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Press Release

Medicure Reports Financial Results for Quarter Ended June 30, 2017

Medicure
Posted on: 10 Aug 17

WINNIPEG, Aug. 7, 2017 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTC:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the quarter ended June 30, 2017. 

Quarter Ended June 30, 2017 Highlights:

Recorded net revenue of $20.3 million during the quarter ended June 30, 2017 compared to $7.7 million for the quarter ended June 30, 2016, an increase of 164%;

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the quarter ended June 30, 2017 was $6.2 million compared to adjusted EBITDA of $2.4 million for the quarter ended June 30, 2016; and

Net income for the quarter ended June 30, 2017 was $1.4 million, compared to net income of $433,000 for the quarter ended June 30, 2016.

Financial Results

Net revenues for the quarter ended June 30, 2017 were $20.3 million compared to $7.7 million for the quarter ended June 30, 2016, an increase of 164%.  Net revenue from the sale of AGGRASTAT for the quarter ended June 30, 2017 was $8.1 million compared to $7.7 million for the quarter ended June 30, 2016, an increase of 5%.  Net revenues for the quarter ended June 30, 2017 include $12.3 million in revenue from the Apicore business, which was acquired on December 1, 2016.

Net revenues for the six months ended June 30, 2017 were $29.0 million compared to $13.8 million for the six months ended June 30, 2016, an increase of 111%.  Net revenue from the sale of AGGRASTAT for the six months ended June 30, 2017 was $15.1 million compared to $13.8 million for the six months ended June 30, 2016, an increase of 9%.  Net revenues for the six months ended June 30, 2017 include $14.0 million in revenue from the Apicore business, which was acquired on December 1, 2016.

The increase in AGGRASTAT revenue compared to the previous year is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT and the increase in market share held by the product.  For the quarter ended June 30, 2017, the Company experienced its highest level of AGGRASTAT hospital demand in the history of owning the product. The Company's commercial team continues to work on expanding its customer base.

Adjusted EBITDA for the quarter ended June 30, 2017, after adjusting for $62,000 of share-based compensation (a non-cash expense item), was $6.2 million compared to adjusted EBITDA of $2.4 million for the quarter ended June 30, 2016, after adjusting for $1.2 million of share-based compensation (a non-cash expense item) and $73,000 relating to on-going costs pertaining to the one-time sNDA filing.  Adjusted EBITDA for the six months ended June 30, 2017, after adjusting for $123,000 of share-based compensation (a non-cash expense item), was $4.7 million compared to adjusted EBITDA of $4.5 million for the six months ended June 30, 2016, after adjusting for $1.4 million of share-based compensation (a non-cash expense item) and $324,000 relating to on-going costs pertaining to the one-time sNDA filing.

Net income for the quarter ended June 30, 2017 was $1.4 million or $0.09 per share, compared to $433,000 or $0.03 per share for the quarter ended June 30, 2016.  The increase in net income is a result of the higher revenues associated with AGGRASTAT and the addition of the Apicore business, partially offset by higher costs relating to the Apicore business and increased finance expense due to interest on the loan obtained by the Company in November 2016.  The addition of the Apicore business resulted in higher cost of goods sold by $4.8 million, selling general and administration expenses by $1.7 million and research and development expenses by $4.8 million during the quarter ended June 30, 2017.  The Apicore research and development expenses include $2.9 million of amortization relating to property, plant and equipment and intangible assets.

The Company experienced a net loss for the six months ended June 30, 2017 of $3.7 million compared to net income of $1.2 million for the six months ended June 30, 2016.  The loss for the current period is primarily related to the historically low revenues achieved by the Apicore business in first quarter of each fiscal year.

At June 30, 2017, the Company had unrestricted cash totaling $4.5 million compared to $12.3 million as of December 31, 2016. The decrease in cash is due to the net loss, after adjusting for non-cash items, higher interest payments made during the quarter relating to the debt obtained in November 2016 and the acquisition of additional Class E common shares of Apicore during the quarter.  Cash used in operating activities for the six months ended June 30, 2017 was $4.7 million compared to cash flows from operating activities of $4.5 million for the six months ended June 30, 2016.

All amounts referenced herein are in Canadian dollars unless otherwise noted.

Notes

(1) The Company defines EBITDA as "earnings before interest, taxes, depreciation, amortization and other income or expense" and Adjusted EBITDA as "EBITDA adjusted for non-cash and one-time items".  The terms "EBITDA" and "Adjusted EBITDA", as it relates to the quarters ended June 30, 2017 and 2016 results prepared using International Financial Reporting Standards ("IFRS"), do not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.

Reminder for the Conference Call Tomorrow

Conference Call Info:

Topic:  Medicure's Q2 Results

Call date:  Tuesday, August 8, 2017

Time:  7:30 AM Central Time (8:30 AM Eastern Time)

Canada toll-free:  1 (888) 465-5079   Canada toll: 1 (416) 216-4169

United States toll-free:  1 (888) 545-0687

Passcode:  8196 147#           

Webcast:    This conference call will be webcast live over the internet and can be accessed from the Medicure investor relations page at the following link: http://www.medicure.com/investors.html 

You may request international country-specific access information by e-mailing the Company in advance. Management will accept and answer questions related to the financial results and operations during the question-and-answer period at the end of the conference call. A recording of the call will be available following the event at the Company's website.

About Medicure Inc.

Medicure is a specialty pharmaceutical company focused on the development and commercialization of therapeutics for the U.S. hospital market. The primary focus of the Company is the marketing and distribution of AGGRASTAT (tirofiban hydrochloride) in the United States, where it is sold through the Company's U.S. subsidiary, Medicure Pharma, Inc. Additionally, Medicure owns an approximately 98% interest (94% on a fully diluted basis) in Apicore. For more information on Medicure please visit www.medicure.com.

About AGGRASTAT

Indications and Usage
AGGRASTAT is indicated to reduce the rate of thrombotic cardiovascular events (combined endpoint of death, myocardial infarction, or refractory ischemia/repeat cardiac procedure) in patients with non-ST elevation acute coronary syndrome (NSTE-ACS).

Dosage and Administration
Administer intravenously 25 mcg/kg within 5 minutes and then 0.15 mcg/kg/min for up to 18 hours. In patients with creatinine clearance ≤60 mL/min, give 25 mcg/kg within 5 minutes and then 0.075 mcg/kg/min.

Clinical Experience
In clinical studies with the HDB regimen, Aggrastat was administered in combination with aspirin, clopidogrel and heparin or bivalirudin to over 8,000 patients for typically ≤24 hours.

Contraindications
Known hypersensitivity to any component of Aggrastat History of thrombocytopenia with prior exposure to Aggrastat Active internal bleeding, or history of bleeding diathesis, major surgical procedure or severe physical trauma within previous month.

Warnings and Precautions
Aggrastat can cause serious bleeding. If bleeding cannot be controlled discontinue Aggrastat. Thrombocytopenia: Discontinue Aggrastat and heparin.

Adverse Reactions
Bleeding is the most commonly reported adverse reaction.

For more information on AGGRASTAT, please refer to Full Prescribing Information.

About Apicore

Apicore is a private, New Jersey based developer and manufacturer of specialty Active Pharmaceutical Ingredients ("APIs") and pharmaceuticals, including over 15 Abbreviated New Drug Applications ("ANDAs"), one of which, is partnered with Medicure.  Apicore manufactures over 100 different API's, including over 35 for which Drug Master Files have been submitted to the FDA and 16 that are approved for commercial sale in the U.S. by customers of Apicore.  Apicore specializes in the manufacture of difficult to synthesize, high value and other niche API's for many U.S. and international generic and branded pharmaceutical companies.  Apicore has two FDA-approved facilities. Inhttp://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-ended-june-30-2017-639064453.html the U.S., the Somerset, New Jersey facility can produce a few grams up to 200 kg volumes and in India, the Vadodara, Gujarat facility can produce a few kilograms up to 60 metric tons yearly. Both facilities are equipped with state-of-the-art analytical and research capabilities. For more information, please visit Apicore online at www.apicore.com.

For more information:
www.prnewswire.com/news-releases/medicure-reports-financial-results-for-quarter-ended-june-30-2017-639064453.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 10/08/2017

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