Business
Medicure Announces Change in Fiscal Year End and Provides One-Time Guidance on Quarterly Revenue
WINNIPEG , Dec. 18, 2014 /CNW/ - Medicure Inc. (" Medicure " or the " Company ") (TSXV:MP...
About this update from Medicure Inc.
[{"type":"text","content":"\n\nWINNIPEG, Dec. 18, 2014 /CNW/ - Medicure Inc. (\"Medicure\" or the \"Company\") (TSXV:MPH, OTCQB:MCUJF), a specialty pharmaceutical company, today announced that the Board of Directors has approved a change in the Company's fiscal year end to December 31. The change will result in a stub period from June 1, 2014, to December 31, 2014, and as a result of the change, the first full fiscal year will end on December 31, 2015. This change in year end from May 31 to December 31 is being made by the Company to better align the Company's financial reporting calendar with its industry peers and with most other companies trading on the TSX.V. \n\nThe Company estimates net revenues to be $2.2 million during the three months ended November 30, 2014, which was previously defined as the second quarter, compared to $871,000 for the three months ended November 30, 2013, an increase of approximately 153%. Additionally, the Company expects positive earnings before interest, taxes, depreciation and amortization (EBITDA)1 and net income for the three months ended November 30, 2014.\n\nHospital demand for the Company's product, AGGRASTAT, has increased significantly compared to the previous period, primarily as a result of FDA approval of the new dosing regimen for AGGRASTAT. Additionally, favourable fluctuations in the U.S. dollar exchange rate contributed to the increase in revenue. The Company's commercial team and overall sales and marketing investment are being expanded as the Company works to grow its customer base and support hospitals in their transition to AGGRASTAT. Based on current activity and interest, the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.\n\nThe financial amount and statements provided above are estimates only and are subject to change. Management has not completed the usual reporting and analyses for the three month period ended November 30, 2014. This early estimate is being provided on a one-time basis due to the change in the Company's fiscal year end and the resulting delay in reporting of full results for the period ended November 30, 2014.\n\nWith this fiscal year end change, the Company will report a one-time, transitional seven month year ending December 31, 2014, that will be compared to the financial statements for the 12 months ended May 31, 201...