Medicure Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2012
January 29, 2013 at 03:30 am IST
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Medicure Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2012. For the quarter, the company net revenue was CAD 721,000 compared to CAD 2.2 million for the three months ended November 30, 2011 and CAD 667,000 for the previous quarter ended August 31, 2012. Net revenue from the sale of AGGRASTAT finished product for the three months ended November 30, 2012 was CAD 721,000 compared to CAD 792,000 for the same quarter last year and CAD 667,000 for the previous quarter ended August 31, 2012. The decrease in total revenues compared to the same quarter last year relates to a CAD 1.5 million one-time sale of unfinished AGGRASTAT in the previous year. Sales of AGGRASTAT finished product were consistent with the same period in the prior year and the previous quarter. Net loss was CAD 493,000 or CAD 0.04 per share, compared to net income of CAD 1.1 million or CAD 0.09 per share in the same quarter a year ago and a net loss of CAD 297,000 or CAD 0.02 for the previous quarter. The net income in the previous year quarter primarily relates to a CAD 1.5 million sale of unfinished AGGRASTAT. Cash flows used in operating activities were CAD 178,000, compared to cash flows from operating activities of CAD 1.3 million for the three months ended November 30, 2011. The change in cash from/used in operating activities primarily results from the sale of unfinished AGGRASTAT in the prior year's quarter. Loss before gain on settlement of debt and finance costs or income was CAD 346,554 compared to income before gain on settlement of debt and finance costs or income of CAD 1,177,217 a year ago.
For the six months, the company reported net revenue of CAD 1,388,351 compared to CAD 3,765,884 a year ago. Loss before gain on settlement of debt and finance costs or income was CAD 510,944 compared to income before gain on settlement of debt and finance costs or income of CAD 1,233,992 a year ago. Net loss was CAD 790,135 or CAD 0.06 per basic and diluted share, compared to net income of CAD 24,600,351 or CAD 2.18 per basic and diluted share, a year ago. Cash flows used in operating activities was CAD 864,058 compared to cash flows from operating activities of CAD 1,759,121 a year ago. Acquisition of property and equipment was CAD 3,108 compared to CAD 1,488 a year ago. Acquisition of intangible assets was CAD 5,725 compared to CAD 15,487 a year ago.
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).
MEDICURE INC. 
