Business
Medicure Reports Financial Results for Quarter Ended June 30, 2024
WINNIPEG, ON / ACCESSWIRE / August 14, 2024 / Medicure Inc. (" Medicure " or the " Company ") (T...
About this update from Medicure Inc.
[{"type":"text","content":"Medicure Reports Financial Results for Quarter Ended June 30, 2024WINNIPEG, ON / ACCESSWIRE / August 14, 2024 / 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 ended June 30, 2024.Quarter Ended June 30, 2024 Highlights:Recorded total net revenue of $5.2 million during the quarter ended June 30, 2024 compared to $6.0 million for the quarter ended June 30, 2023 and;Recorded total net revenue from the sale of AGGRASTAT® of $1.8 million during the quarter ended June 30, 2024 compared to $2.6 million for the quarter ended June 30, 2023 and;Recorded total net revenue from the Marley Drug business of $2.7 million ($790,000 from sales of ZYPITAMAG®, and $1.9 million from other pharmacy revenue) during the quarter ended June 30, 2024 compared to $2.7 million ($600,000 from sales of ZYPITAMAG and $2.1 million from other pharmacy revenue) for the quarter ended June 30, 2023 and;Recorded total net revenue from the sale of ZYPITAMAG of $1.4 million ($654,000 through the insured business, and $790,000 through Marley Drug) during the quarter ended June 30, 2024 compared to $1.3 million ($722,000 through insured business and $600,000 through Marley Drug) for the quarter ended June 30, 2023 and;Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended June 30, 2024 was negative $514,000 compared to adjusted EBITDA of $948,000 for the quarter ended June 30, 2023 and;Net Loss for the quarter ended June 30, 2024 was $1.2 million or $0.12 per share compared to net income of $253,000 or $0.03 per share for the quarter ended June 30, 2023.Financial ResultsThe decrease in AGGRASTAT revenues when compared to the same period in the previous year, as described above, is the result of an increase in pricing competition from generic tirofiban hydrochloride in 2024 when compared to 2023. However, the number of hospital customers using AGGRASTAT continues to remain strong and the Company continues to work on maintaining its customer base and recovering any lost business.The Marley Drug business contributed $2.7 million of revenue for the quarter ended June 30, 2...