Business
Medexus Generates Record Revenue of Us$108.1 Million in Fiscal Year 2023
Management to Host Conference Call at 8:00 Am Eastern Time on Thursday, June 22, 2023 Toronto, O...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"Medexus Generates Record Revenue of Us$108.1 Million in Fiscal Year 2023Management to Host Conference Call at 8:00 Am Eastern Time on Thursday, June 22, 2023Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - June 21, 2023) - Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) today announced its operating and financial results and provided a business update for the company's fourth fiscal quarter and fiscal year ended March 31, 2023 (the company's fiscal Q4 2023 and fiscal year 2023). All dollar amounts in this press release are in United States dollars unless specified otherwise.Financial highlightsRecord total revenue of $108.1 million in fiscal year 2023, a year-over-year increase of 41%. This represents the strongest annual revenue in Medexus's history. A continuing positive trend in sales of IXINITY, continuing strong Rupall demand growth and Rasuvo performance, and the inclusion of Gleolan net sales in total revenue were the primary contributors to this substantial year-over-year improvement.Total revenue of $28.6 million in fiscal Q4 2023, a year-over-year increase of 41%. The substantial improvement over the same quarter in the previous year was primarily attributable to an increase in net sales of IXINITY during the quarter as pharmacy and wholesale customers return to buying patterns better aligned with patient unit demand.Record Adjusted EBITDA* of $16.1 million in fiscal year 2023, a year-over-year increase of $20.0 million. This represents the strongest annual Adjusted EBITDA in Medexus's history. The increases in net sales mentioned above, a reduction in research and development costs, and an increase in gross margin were the primary contributors to this substantial year-over-year improvement.Adjusted EBITDA* of $4.8 million in fiscal Q4 2023, a year-over-year increase of $3.7 million. The substantial improvement over the same quarter in the previous year was primarily attributable to increases in net sales of IXINITY and Rasuvo and a decrease in research and development costs, partially offset by an increase in selling and administrative expense.Operating profit of $7.6 million in fiscal year 2023 and $2.7 million in fiscal Q4 2023, compared to $(15.0) million in fiscal year 2022 and $(2.5) million in fiscal Q4 2022.Net income of $1.2 million in fiscal year 2023 and $6.9 million in fiscal Q4 2023, compared to...