On November 22, 2021 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, reported its results from operations for the quarter ended September 30, 2021 (Press release, Medicure, NOV 22, 2021, View Source [SID1234595933]).
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Quarter Ended September 30, 2021 Highlights:
Recorded total net revenue from the sale of products of $4.9 million during the quarter ended September 30, 2021 compared to $3.5 million for the quarter ended September 30, 2020;
Recorded total net revenue from the sale of AGGRASTAT of $2.9 million during the quarter ended September 30, 2021 compared to $3.4 million for the quarter ended September 30, 2020;
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended September 30, 2021 was $282,000 compared to adjusted EBITDA of $4,000 for the quarter ended September 30, 2020;
Net loss for the quarter ended September 30, 2021 was $946,000 compared to a net loss of $1.05 Million for the quarter ended September 30, 2020
Financial Results
Net revenues for the three months ended September 30, 2021 were $4.9 million compared to $3.5 million for the three months ended September 30, 2020. Net revenues from AGGRASTAT for the three months ended September 30, 2021 were $2.9 million compared to $3.4 million for the three months ended September 30, 2020. ZYPITAMAG contributed $388,000 for the three months ended September 30, 2021, compared to $105,000 for the three months ended September 30, 2020. Marley Drug, which was acquired in December 2020, contributed $1.64 million for the three months ended September 30, 2021.
Net revenues for the nine months ended September 30, 2021 were $14.9 million compared to $9.2 million for the nine months ended September 30, 2020. Net revenues from AGGRASTAT for the nine months ended September 30, 2021 were $8.3 million compared to $8.7 million for the nine months ended September 30, 2020. ZYPITAMAG contributed $941,000 for the nine months ended September 30, 2021 compared to $371,000 for the nine months ended September 30, 2020. Marley Drug contributed $5.62 million for the nine months ended September 30, 2021. Additionally, SNP contributed $66,000, during the nine months ended September 30, 2021, compared to $53,000 for the nine months ended September 30, 2020.
The volume of AGGRASTAT sold in Q3, 2021 was consistent with demand in Q3, 2020. The Company continues to show strong patient market share with AGGRASTAT, and demand from hospitals, driven by the Company’s sales and marketing team. There was an increase in demand for ZYPITAMAG, which was facilitated by sale through Marley Drug and the Company expects growth in ZYPITAMAG revenues going forward. Marley Drug sales remain consistent, and the Company expects growth in sales as marketing is expanded.
Adjusted EBITDA for Q3, 2021 was $282,000 compared to $4,000 for Q3, 2020. The increase in adjusted EBITDA for Q3, 2021 is the result of changes in research and development spending and the recovery of a liability associated with PREXXARTAN.
Adjusted EBITDA for the nine months ended September 30, 2021 was $471,000 compared to negative $1.02 million for the nine months ended September 30, 2020. The improvement in adjusted EBITDA for the nine months ended September 30, 2020 is the result of lower selling and research and development expenses and increasing revenues with Marley Drug and ZYPITAMAG sales and the recovery of a liability associated with PREXXARTAN.
Net loss for the three months ended September 30, 2021 was $946,000 or $0.09 per share compared to net loss of $1.05 Million or $0.10 per share for the three months ended September 30, 2020.
Net loss for the nine months ended September 30, 2021 was $2.6 million or $0.26 per share compared to $2.5 million or $0.23 per share for the nine months ended September 30, 2020. The loss per share increased due to a reduced share count due to the NCIB that took place during 2020.
At September 30, 2021, the Company had unrestricted cash totaling $3.3 million up from the $2.7 million of unrestricted cash held as of December 31, 2020. Cash flows from operating activities for the nine months ended September 30, 2021 totaled $1.82 million compared to cash flows used in operating activities of $1.05 million for the nine months ended September 30, 2020.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
You may request international country-specific access information by e-mailing the Company in advance. Management will accept and answer questions related to the financial results and operations during the question-and-answer period at the end of the conference call. A recording of the call will be available following the event at the Company’s website.