Business
Medicure Reports Financial Results for Quarter Ended March 31, 2023
WINNIPEG, MB / ACCESSWIRE / May 26, 2023 / Medicure Inc. (" Medicure " or the " Company ") (TSXV...
About this update from Medicure Inc.
[{"type":"text","content":"Medicure Reports Financial Results for Quarter Ended March 31, 2023WINNIPEG, MB / ACCESSWIRE / May 26, 2023 / 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 March 31, 2023.Quarter Ended March 31, 2023 Highlights:Recorded total net revenue of $5.6 million during the quarter ended March 31, 2023 compared to $5.7 million for the quarter ended March 31, 2022 and;Recorded total net revenue from the sale of AGGRASTAT® of $2.7 million during the quarter ended March 31, 2023 compared to $2.8 million for the quarter ended March 31, 2022 and;Recorded total net revenue from the sale of ZYPITAMAG® of $640,000 during the quarter ended March 31, 2023 compared to $1.1 million for the quarter ended March 31, 2022 and;Recorded total net revenue from the Marley Drug business of $2.3 million during the quarter ended March 31, 2023 compared to $1.9 million for the quarter ended March 31, 2022 and;Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the quarter ended March 31, 2023 was $916,000 compared to adjusted EBITDA of $1.2 million for the quarter ended March 31, 2022 and;Net income for the quarter ended March 31, 2023 was $290,000 or $0.03 per share compared to net income of $482,000 or $0.05 per share for the quarter ended March 31, 2022.Financial ResultsThe modest decrease in AGGRASTAT® revenues when compared to the same period in the previous year, as described above, is the result of a decrease in the volume of AGGRASTAT® sold in 2023 when compared to 2022, in conjunction with an increase in wholesaler fees.The royalty obligations related to AGGRASTAT® are now fulfilled and are no longer due.ZYPITAMAG® contributed $640,000 of revenue for the quarter ended March 31, 2023 compared to $1.1 million for the quarter ended March 31, 2022. The decrease in revenue is primarily as a result of increased fees to wholesalers and pharmacy benefit managers.The Marley Drug business contributed $2.3 million of revenue for the quarter ended March 31, 2023 compared to $1.9 million for the quarter ended March 31, 2022. Marley Drug is a US pharmacy...