MEDICURE INC. Condensed Consolidated Interim Financial Statements
(Expressed in thousands of Canadian Dollars, except per share amounts)
MEDICURE INC.
Three and six months ended June 30, 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 and six months ended June 30, 2023.
Condensed Consolidated Interim Statements of Financial Position (expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
Note | June 30, 2023 | December 31, 2022 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 5,445 | $ | 4,857 |
Accounts receivable | 3 | 5,959 | 5,635 | |
Inventories | 4 | 3,258 | 3,221 | |
Prepaid expenses | 867 | 1,134 | ||
Total current assets | 15,529 | 14,847 | ||
Non-current assets: | ||||
Property and equipment | 950 | 1,187 | ||
Intangible assets | 5 | 9,561 | 10,624 | |
Goodwill | 6 | 3,105 | 3,177 | |
Other assets | 62 | 63 | ||
Total non-current assets | 13,678 | 15,051 | ||
Total assets | $ | 29,207 | $ | 29,898 |
Liabilities and Equity | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ | 6,600 | $ | 7,128 |
Current portion of royalty obligation | 7 | - | 179 | |
Current portion of acquisition payable | 5 | 662 | 677 | |
Current income taxes payable | 6 | 60 | ||
Current portion of lease obligation | 349 | 346 | ||
Total current liabilities | 7,617 | 8,390 | ||
Non-current liabilities | ||||
Lease obligation | 345 | 503 | ||
Total non-current liabilities | 345 | 503 | ||
Total liabilities | 7,962 | 8,893 | ||
Equity: | ||||
Share capital | 8(b) | 81,014 | 80,917 | |
Contributed surplus | 10,565 | 10,476 | ||
Accumulated other comprehensive income | (5,946) | (5,458) | ||
Deficit | (64,388) | (64,930) | ||
Total Equity | 21,245 | 21,005 | ||
Total liabilities and equity | $ | 29,207 | $ | 29,898 |
Commitments and contingencies | 9(a) & 9(d) |
See accompanying notes to the condensed consolidated interim financial statements.
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Condensed Consolidated Interim Statements of Net (Loss) Income and Comprehensive Loss (expressed in thousands of Canadian dollars, except per share amounts)
(unaudited)
Three months | Three months | Six months | Six months | ||||||
ended | ended | ended | ended | ||||||
Note | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||
Revenue, net | $ | 5,993 | $ | 5,747 | $ | 11,621 | $ | 11,463 | |
Cost of goods sold | 4 & 5 | 1,805 | 1,952 | 3,637 | 3,643 | ||||
Gross profit | 4,188 | 3,795 | 7,984 | 7,820 | |||||
Expenses | |||||||||
Selling | 9 | 2,068 | 1,674 | 4,106 | 3,366 | ||||
General and administrative | 9 | 1,125 | 1,561 | 2,032 | 2,873 | ||||
Research and development | 9 | 668 | 1,324 | 1,194 | 1,669 | ||||
3,861 | 4,559 | 7,332 | 7,908 | ||||||
Finance (income) costs: | |||||||||
Finance (income) expense, net | (22) | 38 | (17) | 57 | |||||
Foreign exchange (gain) loss, net | 30 | (98) | 54 | 35 | |||||
8 | (60) | 37 | 92 | ||||||
$ | |||||||||
Net income (loss) before income taxes | $ | 319 | (704) | $ | 615 | $ | (180) | ||
Income tax (recovery) expense | |||||||||
Current | 66 | (21) | 73 | 21 | |||||
Net income (loss) | $ | 253 | $ | (683) | $ | 542 | $ | (201) | |
Other comprehensive income (loss): | |||||||||
Item that may be reclassified to profit or loss | |||||||||
Exchange differences on translation | |||||||||
of foreign subsidiaries | (463) | 499 | (488) | 330 | |||||
Other comprehensive income (loss), net of tax | (463) | 499 | (488) | 330 | |||||
Comprehensive income (loss) | $ | (210) | $ | (184) | $ | 54 | $ | 129 | |
Earnings (loss) per share | |||||||||
Basic | 8(d) | $ | 0.02 | $ | (0.06) | $ | 0.05 | $ | (0.02) |
Diluted | 8(d) | $ | 0.02 | $ | (0.06) | $ | 0.05 | $ | (0.02) |
See accompanying notes to the condensed consolidated interim financial statements.
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Condensed Consolidated Interim Statements of Changes in Equity (expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
Accumulated | |||||||||||
other | |||||||||||
comprehensive | |||||||||||
Share | Contributed | income | Equity | ||||||||
Note | Capital | Surplus | (loss) | (Deficit) | Total | ||||||
Balance, December 31, 2021 | $ | 80,917 | $ | 10,429 | $ | (6,640) | $ | (66,295) | $ | 18,411 | |
Net loss for the six months ended | |||||||||||
June 30, 2022 | - | - | - | (201) | (201) | ||||||
Other comprehensive income for the | |||||||||||
six months ended June 30, 2022 | - | - | 330 | - | 330 | ||||||
Share-based compensation | 8(c) | - | 44 | - | - | 44 | |||||
Total transactions with owners | - | 44 | - | - | 44 | ||||||
Balance, June 30, 2022 | $ | 80,917 | $ | 10,473 | $ | (6,310) | $ | (66,496) | $ | 18,584 | |
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 six months ended | |||||||||||
June 30, 2023 | - | - | - | 542 | 542 | ||||||
Other comprehensive loss for the | |||||||||||
six months ended June 30, 2023 | - | - | (488) | - | (488) | ||||||
Transactions with owners, recorded directly in | |||||||||||
Equity | |||||||||||
Stock options exercised | 8(c) | 97 | (41) | - | - | 56 | |||||
Share-based compensation | 8(c) | 130 | - | - | 130 | ||||||
Total transactions with owners | 97 | 89 | - | - | 186 | ||||||
Balance, June 30, 2023 | $ | 81,014 | $ | 10,565 | $ | (5,946) | $ | (64,388) | $ | 21,245 |
See accompanying notes to the condensed consolidated interim financial statements.
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Condensed Consolidated Interim Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts) (unaudited)
For the six months ended June 30 | Note | 2023 | 2022 | ||
Cash (used in) provided by: | |||||
Operating activities: | |||||
Net loss for the period | $ | 542 | $ | (201) | |
Adjustments for: | |||||
Amortization of property, plant and equipment | 224 | 228 | |||
Amortization of intangible assets | 5 | 866 | 763 | ||
Share-based compensation | 8(c) | 130 | 44 | ||
Finance income, net | (17) | 57 | |||
Unrealized foreign exchange (gain) loss | 54 | 35 | |||
Income tax expense | 66 | - | |||
Change in the following: | |||||
Accounts receivable | (138) | (1,201) | |||
Inventories | (65) | 249 | |||
Prepaid expenses | (174) | 98 | |||
Accounts payable and accrued liabilities | (498) | 1,759 | |||
Other assets | - | 28 | |||
Interest received (paid), net | - | 10 | |||
Income taxes paid | (105) | - | |||
Royalties paid | 7 | (119) | (419) | ||
Cash flows from (used in) operating activities | 766 | 1,450 | |||
Investing activities: | |||||
Acquisition of intangible assets | 5 | (27) | (160) | ||
Cash flows used in investing activities | (27) | (160) | |||
Financing activities: | |||||
Repayment of lease liability | (151) | (153) | |||
Cash flows used in financing activities | (151) | (153) | |||
Increase in cash and cash equivalents | 588 | 1,137 | |||
Cash and cash equivalents, beginning of period | 4,857 | 3,694 | |||
Cash and cash equivalents, end of period | $ | 5,445 | $ | 4,831 |
See accompanying notes to the condensed consolidated interim financial statements.
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Medicure Inc. published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 13:50:05 UTC.
