WINNIPEG, April 14, 2015 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTCQB:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the seven months ended December 31, 2014.
Seven Months Ended December 31, 2014 Highlights:
- Recorded net revenue of $5.3 million during the seven months ended December 31, 2014, an increase of 143% compared to $2.2 million for the comparable period in the previous year;
- Earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the seven months ended December 31, 2014 was $1.1 million compared to a loss of $238,000 for the comparable period in the previous fiscal year;
- Net income for the seven months ended December 31, 2014 was $1.2 million, compared to a net loss of $960,000 for the comparable period in the previous year.
Financial Results
Net revenue from the sale of AGGRASTAT finished product for the seven months ended December 31, 2014 was $5.3 million compared to $2.2 million for the seven months ended December 31, 2013, an increase of 143%.
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 seven months ended December 31, 2014 was $1.1 million compared to a loss of $238,000 for the seven months ended December 31, 2013.
Net income for the seven months ended December 31, 2014 was $1.2 million or $0.10 per share, compared to a net loss of $960,000 or $0.08 per share for the seven months ended December 31, 2013. The increase in net income is primarily a result of other, non-cash, 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. The improvement compared to the same period of the prior year is also due to increased revenue from the sale of AGGRASTAT during the seven months ended December 31, 2014, partially offset by selling, general and administration expenses. The increase in selling, general and administration expenses is primarily due to higher personnel expenses, including stock-based compensation of $621,000, a non-cash expense, and higher selling costs associated with the growth in AGGRASTAT revenues.
At December 31, 2014, the Company had cash totaling $494,000 compared to $234,000 as of May 31, 2014. The increase in cash is primarily due to the higher net income after adjusting for non-cash items and higher accounts payable and accrued liabilities at December 31, 2014, partially offset by higher accounts receivable. Cash flows from operating activities for the seven months ended December 31, 2014 were $276,000 compared to cash used in operating activities of $106,000 for the seven months ended December 31, 2013.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
Upcoming Q1 Conference Call
A conference call will not be held in regards to the December 31, 2014 results. Instead, the Company will hold a conference call in connection with the release of Q1 2015 results near the end of April. The call will include a review and discussion of the year end. Information regarding the next call will be provided closer to the date of the conference call.