WINNIPEG, MANITOBA--(Marketwired - Sept. 10, 2014) - Medicure Inc. ("Medicure" or the "Company") (TSX VENTURE:MPH)(OTCQB:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the fiscal year ended May 31, 2014.
2014 Highlights:
- Recorded net revenue of $5.1 million during the year ended May 31, 2014, an increase of 94%, compared to $2.6 million for the previous fiscal year;
- Earnings before interest, taxes, depreciation and amortization (EBITDA)(1) for the year ended May 31, 2014 was $726,000 compared to a loss of $1.5 million for the previous fiscal year;
- Net loss for the year ended May 31, 2014 was $1.6 million, compared to $2.6 million for the previous fiscal year.
Financial Results
Net revenue from the sale of AGGRASTAT finished product for the year ended May 31, 2014 was $5.1 million compared to $2.6 million for the year ended May 31, 2013, an increase of 94%. Net revenue for the three months ended May 31, 2014 was $1.8 million compared to $768,000 for the three months ended May 31, 2013, an increase of 134%.
Hospital demand for AGGRASTAT increased significantly compared to the previous fiscal year. The increase in revenue is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT. The number of new customers reviewing and implementing AGGRASTAT has increased sharply as a result of FDA approval of the new dosing regimen for AGGRASTAT as announced on October 11, 2013. Additionally, favourable fluctuations in the U.S. dollar exchange rate contributed to the increase in revenue.
The Company's commercial team continues to work on further expanding its customer base and the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.
EBITDA for the year ended May 31, 2014 was $726,000 compared to a loss of $1.5 million for the year ended May 31, 2013. EBITDA for the three months ended May 31, 2014 was $538,000 compared to a loss of $458,000 for the three months ended May 31, 2013.
Net loss for the year ended May 31, 2014 was $1.6 million or $0.13 per share, compared to $2.6 million or $0.21 per share for the year ended May 31, 2013. The reduction in net loss is primarily a result of increased revenues and lower research and development expenses experienced during the year ended May 31, 2014, partially offset by higher finance expense and selling, general and administration expenses. The decrease in research and development expenses for the year ended May 31, 2014 is due to reduced costs from the Company's AGGRASTAT (tirofiban HCl) clinical trial entitled "Shortened Aggrastat Versus Integrilin in Percutaneous Coronary Intervention" (SAVI-PCI), as well as a renal dosing study that was completed as a part of the Company's sNDA filing during fiscal 2013. The increase in finance expense is primarily due to the revaluation of the Company's royalty obligation, a non-cash expense, which results from higher revenue estimates related to the October 2013 label change. The increase in selling, general and administration expenses is primarily due to higher personnel expenses, higher selling costs associated with the growth in AGGRASTAT revenues as well as business development expenses incurred during the year ended May 31, 2014.
Net loss for the three months ended May 31, 2014 was $737,000 or $0.06 per share, compared to $706,000, also $0.06 per share, for the three months ended May 31, 2013. The loss is consistent between the two quarters, however there were significantly higher revenues for the three months ended May 31, 2014, offset by higher finance expense due to the revaluation of the Company's royalty obligation, a non-cash expense and selling, general and administration expenses, when compared to the three months ended May 31, 2013.
At May 31, 2014, the Company had cash totaling $234,000 compared to $127,000 as of May 31, 2013. The increase in cash is primarily due to the lower net loss after adjusting for non-cash items and higher accounts payable and accrued liabilities at May 31, 2014, partially offset by higher accounts receivable. Cash flows from operating activities for the year ended May 31, 2014 were $111,000 compared to cash used in operating activities of $1.0 million for the year ended May 31, 2013.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
Product Developments
On October 11, 2013 the Company announced that the United States Food and Drug Administration (FDA) has approved the AGGRASTAT high-dose bolus (HDB) regimen, as requested under Medicure's supplemental New Drug Application (sNDA).
Conference Call Information
Conference call details are as follows:
| Topic: |
Medicure's Fiscal Year Ended May 31, 2014 Results Call |
| Date: |
Thursday, September 11, 2014 |
| Time: |
8:00 am, Central Time (9:00 am, Eastern Time) |
To access the call within Canada and the United States dial toll free 1-800-920-7487/Passcode 2473365#. International callers may access the call at 1-404-920-1710/Passcode 2473365# or you may request country specific international access info by emailing us in advance at info@medicure.com.
Management will accept and answer questions related to the financial results and its operations during the Q&A period at the end of the conference call. Questions may be forwarded in advance or during the presentation to info@medicure.com.