MEDICURE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER FISCAL 2015
WINNIPEG, CANADA – (October 16, 2014) Medicure Inc. ("
Medicure" or the "
Company") (TSXV:MPH, OTCQB:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the quarter ended August 31, 2014.
Quarter Ended August 31, 2014 Highlights:
- Recorded net revenue of $2.1 million during the three months ended August 31, 2014 compared to $747,000 for the same quarter in the previous fiscal year, an increase of 185%;
- Earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the three months ended August 31, 2014 was $605,000 compared to a loss of $233,000 for the same quarter in the previous fiscal year;
- Net income for the three months ended August 31, 2014 was $1.3 million, which includes $1.1 million of other income, compared to a net loss of $502,000 for the same quarter in the previous fiscal year.
Financial Results
Net revenue from the sale of AGGRASTAT finished product for the three months ended August 31, 2014 was $2.1 million compared to $747,000 for the three months ended August 31, 2013, an increase of 185%. Hospital demand for AGGRASTAT has increased significantly compared to the previous fiscal year, primarily 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 expanding the product’s customer base and the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.
EBITDA for the three months ended August 31, 2014 was $605,000 compared to a loss of $233,000 for the three months ended August 31, 2013. The increase is primarily due to higher net revenues for the three months ended August 31, 2014, partially offset by higher selling, general and administration expenses due to higher personnel expenses and selling costs associated with the growth in AGGRASTAT revenues, as well as stock-based compensation expenses relating to stock options granted during the quarter.
Net income for the three months ended August 31, 2014 was $1.3 million or $0.11 per share, compared to a net loss of $502,000 or $0.04 per share for the three months ended August 31, 2013. Included in net income for the three months ended August 31, 2014 is $1.1 million of other income relating to the value of Medicure’s ownership interest in Apicore, Inc. (“Apicore”), acquired on July 3, 2014, net of costs associated with the transaction, as a result of services provided by Medicure in its lead role in structuring a majority interest purchase and financing of Apicore. Excluding this other income, net income for the quarter would have been $215,000, an increase of $717,000 from the net loss of $502,000 experienced in the same quarter of the previous fiscal year. This increase is primarily a result of increased revenues, partially offset by higher selling, general and administration expenses.
At August 31, 2014, the Company had cash totaling $503,000 compared to $234,000 as of May 31, 2014. The increase in cash is primarily due to increased revenues during the three months ended August 31, 2014. Cash flows from operating activities for the three months ended August 31, 2014 were $283,000 compared to cash used in operating activities of $114,000 for the three months ended August 31, 2013.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
Conference Call Information
Conference call details are as follows:
Topic: Medicure's Quarter Ended August 31, 2014 Results Call
Date: Friday, October 17, 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.