CANADA - 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 June 30, 2023.
Quarter Ended June 30, 2023 Highlights
Recorded total net revenue of $6.0 million during the quarter ended June 30, 2023 compared to $5.7 million for the quarter ended June 30, 2022 and; Recorded total net revenue from the sale of AGGRASTAT of $2.6 million during the quarter ended June 30, 2023 compared to $2.9 million for the quarter ended June 30, 2022 and; Recorded total net revenue from the sale of ZYPITAMAG of $1.4 million ($722,000 from insured business and $678,000 through Marley Drug) during the quarter ended June 30, 2023 compared to $1.7 million ($1.4 million from insured business and $300,000 through Marley Drug) for the quarter ended June 30, 2022 and; Recorded total net revenue from the Marley Drug business of $2.7 million during the quarter ended June 30, 2023 compared to $1.8 million for the quarter ended June 30, 2022 and; Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended June 30, 2023 was $948,000 compared to adjusted EBITDA of negative $210,000 for the quarter ended June 30, 2022 and; Net income for the quarter ended June 30, 2023 was $253,000 or $0.02 per share compared to net loss of $683,000 or $0.06 per share for the quarter ended June 30, 2022.
Financial Results
The modest decrease in AGGRASTAT revenues when compared to the same period in the previous year, as described above, is the result of a decrease in the volume of AGGRASTAT sold in 2023 when compared to 2022, in conjunction with an increase in wholesaler fees.
ZYPITAMAG contributed $722,000 of revenue for the quarter ended June 30, 2023 compared to $1.1 million for the quarter ended June 30, 2022. The decrease in revenue through insured channels is primarily as a result of increased fees to wholesalers and pharmacy benefit managers. This amount does not include sales of ZYPITAMAG through the Marley Drug business.
The Marley Drug business contributed $2.7 million of revenue for the quarter ended June 30, 2023 compared to $1.8 million for the quarter ended June 30, 2022. 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 provides another channel for direct-to-consumer marketing, distribution and improved profit margin for ZYPITAMAG. The increase in revenue is a result of increased sales through its e-commerce platform, including increased sales of ZYPITAMAG.
Adjusted EBITDA for the quarter ended June 30, 2023 was $948,000 compared to negative $210,000 for the quarter ended June 30, 2022. Increased adjusted EBITDA for the quarter ended June 30, 2023 resulted from increased Marley Drug revenue and reduced research and development expenses, offset by lower revenues from the product sales of AGGRASTAT and ZYPITAMAG through insured channels.
Net income for the quarter ended June 30, 2023 was $253,000 or $0.02 per share compared to net loss of $683,000 or $0.06 per share for the quarter ended June 30, 2022. The main factors contributing to the increase in net income recorded for the quarter ended June 30, 2023 were increased Marley Drug revenue and reduced research and development expenses, offset by lower revenues from the product sales of AGGRASTAT and ZYPITAMAG through insured channels.
At June 30, 2023, the Company had unrestricted cash totaling $5.4 million, an increase from $4.9 million of unrestricted cash held as of December 31, 2022. Cash flows from operating activities for the quarter ended June 30, 2023 was $766,000 compared to cash flows from operating activities of $1.4 million for the period ended June 30, 2022.
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.
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 current Form 20F.
Contact:
Dr. Albert D. Friesen
Tel: 888-435-2220
Fax: 204-488-9823
Email: info@medicure.com
Web: www.medicure.com
MEDICURE INC. 
