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 2022
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: November 24, 2022 |
By: |
/s/ Dr. Albert D. Friesen |
| |
Dr. Albert D. Friesen |
| |
Title: CEO |
Exhibit 99.1
MEDICURE REPORTS FINANCIAL RESULTS FOR QUARTER
ENDED SEPTEMBER 30, 2022
WINNIPEG, MB, Nov. 24, 2022 /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 ended September 30, 2022.
Quarter Ended September 30, 2022 Highlights:
- Recorded total net revenue of
$5.3 million during the quarter ended September 30, 2022 compared to $4.9 million for the quarter ended September 30, 2021 and;
- Recorded total net revenue from
the sale of AGGRASTAT® of $3.1 million during the quarter ended September 30, 2022 compared to $2.9 million for the quarter
ended September 30, 2021 and;
- Recorded total net revenue from
the sale of ZYPITAMAG® of $434,000 during the quarter ended September 30, 2022 compared to $388,000 for the quarter ended September
30, 2021 and;
- Recorded total net revenue from
the Marley Drug®business of $1.8 million during the quarter ended September 30, 2022 compared to $1.6 million for the quarter ended
September 30, 2021 and;
- Adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA1) for the quarter ended September 30, 2022 was $1.4 million compared to adjusted
EBITDA of $282,000 for the quarter ended September 30, 2021 and;
- Net income for the quarter ended
September 30, 2022 was $1.1 million or $0.11 per share compared to a net loss of $946,000 or $0.09 per share for the quarter ended September
30, 2021.
Financial Results
The increase in AGGRASTAT® revenue when compared
to the same period in the previous year, as described above, is the result of improvements in inventory and contract management, partially
offset by a decrease in volume sold.
ZYPITAMAG® contributed $434,000 of revenue
for the quarter ended September 30, 2022 compared to $388,000 for the quarter ended September 30, 2021. The increase in revenue is primarily
a result of increased sales to insured customers and improved patient access and fill rate through Medicure's subsidiary, Marley Drug,
which also resulted in reduced fees to wholesalers and pharmacy benefit managers.
The Marley Drug business contributed $1.8 million
of revenue during the quarter ended September 30, 2022 compared to $1.6 million for the quarter ended September 30, 2021. The increase
in revenue is primarily due to increased sales through Marley Drug's E-commerce platform. Marley Drug is a US pharmacy licensed to ship
medications to all 50 states, Washington D.C. and Puerto Rico. It serves thousands of customers and has proven success in marketing based
on accessible pricing of generic drugs and a focus on cash price without use of insurance. It provides another channel for direct-to-consumer
marketing, distribution and improved profit margin for ZYPITAMAG.
Adjusted EBITDA for the three months ended September
30, 2022 was $1.4 million compared to $282,000 for the three months ended September 30, 2021. The increase in adjusted EBITDA for the
three months ended September 30, 2022 is the result of increased revenue from ZYPITAMAG and Marley Drug, and decreased research and development
costs and cost of goods sold, primarily due to the prospective change applied to the amortization of the license associated with ZYPITAMAG,
when compared to the same period in 2021.
Net Income for the three months ended September 30,
2022 was $1.1 million or $0.11 per share compared to a net loss of $946,000 or $0.09 per share for the three months ended September 30,
2021. The main factors contributing to the increase in net income recorded for the three months ended September 30, 2022 were increased
revenue from ZYPITAMAG and Marley Drug and revaluation of the contingent consideration related to the Marley Drug acquisition, and decreased
research and development costs and cost of goods sold, primarily due to the prospective change applied to the amortization of the license
associated with ZYPITAMAG, when compared to the same period in 2021.
At September 30, 2022, the Company had unrestricted
cash totaling $4.5 million, compared to $3.3 million of unrestricted cash held as of September 30, 2021. Cash flows from operating
activities for the nine months ended September 30, 2022 totaled $1.3 million compared to $1.8 million for the nine months ended September
30, 2021.
The Company does not have any long-term debt recorded
in its consolidated financial statements as at September 30, 2022.
All amounts referenced herein are in Canadian dollars
unless otherwise noted.
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 ended September 30, 2022 and 2021 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 Q3 2022 Results
Call date: Friday, November 25, 2022
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: 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 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 drug program serving all 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®, please visit www.aggrastathdb.com or
refer to the full Prescribing Information. For additional information about ZYPITAMAG®, please visit www.zypitamag.com or
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 priority review
voucher from the United State Food and Drug Administration, 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, 2021.
AGGRASTAT® (tirofiban hydrochloride)
injection, ZYPITAMAG® (pitavastatin) tablets, and Marley Drug® are registered trademarks.
Condensed Consolidated Interim Statements of Financial
Position
(expressed in thousands of Canadian dollars, except per share amounts)
| |
September 30, 2022 |
December 31, 2021 |
| |
|
|
| Assets |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 4,535 |
$ 3,694 |
| Restricted Cash |
3 |
3 |
| Accounts receivable |
5,322 |
4,659 |
| Inventories |
3,660 |
3,329 |
| Prepaid expenses |
719 |
869 |
| Total current assets |
14,239 |
12,554 |
| Non-current assets: |
|
|
| Property, plant and equipment |
1,329 |
1,611 |
| Intangible assets |
11,147 |
11,212 |
| Goodwill |
3,215 |
2,974 |
| Other assets |
30 |
57 |
| Total non-current assets |
15,721 |
15,854 |
| Total assets |
$ 29,960 |
$ 28,408 |
| |
|
|
| Liabilities and Equity |
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
$ 6,340 |
$ 6,668 |
| Current portion of royalty obligation |
178 |
423 |
| Current portion of acquisition payable |
685 |
634 |
| Current portion of contingent consideration |
- |
293 |
| Current income taxes payable |
81 |
114 |
| Current portion of lease obligation |
389 |
380 |
| Total current liabilities |
7,673 |
8,512 |
| Non-current liabilities |
|
|
| Royalty obligation |
- |
65 |
| Acquisition payable |
685 |
591 |
| Contingent Consideration |
44 |
40 |
| Lease obligation |
599 |
789 |
| Total non-current liabilities |
1,328 |
1,485 |
| Total liabilities |
9,001 |
9,997 |
| Equity: |
|
|
| Share capital |
80,917 |
80,917 |
| Contributed surplus |
10,479 |
10,429 |
| Accumulated other comprehensive income |
(5,053) |
(6,640) |
| Deficit |
(65,384) |
(66,295) |
| Total Equity |
20,959 |
18,411 |
| Total liabilities and equity |
$ 29,960 |
$ 28,408 |
Condensed Consolidated Interim Statements of Net
Income (Loss) and Comprehensive Income
(Loss) (expressed in thousands of Canadian dollars, except per share amounts)
| |
Three
months
ended
September 30,
2022 |
Three months
ended
September 30,
2021 |
Nine months
ended
September 30,
2022 |
Nine months
ended
September 30,
2021 |
| |
|
|
|
| |
|
|
|
|
| Revenue, net |
$ 5,287 |
$ 4,919 |
$ 16,750 |
$ 14,941 |
| Cost of goods sold |
1,391 |
2,037 |
5,034 |
6,011 |
| Gross profit |
3,896 |
2,882 |
11,716 |
8,930 |
| |
|
|
|
|
| Expenses |
|
|
|
|
| Selling |
1,694 |
2,601 |
5,060 |
7,904 |
| General and administrative |
1,036 |
538 |
3,909 |
1,694 |
| Research and development |
314 |
468 |
1,984 |
1,754 |
| |
3,044 |
3,607 |
10,953 |
11,352 |
| |
|
|
|
|
| Other Income: |
|
|
|
|
Change in fair value of contingent
consideration |
(302) |
- |
(302) |
(491) |
| |
|
|
|
|
| Finance (income) costs: |
|
|
|
|
| Finance expense, net |
33 |
40 |
90 |
278 |
| Foreign exchange (gain) loss, net |
(10) |
226 |
25 |
401 |
| |
(279) |
266 |
(187) |
188 |
| Net income (loss) before income taxes |
$ 1,131 |
$ (991) |
$ 950 |
$ (2,610) |
| Income tax (recovery) expense |
|
|
|
|
| Current |
18 |
(45) |
39 |
(24) |
| Net income (loss) |
$ 1,113 |
$ (946) |
$ 911 |
$ (2,634) |
| Other comprehensive income (loss): |
|
|
|
|
| Item that may be reclassified to profit or loss |
|
|
|
|
Exchange differences on translation
of foreign subsidiaries |
1,257 |
(688) |
1,587 |
352 |
Other comprehensive income (loss), net of
tax |
1,257 |
(688) |
1,587 |
352 |
| Comprehensive income (loss) |
2,370 |
(1,634) |
2,499 |
(2,282) |
| |
|
|
|
|
| Earnings (loss) per share |
|
|
|
|
| Basic |
$ 0.11 |
$ (0.09) |
$ 0.09 |
$ (0.26) |
| Diluted |
$ 0.11 |
$ (0.09) |
$ 0.09 |
$ (0.26) |
Condensed Consolidated Interim Statements of Cash
Flows
(expressed in thousands of Canadian dollars, except per share amounts)
| For the nine months ended September 30 |
2022 |
2021 |
| Cash (used in) provided by: |
|
|
| Operating activities: |
|
|
| Net income (loss) for the period |
$ 911 |
$ (2,634) |
| Adjustments for: |
|
|
| Change in fair value of contingent consideration |
(302) |
|
| Amortization of property, plant and equipment |
343 |
283 |
| Amortization of intangible assets |
1,171 |
2,371 |
| Share-based compensation |
50 |
186 |
| Finance expense, net |
90 |
278 |
| Unrealized foreign exchange loss |
812 |
278 |
| Income tax expense |
39 |
- |
| Change in the following: |
|
|
| Accounts receivable |
(285) |
529 |
| Inventories |
(61) |
1,192 |
| Prepaid expenses |
203 |
87 |
| Accounts payable and accrued liabilities |
(865) |
293 |
| Other assets |
27 |
- |
| Interest received, net |
10 |
55 |
| Income taxes paid |
(42) |
- |
| Royalties paid |
(772) |
(297) |
| Cash flows from operating activities |
1,329 |
1,819 |
| Investing activities: |
|
|
| Acquisition of property, plant and equipment |
- |
(326) |
| Acquisition of intangible assets |
(269) |
(297) |
| Cash flows used in investing activities |
(269) |
(623) |
| Financing activities: |
|
|
| Purchase of common shares under normal course issuer bid |
- |
(2) |
| Repayment of lease liability |
(219) |
(235) |
| Payment of Holdback |
- |
(372) |
| Cash flows used in financing activities |
(219) |
(609) |
| Foreign exchange gain on cash held in foreign currency |
- |
- |
| Increase in cash and cash equivalents |
841 |
587 |
| Cash and cash equivalents, beginning of period |
3,694 |
2,716 |
| Cash and cash equivalents, end of period |
$ 4,535 |
$ 3,303 |
View original content:https://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-ended-september-30-2022-301686980.html
SOURCE Medicure Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2022/24/c4791.html
%CIK: 0001133519
For further information: Dr. Albert Dr. Friesen, Chief Executive
Officer, Tel. 888-435-2220, Fax 204-488-9823, E-mail: info@medicure.com, www.medicure.com
CO: Medicure Inc.
CNW 17:00e 24-NOV-22
This regulatory filing also includes additional resources:
ex991.pdf
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