Medicure Reports Financial Results for Quarter Ended September 30, 2019.

 
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WINNIPEG: Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTC:MCUJF), a cardiovascular pharmaceutical company, today reported its results from operations for the quarter ended September 30, 2019.

Quarter Ended September 30, 2019 Highlights:

Recorded net revenue from the sale of AGGRASTAT(r) (tirofiban hydrochloride) of $5.3 million during the quarter ended September 30, 2019 compared to $7.0 million for the quarter ended September 30, 2018;

$35.7 million in cash as at September 30, 2019;

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended September 30, 2019 was negative $319,000 compared to adjusted EBITDA of $599,000 for the quarter ended September 30, 2018; and

Net loss for the quarter ended September 30, 2019 was $599,000 compared to net loss of $545,000 for the quarter ended September 30, 2018.

Financial Results

Net revenues for the three months ended September 30, 2019 were $5.5 million compared to $7.4 million for the three months ended September 30, 2018. Net revenues from AGGRASTAT(r) for the three months ended September 30, 2019 were $5.3 million compared to $7.0 million for the three months ended September 30, 2018. Additionally, ReDSTM, contributed $117,000 of net revenue for the three months ended September 30, 2019 and ZYPITAMAGTM contributed $78,000 compared to $326,000 during the three months ended September 30, 2018 following the launch of the product in 2018.

Net revenues for the nine months ended September 30, 2019 were $16.7 million compared to $21.2 million for the nine months ended September 30, 2018. Net revenues from AGGRASTAT(r) for the nine months ended September 30, 2019 were $16.3 million compared to $20.3 million for the nine months ended September 30, 2018. Additionally, ReDSTM contributed $272,000 and ZYPITAMAGTM contributed $87,000 of net revenue for the nine months ended September 30, 2019. The nine months ended September 30, 2018 contained $932,000 of revenue from ZYPITAMAGTM following the launch of the product in 2018.

The Company continued to experience strong patient market share and strong hospital demand for AGGRASTAT(r) during the three and nine months ended September 30, 2019, however this was offset by increased price competition that resulted in lower discounted prices for AGGRASTAT(r) throughout the quarter.

Diversification of revenues remains an important aspect of the Company's focus with Medicure concentrating on the sales and marketing...

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