Medicure Inc. Reports Financial Results for the Second Quarter and Six Months Ended November 30, 2013
January 29, 2014 at 03:00 am IST
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Medicure Inc. reported financial results for the second quarter and six months ended November 30, 2013. Net revenue from the sale of AGGRASTAT finished product for the three months ended November 30, 2013 increased by 21% to CAD 871,000 from CAD 721,000 for the three months ended November 30, 2012. The increase in revenue for the three months ended November 30, 2013 compared to the same period in the prior year is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT, which is driving an overall increase in hospital and wholesale demand. The increase in revenue is also partially attributable to fluctuations in currency values. Net loss for the three months ended November 30, 2013 was consistent at CAD 486,000 or CAD 0.04 per share, when compared to CAD 493,000 or CAD 0.04 per share for the three months ended November 30, 2012. The net loss in the current period is partially driven by an increase in expenses related to business development activities of the company.
Net revenue for the first six months ended November 30, 2013 increased by 17% to CAD 1,618,000 compared to CAD 1,388,000 for the six months ended November 30, 2012. The increase is primarily attributable to an increase in hospital demand. Net loss for the first six months ended November 30, 2013 increased to CAD 989,000 or CAD 0.08 per share, when compared to CAD 790,000 or CAD 0.06 per share for the six months ended November 30, 2012. Cash flows used in operating activities for the three months ended November 30, 2013 were CAD 3,000, compared to CAD 178,000 for the three months ended November 30, 2012. The decrease in cash flows used in operating activities is as a result of inventory purchases made during the three months ended November 30, 2012 and higher accounts payable at November 30, 2013.
Medicure Inc. is a Canada-based pharmaceutical company. The Company is focused on the development and commercialization of therapies for the United States cardiovascular market. The focus of the Company is the marketing and distribution of AGGRASTAT (tirofiban hydrochloride) injection and ZYPITAMAG (pitavastatin) tablets in the United States, where they are sold through the Companyâs United States subsidiary, Medicure Pharma Inc. The Company also operates Marley Drug, Inc. (Marley Drug), a pharmacy located in North Carolina that offers an Extended Supply drug program serving all 50 states, Washington D.C. and Puerto Rico. Marley Drug is committed to improving the health status of its patients and the communities they serve while reducing overall health care costs for employers and other health care consumers. AGGRASTAT is indicated to reduce the rate of thrombotic cardiovascular events in patients with non-ST elevation acute coronary syndrome (NSTE-ACS).