Business
Medexus Announces Strong Fiscal Q1 2024 Results, Including Record Quarterly Revenue of US$31.6 Million
Fiscal Q1 2024 revenue reflects a 37% increase over fiscal Q1 2023, demonstrating strong revenue ...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"Medexus Announces Strong Fiscal Q1 2024 Results, Including Record Quarterly Revenue of US$31.6 MillionFiscal Q1 2024 revenue reflects a 37% increase over fiscal Q1 2023, demonstrating strong revenue growth and continued overall performanceManagement to host conference call at 8:00 AM Eastern time on Thursday, August 10, 2023Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - August 9, 2023) - Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) today announced its operating and financial results and provided a business update for the company's first fiscal quarter ended June 30, 2023 (the company's fiscal Q1 2024). All dollar amounts in this news release are in United States dollars unless specified otherwise.Financial highlightsRecord total revenue of $31.6 million in fiscal Q1 2024, a year-over-year increase of 37%. This represents the strongest quarterly revenue in Medexus's history. The substantial improvement over the same quarter in the previous year was primarily due to continuing strong sales of IXINITY, continuing strong Rupall demand growth, including in part due to timing of orders, and Rasuvo performance, and the recognition of 100% of Gleolan net sales in total revenue.Record Adjusted EBITDA* of 6.6 million in fiscal Q1 2024, a year-over-year increase of $4.7 million. This represents the strongest quarterly Adjusted EBITDA in Medexus's history. The substantial improvement over the same quarter in the previous year was primarily due to the increase in revenue mentioned above and a small reduction in operating expenses.Operating profit of $4.8 million in fiscal Q1 2024, compared to $0.0 million in fiscal Q1 2023.Net income of $0.7 million in fiscal Q1 2024, compared to $(1.4) million in fiscal Q1 2023.Adjusted Net Income*, which adjusts for the unrealized gains and losses included in net income (loss), of $0.6 million, compared to $(3.6) million in fiscal Q1 2023.Cash and cash equivalents (and total available liquidity) of $15.8 million at June 30, 2023.* Refer to \"Non-GAAP measures\" at the end of this news release for information about Adjusted EBITDA and Adjusted Net Income (Loss).Ken d'Entremont, Chief Executive Officer of Medexus, commented, \"We are very pleased to report another great quarter, with continued strength and stability across the company's base business, and notably strong Rupall performance dri...