Medicure Reports Financial Results for Quarter and Year Ended December 31, 2024
WINNIPEG, MB / ACCESS Newswire / April 25, 2025 /Medicure Inc. (" Medicure " or the " Company ") (TSXV:MPH)(OTC PINK: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 and year ended December 31, 2024.
Quarter and Year Ended December 31, 2024 Highlights:
Recorded total net revenue of $21.9 million during the year ended December 31, 2024 compared to $21.7 million for the year ended December 31, 2023 and;
Recorded total net revenue of $5.9 million during the quarter ended December 31, 2024 compared to $5.1 million for the quarter ended December 31, 2023 and;
Recorded total net revenue from the sale of AGGRASTAT ® of $8.1 million during the year ended December 31, 2024 compared to $9.7 million for the year ended December 31, 2023 and;
Recorded total net revenue from the Marley Drug business of $10.8 million ($3.2 million from sales of ZYPITAMAG ® , and $7.6 million from other pharmacy revenue) during the year ended December 31, 2024 compared to $9.6 million ($2.6 million from sales of ZYPITAMAGand $7.0 million from other pharmacy revenue)for the year ended December 31, 2023 and;
Recorded total net revenue from the sale of ZYPITAMAG of $6.2 million ($3.0 million through the traditional insured channels, and $3.2 million through Marley Drug) during the year ended December 31, 2024 compared to $5.0 million ($2.4 million through the traditional insured channels, and $2.6 million through Marley Drug) for the year ended December 31, 2023 and;
Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA" 1 ) for the year ended December 31, 2024 was negative $437,000 compared to adjusted EBITDA of $1.9 million for the year ended December 31, 2023 and;
Net loss for the year ended December 31, 2024 was $1.0 million or $0.10 per share compared to a net loss of $922,000 or $0.09 per share for the year ended December 31, 2023; the net loss is due in large part to non-cash expenses including $2.3 million of amortization on the Company 's assets, and $196,000 of share based compensation expense on stock options granted to employees and directors during the prior year.
Financial Results
Net AGGRASTAT product sales for the year ended December 31, 2024, were $8.1 million compared to $9.7 million for the year ended December 31, 2023. The decrease in AGGRASTAT revenues compared to the previous year is the result of a decrease in the volume of AGGRASTAT sold and pricing competition from generic tirofiban.
The Marley Drug business contributed $10.8 million of revenue for the year ended December 31, 2024 compared to $9.6 million for the year ended December 31, 2023. 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 marketing, fulfillment partnerships, its e-commerce platform, and increased sales of ZYPITAMAG.
ZYPITAMAG through insured channels contributed $3.0 million of revenue for the year ended December 31, 2024 compared to $2.4 million for the year ended December 31, 2023. The increase in revenue in 2024 is due to increased volume of sales to drug wholesalers. This amount does not include sales of ZYPITAMAG ® through the Marley Drug business.
Adjusted EBITDA for the year ended December 31, 2024 was negative $437,000 compared to $1.9 million for the year ended December 31, 2023. Decreased adjusted EBITDA for the year ended December 31, 2024 resulted from decreased AGGRASTAT revenue, an increase in cost of goods sold as a result of a change in product mix and a higher volume of product sold through Marley Drug, an increase in general and administrative expenses as a result of professional legal fees incurred in the current year and an increase in research and development expenses related to the development of MC-1; offset by an increase in ZYPITAMAG and Marley Drug revenue, a decrease in selling expenses as a result of better resource utilization, and an increase in other income as a result of a legal settlement received from the Company 's previous CDMO.
Net loss for the year ended December 31, 2024 was $1.0 million or $0.10 per share compared to a net loss of $922,000 or $0.09 per share for the year ended December 31, 2023. The main factors contributing to the net loss recorded for the year ended December 31, 2024 were decreased AGGRASTAT revenue, an increase in cost of goods sold, an increase in general and administrative expenses, and an increase in research and development expenses, offset by an increase in ZYPITAMAG and Marley Drug revenue, a decrease in selling expenses, and an increase in other income as noted above.
At December 31, 2024, the Company had unrestricted cash totaling $7.2 million, up from $6.4 million of unrestricted cash held as of December 31, 2023. Cash flows from operating activities for the year ended December 31, 2024 totaled $1.4 million compared to $2.1 million for the year ended December 31, 2023.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
The Company plans to hold an investor conference call in May 2025 to present the results for the three months ended March 31, 2025 with date and dial in information to be provided. The full financial statements are available at www.sedar.com and on the Company 's website at www.medicure.com .
Notes
The Company defines EBITDA as "earnings before interest, taxes, depreciation, amortization and other income or expense" and Adjusted EBITDA as "EBITDA adjusted for non‑cash and non-recurring items". The terms "EBITDA" and "Adjusted EBITDA", as it relates to the three months and year ended December 31, 2024 and 2023 results prepared using IFRS, do not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.
About Medicure Inc.
Medicure is a company focused on the development and commercialization of pharmaceuticals and healthcare products for patients and prescribers in the United States 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 subsidiary servicing all 50 states, Washington D.C. and Puerto Rico. Marley Drug ® is committed to improving access to medications for all Americans together with exceptional customer service and free home delivery. For more information visit www.marleydrug.com . For more information about Medicure please visit www.medicure.com . For additional information about AGGRASTAT ® , please visit www.aggrastat.com or refer to the full Prescribing Information . For additional information about ZYPITAMAG ® , please visit www.zypitamag.com or refer to the full Prescribing Information.
To be added to Medicure 's e-mail list, please visit:
http://medicure.mediaroom.com/alerts
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
AGGRASTAT ® (tirofiban hydrochloride) injection, ZYPITAMAG ® (pitavastatin) tablets, and Marley Drug ®are registered trademarks.
For more information, please contact:
Dr. Albert D. Friesen
Chief Executive Officer
Tel. 888-435-2220
Fax 204-488-9823
E-mail: info@medicure.com
www.medicure.com
Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)
As at December 31 | 2024 | 2023 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,191 | $ | 6,369 | ||||
Accounts receivable | 5,298 | 4,794 | ||||||
Inventories | 3,282 | 2,900 | ||||||
Prepaid expenses | 126 | 1,143 | ||||||
Total current assets | 15,897 | 15,206 | ||||||
Non-current assets: | ||||||||
Property and equipment | 955 | 736 | ||||||
Intangible assets | 9,354 | 8,940 | ||||||
Goodwill | 3,375 | 3,102 | ||||||
Other assets | 98 | 75 | ||||||
Total non-current assets | 13,782 | 12,853 | ||||||
Total assets | $ | 29,679 | $ | 28,059 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 7,932 | $ | 7,603 | ||||
Income taxes payable | 95 | 16 | ||||||
Current portion of lease obligations | 368 | 315 | ||||||
Total current liabilities | 8,395 | 7,934 | ||||||
Non-current liabilities | ||||||||
Lease obligations | 506 | 229 | ||||||
Total non-current liabilities | 506 | 229 | ||||||
Total liabilities | 8,901 | 8,163 | ||||||
Equity: | ||||||||
Share capital | 81,014 | 81,014 | ||||||
Contributed surplus | 10,919 | 10,723 | ||||||
Accumulated other comprehensive loss | (4,264 | ) | (5,989 | ) | ||||
Deficit | (66,891 | ) | (65,852 | ) | ||||
Total equity | 20,778 | 19,896 | ||||||
Total liabilities and equity | $ | 29,679 | $ | 28,059 |
Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income
(expressed in thousands of Canadian dollars, except per share amounts)
For the year ended December 31 | 2024 | 2023 | 2022 | |||||||||
Revenue, net | ||||||||||||
Product sales, net | $ | 21,907 | $ | 21,694 | $ | 23,065 | ||||||
Cost of goods sold | 8,818 | 7,705 | 6,990 | |||||||||
Gross profit | 13,089 | 13,989 | 16,075 | |||||||||
Expenses | ||||||||||||
Selling | 7,981 | 8,306 | 7,935 | |||||||||
General and administrative | 4,764 | 4,131 | 4,193 | |||||||||
Research and development | 3,081 | 2,406 | 2,754 | |||||||||
15,826 | 14,843 | 14,882 | ||||||||||
Other Income: | ||||||||||||
Other Income | (1,860 | ) | - | (346 | ) | |||||||
(1,860 | ) | - | (346 | ) | ||||||||
Finance costs: | ||||||||||||
Finance (income) expense, net | (165 | ) | (65 | ) | 206 | |||||||
Foreign exchange loss (gain), net | 71 | 108 | (52 | ) | ||||||||
(94 | ) | 43 | 154 | |||||||||
Net income (loss) before income taxes | $ | (783 | ) | $ | (897 | ) | $ | 1,385 | ||||
Income tax expense | ||||||||||||
Current | (256 | ) | (25 | ) | (20 | ) | ||||||
Deferred | - | - | - | |||||||||
(256 | ) | (25 | ) | (20 | ) | |||||||
Net (loss) profit | $ | (1,039 | ) | $ | (922 | ) | $ | 1,365 | ||||
Item that may be reclassified to profit or loss | ||||||||||||
Exchange differences on translation of foreign subsidiaries: | 1,725 | (531 | ) | 1,182 | ||||||||
Comprehensive Income (loss) | $ | 686 | $ | (1,453 | ) | $ | 2,547 | |||||
Earnings (loss) per share | ||||||||||||
Basic | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.13 | ||||
Diluted | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.13 | ||||
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
For the year ended December 31 | 2024 | 2023 | 2022 | |||||||||
Cash (used in) provided by: | ||||||||||||
Operating activities: | ||||||||||||
Net (loss) profit for the year | $ | (1,039 | ) | $ | (922 | ) | $ | 1,365 | ||||
Adjustments for: | ||||||||||||
Current income tax expense | 256 | 25 | 20 | |||||||||
Amortization of property and equipment | 438 | 434 | 461 | |||||||||
Amortization of intangible assets | 1,876 | 1,736 | 1,594 | |||||||||
Share-based compensation | 196 | 288 | 47 | |||||||||
Write-down (Recovery) of inventories | 78 | 277 | 38 | |||||||||
Change in fair value of contingent consideration | - | - | (346 | ) | ||||||||
Finance (income) expense, net | (165 | ) | (65 | ) | 190 | |||||||
Unrealized foreign exchange loss (gain) | 71 | 108 | (52 | ) | ||||||||
Change in the following: | ||||||||||||
Accounts receivable | 150 | 760 | (864 | ) | ||||||||
Inventories | (207 | ) | (31 | ) | 166 | |||||||
Prepaid expenses | 237 | (26 | ) | (194 | ) | |||||||
Other assets | (18 | ) | - | (2 | ) | |||||||
Accounts payable and accrued liabilities | (494 | ) | (236 | ) | 568 | |||||||
Interest received (paid), net | 175 | 48 | (16 | ) | ||||||||
Income taxes paid, net | (177 | ) | (61 | ) | (91 | ) | ||||||
Royalties paid | - | (256 | ) | (1,056 | ) | |||||||
Cash flows from operating activities | 1,377 | 2,079 | 1,828 | |||||||||
Investing activities: | ||||||||||||
Acquisition of property and equipment | - | - | (14 | ) | ||||||||
Acquisition of intangible assets | (739 | ) | (270 | ) | (296 | ) | ||||||
Cash flows (used in) from investing activities | (739 | ) | (270 | ) | (310 | ) | ||||||
Financing activities: | ||||||||||||
Repayment of lease liability | (370 | ) | (353 | ) | (355 | ) | ||||||
Stock options exercised | - | 56 | - | |||||||||
Cash flows used in financing activities | (370 | ) | (297 | ) | (355 | ) | ||||||
Foreign exchange loss on cash held in foreign currency | 554 | - | - | |||||||||
Increase in cash | 822 | 1,512 | 1,163 | |||||||||
Cash and cash equivalents, beginning of period | 6,369 | 4,857 | 3,694 | |||||||||
Cash and cash equivalents, end of year | $ | 7,191 | $ | 6,369 | $ | 4,857 |
SOURCE:Medicure, Inc.
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