Medicure Reports Financial Results for Quarter Ended September 30, 2021
PR Newswire
WINNIPEG, MB, Nov. 22, 2021
WINNIPEG, MB, Nov. 22, 2021 /PRNewswire/ - 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, 2021.
Quarter Ended September 30, 2021 Highlights:
-- Recorded total net revenue from the sale of products of $4.9 million
during the quarter ended September 30, 2021 compared to $3.5 million for
the quarter ended September 30, 2020;
-- Recorded total net revenue from the sale of AGGRASTAT(R) of $2.9 million
during the quarter ended September 30, 2021 compared to $3.4 million for
the quarter ended September 30, 2020;
-- Adjusted earnings before interest, taxes, depreciation and amortization
(EBITDA1) for the quarter ended September 30, 2021 was $282,000 compared
to adjusted EBITDA of $4,000 for the quarter ended September 30, 2020;
-- Net loss for the quarter ended September 30, 2021 was $946,000 compared
to a net loss of $1.05 Million for the quarter ended September 30, 2020
Financial Results
Net revenues for the three months ended September 30, 2021 were $4.9 million compared to $3.5 million for the three months ended September 30, 2020. Net revenues from AGGRASTAT(R) for the three months ended September 30, 2021 were $2.9 million compared to $3.4 million for the three months ended September 30, 2020. ZYPITAMAG(R) contributed $388,000 for the three months ended September 30, 2021, compared to $105,000 for the three months ended September 30, 2020. Marley Drug(TM), which was acquired in December 2020, contributed $1.64 million for the three months ended September 30, 2021.
Net revenues for the nine months ended September 30, 2021 were $14.9 million compared to $9.2 million for the nine months ended September 30, 2020. Net revenues from AGGRASTAT(R) for the nine months ended September 30, 2021 were $8.3 million compared to $8.7 million for the nine months ended September 30, 2020. ZYPITAMAG(R) contributed $941,000 for the nine months ended September 30, 2021 compared to $371,000 for the nine months ended September 30, 2020. Marley Drug(TM) contributed $5.62 million for the nine months ended September 30, 2021. Additionally, SNP contributed $66,000, during the nine months ended September 30, 2021, compared to $53,000 for the nine months ended September 30, 2020.
The volume of AGGRASTAT(R) sold in Q3, 2021 was consistent with demand in Q3, 2020. The Company continues to show strong patient market share with AGGRASTAT(R) , and demand from hospitals, driven by the Company's sales and marketing team. There was an increase in demand for ZYPITAMAG(R) , which was facilitated by sale through Marley Drug(TM) and the Company expects growth in ZYPITAMAG(R) revenues going forward. Marley Drug(TM) sales remain consistent, and the Company expects growth in sales as marketing is expanded.
Adjusted EBITDA for Q3, 2021 was $282,000 compared to $4,000 for Q3, 2020. The increase in adjusted EBITDA for Q3, 2021 is the result of changes in research and development spending and the recovery of a liability associated with PREXXARTAN(R) .
Adjusted EBITDA for the nine months ended September 30, 2021 was $471,000 compared to negative $1.02 million for the nine months ended September 30, 2020. The improvement in adjusted EBITDA for the nine months ended September 30, 2020 is the result of lower selling and research and development expenses and increasing revenues with Marley Drug(TM) and ZYPITAMAG(R) sales and the recovery of a liability associated with PREXXARTAN(R) .
Net loss for the three months ended September 30, 2021 was $946,000 or $0.09 per share compared to net loss of $1.05 Million or $0.10 per share for the three months ended September 30, 2020.
Net loss for the nine months ended September 30, 2021 was $2.6 million or $0.26 per share compared to $2.5 million or $0.23 per share for the nine months ended September 30, 2020. The loss per share increased due to a reduced share count due to the NCIB that took place during 2020.
At September 30, 2021, the Company had unrestricted cash totaling $3.3 million up from the $2.7 million of unrestricted cash held as of December 31, 2020. Cash flows from operating activities for the nine months ended September 30, 2021 totaled $1.82 million compared to cash flows used in operating activities of $1.05 million for the nine months ended September 30, 2020.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
Notes
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 and nine
months ended September 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
(1) companies.
(2)
Conference Call Info:
Topic: Medicure's Q3 2021 Results
Call date: Tuesday, November 23, 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 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(R) (tirofiban hydrochloride) injection and ZYPITAMAG(R) (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(TM) 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(R) , refer to the full Prescribing Information. For additional information about ZYPITAMAG(R) , refer to the full Prescribing Information.
To be added to Medicure's e-mail list, please visit: http://medicure.mediaroom.com/alerts
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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
