Business
Medexus Announces Strong Fiscal Q2 2024 Results, Including Quarterly Revenue of US$30.3 Million
Fiscal Q2 2024 revenue reflects a 9.4% increase over fiscal Q2 2023, demonstrating strong revenue...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"Medexus Announces Strong Fiscal Q2 2024 Results, Including Quarterly Revenue of US$30.3 MillionFiscal Q2 2024 revenue reflects a 9.4% increase over fiscal Q2 2023, demonstrating strong revenue growth and continued overall performanceManagement to host conference call at 8:00 AM Eastern time on Thursday, November 9, 2023Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - November 8, 2023) - Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) today announced its operating and financial results and provided a business update for the company's second fiscal quarter ended September 30, 2023 (the company's fiscal Q2 2024). All dollar amounts in this news release are in United States dollars unless specified otherwise.Financial highlightsRevenue of $30.3 million for fiscal Q2 2024, a year-over-year increase of 9.4%. The increase was primarily attributable to the recognition of 100% of Gleolan net sales in total revenue and continuing strong Rupall demand growth, including in part due to orders relative to scheduled price increases.Adjusted EBITDA* of $5.3 million for fiscal Q2 2024, a year-over-year increase of 26.2%. The increase was primarily attributable to the increase in revenue mentioned above and a reduction in operating expenses.Operating income of $3.6 million for fiscal Q2 2024, a year-over-year increase of $1.7 million.Net loss of $1.1 million for fiscal Q2 2024, a year-over-year improvement of $1.6 million.Adjusted Net Loss*, which adjusts for the unrealized gains and losses included in net income (loss), of $1.2 million for fiscal Q2 2024, a year-over-year improvement of $1.6 million.Available liquidity of $37.5 million (September 30, 2023), consisting of $19.5 million of cash and cash equivalents and $18.0 million available but then-undrawn under the accordion feature of the company's credit agreement with BMO. Medexus applied the full $18.0 million amount, together with cash on hand, toward repayment of the company's 6% convertible debentures fully in cash in an amount equal to C$51.1 million (or approximately $37.5 million) upon their maturity subsequent to period end, on October 16, 2023. In addition, subsequent to period end, in October 2023, Medexus completed a bought-deal public offering of units for C$11.5 million aggregate gross proceeds (or C$10.8 million aggregate net proceeds before expenses).* Refer to \"N...