MEDICURE INC. Condensed Consolidated Interim Financial Statements
(Expressed in thousands of Canadian Dollars, except per share amounts)
MEDICURE INC.
Three months ended March 31, 2023 (unaudited)
In accordance with National Instruments 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited financial statements for the three months ended March 31, 2023.
Condensed Consolidated Interim Statements of Financial Position (expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
Note | March 31, 2023 | December 31, 2022 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 4,927 | $ | 4,857 |
Accounts receivable | 3 | 6,206 | 5,635 | |
Inventories | 4 | 2,776 | 3,221 | |
Prepaid expenses | 930 | 1,134 | ||
Total current assets | 14,839 | 14,847 | ||
Non-current assets: | ||||
Property and equipment | 1,076 | 1,187 | ||
Intangible assets | 5 | 10,208 | 10,624 | |
Goodwill | 6 | 3,174 | 3,177 | |
Other assets | 63 | 63 | ||
Total non-current assets | 14,521 | 15,051 | ||
Total assets | $ | 29,360 | $ | 29,898 |
Liabilities and Equity | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ | 6,445 | $ | 7,128 |
Current portion of royalty obligation | 7 | 68 | 179 | |
Current portion of acquisition payable | 5 | 677 | 677 | |
Current income taxes payable | 60 | 60 | ||
Current portion of lease obligation | 350 | 346 | ||
Total current liabilities | 7,600 | 8,390 | ||
Non-current liabilities | ||||
Lease obligation | 427 | 503 | ||
Total non-current liabilities | 427 | 503 | ||
Total liabilities | 8,027 | 8,893 | ||
Equity: | ||||
Share capital | 8(b) | 80,941 | 80,917 | |
Contributed surplus | 10,515 | 10,476 | ||
Accumulated other comprehensive income | (5,483) | (5,458) | ||
Deficit | (64,640) | (64,930) | ||
Total Equity | 21,333 | 21,005 | ||
Total liabilities and equity | $ | 29,360 | $ | 29,898 |
Commitments and contingencies | 9(a) & 9(d) |
See accompanying notes to the condensed consolidated interim financial statements.
2
Condensed Consolidated Interim Statements of Net Income (Loss) and Comprehensive Income (Loss) (expressed in thousands of Canadian dollars, except per share amounts)
(unaudited)
For the three months ended March 31 | Note | 2023 | 2022 | ||
Revenue, net | $ | 5,628 | $ | 5,716 | |
Cost of goods sold | 4 & 5 | 1,832 | 1,691 | ||
Gross profit | 3,796 | 4,025 | |||
Expenses | |||||
Selling | 2,038 | 1,692 | |||
General and administrative | 906 | 1,312 | |||
Research and development | 526 | 345 | |||
3,470 | 3,349 | ||||
Finance costs: | |||||
Finance expense, net | 5 | 19 | |||
Foreign exchange loss, net | 24 | 133 | |||
29 | 152 | ||||
Net income before income taxes | $ | 297 | $ | 524 | |
Income tax expense | (7) | (42) | |||
Net income | $ | 290 | $ | 482 | |
Other comprehensive loss: | |||||
Item that may be reclassified to profit or loss | |||||
Exchange differences on translation | |||||
of foreign subsidiaries | (25) | (169) | |||
Other comprehensive loss, net of tax | (25) | (169) | |||
Comprehensive income | $ | 265 | $ | 313 | |
Income per share | |||||
Basic | 8(d) | $ | 0.03 | $ | 0.05 |
Diluted | 8(d) | $ | 0.03 | $ | 0.05 |
See accompanying notes to the condensed consolidated interim financial statements.
3
Condensed Consolidated Interim Statements of Changes in Equity (expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
Accumulated | |||||||||||
other | |||||||||||
Share | Contributed | comprehensive | Equity | ||||||||
Note | Capital | Surplus | loss | (Deficit) | Total | ||||||
Balance, December 31, 2021 | $ | 80,917 | $ | 10,429 | $ | (6,640) | $ | (66,295) | $ | 18,411 | |
Net income for the three months ended | |||||||||||
March 31, 2022 | - | - | - | 482 | 482 | ||||||
Other comprehensive loss for the | |||||||||||
three months ended March 31, | |||||||||||
2022 | - | - | (169) | - | (169) | ||||||
Transactions with owners, recorded directly in | |||||||||||
equity | |||||||||||
Share-based compensation | 8(c) | - | 17 | - | - | 17 | |||||
Total transactions with | |||||||||||
owners | - | 17 | - | - | 17 | ||||||
Balance, March 31, 2022 | $ | 80,917 | $ | 10,446 | $ | (6,809) | $ | (65,813) | $ | 18,741 |
Accumulated | |||||||||||
other | |||||||||||
Share | Contributed | comprehensive | Equity | ||||||||
Note | Capital | Surplus | loss | (Deficit) | Total | ||||||
Balance, December 31, 2022 | $ | 80,917 | $ | 10,476 | $ | (5,458) | $ | (64,930) | $ | 21,005 | |
Net income for the three months ended | |||||||||||
March 31, 2023 | - | - | - | 290 | 290 | ||||||
Other comprehensive loss for the | |||||||||||
three months ended March 31, 2023 | - | - | (25) | - | (25) | ||||||
Transactions with owners, recorded directly in | |||||||||||
Equity | |||||||||||
Stock options exercised | 8(c) | 24 | (10) | - | - | 14 | |||||
Share-based compensation | 8(c) | 49 | - | - | 49 | ||||||
Total transactions with owners | 24 | 39 | - | - | 63 | ||||||
Balance, March 31, 2023 | $ | 80,941 | $ | 10,515 | $ | (5,483) | $ | (64,640) | $ | 21,333 |
See accompanying notes to the condensed consolidated interim financial statements.
4
Condensed Consolidated Interim Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
For the three months ended March 31 | Note | 2023 | 2022 | |
Cash (used in) provided by: | ||||
Operating activities: | ||||
Net income for the period | $ | 290 | $ | 482 |
Adjustments for: | ||||
Current income tax expense | 7 | 42 | ||
Amortization of property, plant and equipment | 107 | 107 | ||
Amortization of intangible assets | 5 | 434 | 368 | |
Share-based compensation | 8(c) | 49 | 17 | |
Finance expense, net | 5 | 19 | ||
Unrealized foreign exchange loss | 24 | 133 | ||
Change in the following: | ||||
Accounts receivable | 3 | (581) | (1,433) | |
Inventories | 4 | 430 | (129) | |
Prepaid expenses | 201 | 73 | ||
Accounts payable and accrued liabilities | (796) | (396) | ||
Other assets | - | (29) | ||
Interest received (paid), net | 10 | 10 | ||
Income taxes paid | (7) | |||
Cash flows (used) from in operating activities | 173 | (736) | ||
Investing activities: | ||||
Acquisition of intangible assets | 5 | (27) | (47) | |
Cash flows used in investing activities | (27) | (47) | ||
Financing activities: | ||||
Repayment of lease liability | (76) | (79) | ||
Cash flows used in financing activities | (76) | (79) | ||
Foreign exchange loss on cash held in foreign currency | - | (35) | ||
(Decrease) increase in cash and cash equivalents | 70 | (897) | ||
Cash and cash equivalents, beginning of period | 4,857 | 3,694 | ||
Cash and cash equivalents, end of period | $ | 4,927 | $ | 2,797 |
See accompanying notes to the condensed consolidated interim financial statements.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Medicure Inc. published this content on 26 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2023 01:05:49 UTC.
