
to $2.68 million for the second
quarter ended June 30, 2020;
- Recorded total net revenue from the sale of
AGGRASTAT® of $2.8 million
during the second quarter ended June 30,
2021 compared to $2.6 million
for the second quarter ended June 30,
2020;
- Net loss for the second quarter ended June 30, 2021 was $639,000 compared to net income of $19,000 for the second quarter ended June 30, 2020;
- Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA1) for the second quarter ended
June 30, 2021 was $158,000 compared to adjusted EBITDA of
$263,000 for the second quarter ended
June 30, 2020
Financial Results
Net revenues for the three months ended June 30, 2021 were $5.09
million compared to $2.68
million for the three months ended June 30, 2020. Net revenues from
AGGRASTAT® for the three months ended June 30, 2021 were $2.8
million compared to $2.6
million for the three months ended June 30, 2020.
ZYPITAMAG® contributed $403,000 for the three months ended June 30, 2021 compared to $103,000 for the three months ended June 30, 2020. Marley Drug™, which was acquired
in December 2020, contributed
$1.87 million for the three months
ended June 30, 2021. Additionally,
sodium nitroprusside (SNP), contributed $22,000, during the three months ended
June 30, 2021, compared to
$17,000 during the three months ended
June 30, 2020.
Net revenues for the six months ended June 30, 2021 were $10.02
million compared to $5.3
million for the six months ended June
30, 2020. Net revenues from AGGRASTAT® for
the six months ended June 30, 2021
were $5.4 million compared to
$5.3 million for the six months ended
June 30, 2020.
ZYPITAMAG® contributed $564,000 for the six months ended June 30, 2021 compared to $266,000 for the six months ended June 30, 2020. Marley Drug™ contributed
$3.97 million for the six months
ended June 30, 2021. Additionally,
SNP contributed $70,000, during the
six months ended June 30, 2021,
compared to $48,000 for the six
months ended June 30, 2020.
Despite the impact from COVID-19, the volume of
AGGRASTAT® sold in Q2 2021 was consistent with demand in
Q2 2020. The Company continues to show strong patient market share
with AGGRASTAT®, and demand from hospitals, driven by
the Company's sales and marketing team. There was an increase in
demand for ZYPITAMAG®, which was facilitated by sale
through Marley Drug™ and the Company expects growth in
ZYPITAMAG® revenues going forward. Marley Drug™
sales remain consistent, and the Company expects growth in sales as
marketing is expanded.
Adjusted EBITDA for Q2 2021 was $158,000 compared to $31,000 for Q1 2021 and compared to $263,000 for Q2 2020. The decrease in adjusted
EBITDA for Q2 2021 is the result of changes in research and
development spending and fluctuating costs as the company works to
integrate and optimize the Marley Drug™ operation.
Adjusted EBITDA for the six months ended June 30, 2021 was $189,000 compared to negative $1.02 million for the six months ended
June 30, 2020. The improvement in
adjusted EBITDA for the six months ended June 30, 2021 is the result rising
ZYPITAMAG® sales, reduction of operating
costs, and net revenue from the Marley Drug™ acquisition.
Net loss for the three months ended June
30, 2021 was $639,000 or
$0.06 per share compared to net
income of $19,000 or $0.00 per share for the three months ended
June 30, 2020. The change in the net
loss for the three months ended June 30,
2021 is the result of changes in research and development
spending and fluctuating costs as the company works to integrate
and optimize the Marley Drug™ operation.
Net loss for the six months ended June
30, 2021 was $1.688 million or
$0.16 per share compared to
$1.445 million or $0.13 per share for the six months ended
June 30, 2020. The change in the net
loss for the six months ended June 30,
2021 is the higher amortization expense as a result of the
Marley Drug™ acquisition, partially offset by net revenue from the
Marley Drug™ acquisition.
At June 30, 2021, the Company had
unrestricted cash totaling $2.46
million down from $2.716
million of unrestricted cash held as of December 31, 2020. Cash flows provided from
operating activities for the six months ended June 30, 2021 totaled $682,000 compared to $1.793 million used for the six months ended
June 30, 2020
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 other unusual items". The terms "EBITDA" and "Adjusted EBITDA",
as it relates to the three and six months ended June 30, 2021 and 2020 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 Q2 2021 Results
Call date: Monday, August 30, 2021
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 on 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 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 Drug"), a pharmacy located in
North Carolina that offers an
Extended Supply mail order drug program serving 49 of 50 states,
Washington D.C. and Puerto Rico. Marley Drug™ 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
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)
|
|
Note
|
June 30,
2021
|
December 31,
2020
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,460
|
$
2,716
|
|
Restricted
Cash
|
|
1,000
|
1,394
|
|
Accounts
receivable
|
3 &
8
|
5,356
|
5,253
|
|
Inventories
|
4
|
4,591
|
5,139
|
|
Prepaid
expenses
|
|
968
|
1,174
|
|
Total current
assets
|
|
14,375
|
15,676
|
|
Non–current
assets:
|
|
|
|
|
Property, plant and
equipment
|
|
1,599
|
1,640
|
|
Intangible
assets
|
5
|
11,902
|
13,596
|
|
Goodwill
|
|
2,907
|
2,986
|
|
Other
assets
|
|
143
|
156
|
|
Total non–current
assets
|
|
16,551
|
18,378
|
|
Total
assets
|
|
$
30,926
|
$
34,054
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
6,836
|
$
6,979
|
|
Current portion of
royalty obligation
|
6
|
281
|
362
|
|
Current portion of
acquisition payable
|
5
|
620
|
637
|
|
Holdback
Payable
|
12
|
1,111
|
1,876
|
|
Current Portion of
Contingent Consideration
|
12
|
1,989
|
1,925
|
|
Income taxes
payable
|
|
160
|
164
|
|
Current portion of
lease obligation
|
|
366
|
367
|
|
Total current
liabilities
|
|
11,363
|
12,310
|
|
Non–current
liabilities
|
|
|
|
|
Royalty
obligation
|
6
|
206
|
335
|
|
Acquisition
payable
|
5
|
1,156
|
1,132
|
|
Contingent
Consideration
|
12
|
53
|
51
|
|
Lease
obligation
|
|
928
|
1,080
|
|
Total non–current
liabilities
|
|
2,343
|
2,598
|
|
Total
liabilities
|
|
13,706
|
14,908
|
|
Equity:
|
|
|
|
|
Share
capital
|
7(b)
|
80,915
|
80,917
|
|
Contributed
surplus
|
|
10,394
|
10,294
|
|
Accumulated other
comprehensive income
|
|
(6,833)
|
(6,497)
|
|
Deficit
|
|
(67,256)
|
(65,568)
|
|
Total
Equity
|
|
17,220
|
19,146
|
|
Total liabilities
and equity
|
|
$
30,926
|
$
34,054
|
|
Commitments and
contingencies
|
9(a) &
9(d)
|
|
|
|
|
|
|
|
Condensed
Consolidated Interim Statements of Net (Loss) Income and
Comprehensive Loss
(expressed in thousands of Canadian
dollars, except per share
amounts)
(unaudited)
|
|
Note
|
Three
months
ended
June 30,
2021
|
Three months
ended
June 30,
2020
|
Six months
ended
June 30,
2021
|
Six months
ended
June 30,
2020
|
|
|
|
|
|
|
|
Revenue,
net
|
|
$
5,086
|
$
2,676
|
$
10,022
|
$
5,686
|
|
Cost of goods
sold
|
4 &
5
|
2,047
|
1,476
|
3,974
|
3,018
|
|
Gross
profit
|
|
3,039
|
1,200
|
6,048
|
2,668
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Selling
|
8
|
2,535
|
971
|
5,303
|
3,040
|
|
General and
administrative
|
8
|
571
|
770
|
1,156
|
1,570
|
|
Research and
development
|
8
|
705
|
98
|
1,286
|
956
|
|
|
3,811
|
1,839
|
7,745
|
5,566
|
|
|
|
|
|
|
|
Other
Income:
|
|
|
|
|
|
|
Recovery of
expenses
|
9(b)
|
(491)
|
-
|
(491)
|
-
|
|
|
|
|
|
|
|
Finance (income)
costs:
|
|
|
|
|
|
|
Finance (income)
expense, net
|
|
117
|
(380)
|
238
|
(307)
|
|
Foreign exchange
(gain) loss, net
|
|
172
|
(278)
|
175
|
(1,146)
|
|
|
(202)
|
(658)
|
(78)
|
(1,453)
|
|
Net (loss) income
before income taxes
|
|
$
(570)
|
$
19
|
$
(1,619)
|
$
(1,445)
|
|
Income tax (recovery)
expense
|
|
|
|
|
|
|
Current
|
|
69
|
-
|
69
|
-
|
|
Net (loss)
income
|
|
$
(639)
|
$
19
|
$
(1,688)
|
$
(1,445)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Item that may be
reclassified to profit or
loss
|
|
|
|
|
|
|
Exchange differences
on translation
of foreign
subsidiaries
|
|
(100)
|
(1,258)
|
(336)
|
233
|
|
Other comprehensive
income (loss), net of
tax
|
|
(100)
|
(1,258)
|
(336)
|
233
|
|
Comprehensive
loss
|
|
$
(739)
|
$
(1,239)
|
$
(2,024)
|
$
(1,212)
|
|
|
|
|
|
|
|
(Loss) earnings per
share
|
|
|
|
|
|
|
Basic
|
7(d)
|
$
(0.06)
|
$
-
|
$
(0.16)
|
$
(0.13)
|
|
Diluted
|
7(d)
|
$
(0.06)
|
$
-
|
$
(0.16)
|
$
(0.13)
|
|
Condensed
Consolidated Interim Statements of Cash Flows
(expressed
in thousands of Canadian dollars, except per share
amounts)
(unaudited)
|
|
|
|
|
For the six months
ended June 30
|
Note
|
2021
|
2020
|
|
Cash (used in)
provided by:
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net loss for the
period
|
|
$
(1,688)
|
$
(1,445)
|
|
Adjustments
for:
|
|
|
|
|
Amortization of
property, plant and equipment
|
|
187
|
149
|
|
Amortization of
intangible assets
|
5
|
1,575
|
1,236
|
|
Share–based
compensation
|
8(c)
|
100
|
174
|
|
Write-down of
inventories
|
4
|
-
|
311
|
|
Finance income,
net
|
|
238
|
307
|
|
Unrealized foreign
exchange (gain) loss
|
|
(34)
|
(842)
|
|
Change in the
following:
|
|
|
|
|
Accounts
receivable
|
|
(92)
|
2,400
|
|
Inventories
|
|
548
|
(1,092)
|
|
Prepaid
expenses
|
|
206
|
903
|
|
Accounts payable and
accrued liabilities
|
|
(143)
|
(3,599)
|
|
Interest received,
net
|
|
(15)
|
31
|
|
Royalties
paid
|
6
|
(200)
|
(326)
|
|
Cash flows (used
in) from operating activities
|
|
682
|
(1,793)
|
|
Investing
activities:
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
(161)
|
-
|
|
Acquisition of
intangible assets
|
5
|
(232)
|
-
|
|
Cash flows used in
investing activities
|
|
(393)
|
-
|
|
Financing
activities:
|
|
|
|
|
Purchase of common
shares under normal course issuer bid
|
8(b)
|
(2)
|
(154)
|
|
Repayment of lease
liability
|
|
(171)
|
-
|
|
Payment of
Holdback
|
12
|
(372)
|
-
|
|
Cash flows used in
financing activities
|
|
(545)
|
(154)
|
|
Foreign exchange gain
(loss) on cash held in foreign currency
|
|
-
|
230
|
|
(Decrease) increase
in cash and cash equivalents
|
|
(256)
|
(1,717)
|
|
Cash and cash
equivalents, beginning of period
|
|
2,716
|
12,965
|
|
Cash and cash
equivalents, end of period
|
|
2,460
|
$
11,248
|
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SOURCE Medicure Inc.