6-K
MEDICURE INC (MCUJF)
UNITED STATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THESECURITIES EXCHANGE ACT OF 1934
For the month of August 2021
Commission File Number: 001-31995
MEDICUREINC.
(Translation of registrant's name into English)
2-1250 Waverley Street
Winnipeg, MB Canada R3T 6C6
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 8a72____.
EXHIBITLIST
| Exhibit | Title |
|---|---|
| 99.1 | News Release dated August 27, 2021 - |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Medicure Inc. | ||
|---|---|---|
| (Registrant) | ||
| Date: August 27, 2021 | By: | /s/ Dr. Albert D. Friesen |
| Dr. Albert D. Friesen | ||
| Title: CEO |
Exhibit 99.1
Medicure Reports Financial Results for the Second Quarter Ended June 30, 2021
WINNIPEG, MB, Aug. 27, 2021 /CNW/ - Medicure Inc. ("Medicure" or the "Company") (TSXV: MPH) (OTC: MCUJF), a cardiovascular pharmaceutical company, today reported its results from operations for the quarter ended June 30, 2021.
Quarter Ended June 30, 2021 Highlights:
- Recorded total net revenue from the sale of products of $5.09 million during the second quarter ended June 30, 2021 compared to $2.68 million for the second quarter ended June 30, 2020;
- Recorded total net revenue from the sale of AGGRASTAT^®^ of $2.8 million during the second quarter ended June 30, 2021 compared to $2.6 million for the second quarter ended June 30, 2020;
- Net loss for the second quarter ended June 30, 2021 was $639,000 compared to net income of $19,000 for the second quarter ended June 30, 2020;
- Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA^1^) for the second quarter ended June 30, 2021 was $158,000 compared to adjusted EBITDA of $263,000 for the second quarter ended June 30, 2020
Financial Results
Net revenues for the three months ended June 30, 2021 were $5.09 million compared to $2.68 million for the three months ended June 30, 2020. Net revenues from AGGRASTAT^®^ for the three months ended June 30, 2021 were $2.8 million compared to $2.6 million for the three months ended June 30, 2020. ZYPITAMAG^®^ contributed $403,000 for the three months ended June 30, 2021 compared to $103,000 for the three months ended June 30, 2020. Marley Drug™, which was acquired in December 2020, contributed $1.87 million for the three months ended June 30, 2021. Additionally, sodium nitroprusside (SNP), contributed $22,000, during the three months ended June 30, 2021, compared to $17,000 during the three months ended June 30, 2020.
Net revenues for the six months ended June 30, 2021 were $10.02 million compared to $5.3 million for the six months ended June 30, 2020. Net revenues from AGGRASTAT^®^ for the six months ended June 30, 2021 were $5.4 million compared to $5.3 million for the six months ended June 30, 2020. ZYPITAMAG^®^ contributed $564,000 for the six months ended June 30, 2021 compared to $266,000 for the six months ended June 30, 2020. Marley Drug™ contributed $3.97 million for the six months ended June 30, 2021. Additionally, SNP contributed $70,000, during the six months ended June 30, 2021, compared to $48,000 for the six months ended June 30, 2020.
Despite the impact from COVID-19, the volume of AGGRASTAT^®^ sold in Q2 2021 was consistent with demand in Q2 2020. The Company continues to show strong patient market share with AGGRASTAT^®^, and demand from hospitals, driven by the Company's sales and marketing team. There was an increase in demand for ZYPITAMAG^®^, which was facilitated by sale through Marley Drug™ and the Company expects growth in ZYPITAMAG^®^ revenues going forward. Marley Drug™ sales remain consistent, and the Company expects growth in sales as marketing is expanded.
Adjusted EBITDA for Q2 2021 was $158,000 compared to $31,000 for Q1 2021 and compared to $263,000 for Q2 2020. The decrease in adjusted EBITDA for Q2 2021 is the result of changes in research and development spending and fluctuating costs as the company works to integrate and optimize the Marley Drug™ operation.
Adjusted EBITDA for the six months ended June 30, 2021 was $189,000 compared to negative $1.02 million for the six months ended June 30, 2020. The improvement in adjusted EBITDA for the six months ended June 30, 2021 is the result rising ZYPITAMAG^®^sales, reduction of operating costs, and net revenue from the Marley Drug™ acquisition.
Net loss for the three months ended June 30, 2021 was $639,000 or $0.06 per share compared to net income of $19,000 or $0.00 per share for the three months ended June 30, 2020. The change in the net loss for the three months ended June 30, 2021 is the result of changes in research and development spending and fluctuating costs as the company works to integrate and optimize the Marley Drug™ operation.
Net loss for the six months ended June 30, 2021 was $1.688 million or $0.16 per share compared to $1.445 million or $0.13 per share for the six months ended June 30, 2020. The change in the net loss for the six months ended June 30, 2021 is the higher amortization expense as a result of the Marley Drug™ acquisition, partially offset by net revenue from the Marley Drug™ acquisition.
At June 30, 2021, the Company had unrestricted cash totaling $2.46 million down from $2.716 million of unrestricted cash held as of December 31, 2020. Cash flows provided from operating activities for the six months ended June 30, 2021 totaled $682,000 compared to $1.793 million used for the six months ended June 30, 2020
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 other unusual items". The terms "EBITDA" and "Adjusted EBITDA", as it relates to the three and six months ended June 30, 2021 and 2020 results prepared using IFRS, do not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.
Conference Call Info:
Topic: Medicure's Q2 2021 Results
Call date: Monday, August 30, 2021
Time: 7:30 AM Central Time (8:30 AM Eastern Time)
Canada toll: 1 (416) 764-8659
North American toll-free: 1 (888) 664-6392
Passcode: not required
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
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 on the Company's website.
**About Medicure Inc.**Medicure is a pharmaceutical company focused on the development and commercialization of therapies for the U.S. cardiovascular market. The present 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 Company's U.S. subsidiary, Medicure Pharma Inc. Medicure also operates Marley Drug, Inc. ("Marley Drug"), a pharmacy located in North Carolina that offers an Extended Supply mail order drug program serving 49 of 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. For more information visit www.marleydrug.com. To learn more about The Extended Supply Generic Drug Program call 800.286.6781 or email info@marleydrug.com. For more information on Medicure please visit www.medicure.com. For additional information about AGGRASTAT^®^, refer to the full Prescribing Information. For additional information about ZYPITAMAG^®^, refer to the full Prescribing Information.
To be added to Medicure's e-mail list, please visit: http://medicure.mediaroom.com/alerts
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward Looking Information: Statements containedin this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes","may", "plans", "will", "estimates", "continues", "anticipates", "intends","expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadianand U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referredto as "forward-looking statements"). Forward-looking statements, include estimates, analysis and opinions of management of theCompany made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factorswhich the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknownrisks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events ordevelopments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements,and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others,the Company's future product revenues, expected future growth in revenues, stage of development, additional capital requirements, risksassociated with the completion and timing of clinical trials and obtaining regulatory approval to market the Company's products, the abilityto protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approvalprocesses, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to beincorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-USdollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmentalapprovals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/orresearch and development projects, or the availability of financing on reasonable terms; results of current and future clinical trials;the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factorsand assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statementsor the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks anduncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securitiesregulatory authorities or the US Securities and Exchange Commission, and in the "Risk Factors" section of its Form 20F for theyear ended December 31, 2019.
AGGRASTAT® (tirofiban hydrochloride) is a registeredtrademark of Medicure International Inc.
| Condensed Consolidated Interim Statements of Financial Position**(expressed in thousands of Canadian dollars, except per share amounts)(unaudited)** | |||||
|---|---|---|---|---|---|
| Note | June 30, 2021 | December 31, 2020 | |||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ 2,460 | $ 2,716 | |||
| Restricted Cash | 1,000 | 1,394 | |||
| Accounts receivable | 3 & 8 | 5,356 | 5,253 | ||
| Inventories | 4 | 4,591 | 5,139 | ||
| Prepaid expenses | 968 | 1,174 | |||
| Total current assets | 14,375 | 15,676 | |||
| Non–current assets: | |||||
| Property, plant and equipment | 1,599 | 1,640 | |||
| Intangible assets | 5 | 11,902 | 13,596 | ||
| Goodwill | 2,907 | 2,986 | |||
| Other assets | 143 | 156 | |||
| Total non–current assets | 16,551 | 18,378 | |||
| Total assets | $ 30,926 | $ 34,054 | |||
| Liabilities and Equity | |||||
| Current liabilities: | |||||
| Accounts payable and accrued liabilities | $ 6,836 | $ 6,979 | |||
| Current portion of royalty obligation | 6 | 281 | 362 | ||
| Current portion of acquisition payable | 5 | 620 | 637 | ||
| Holdback Payable | 12 | 1,111 | 1,876 | ||
| Current Portion of Contingent Consideration | 12 | 1,989 | 1,925 | ||
| Income taxes payable | 160 | 164 | |||
| Current portion of lease obligation | 366 | 367 | |||
| Total current liabilities | 11,363 | 12,310 | |||
| Non–current liabilities | |||||
| Royalty obligation | 6 | 206 | 335 | ||
| Acquisition payable | 5 | 1,156 | 1,132 | ||
| Contingent Consideration | 12 | 53 | 51 | ||
| Lease obligation | 928 | 1,080 | |||
| Total non–current liabilities | 2,343 | 2,598 | |||
| Total liabilities | 13,706 | 14,908 | |||
| Equity: | |||||
| Share capital | 7(b) | 80,915 | 80,917 | ||
| Contributed surplus | 10,394 | 10,294 | |||
| Accumulated other comprehensive income | (6,833) | (6,497) | |||
| Deficit | (67,256) | (65,568) | |||
| Total Equity | 17,220 | 19,146 | |||
| Total liabilities and equity | $ 30,926 | $ 34,054 | |||
| Commitments and contingencies | 9(a) & 9(d) | ||||
| Condensed Consolidated Interim Statements of Net (Loss) Income and Comprehensive Loss**(expressed in thousands of Canadian dollars, except per share amounts)(unaudited)** | |||||
| --- | --- | --- | --- | --- | --- |
| Note | Three months ended<br><br> <br>June 30, 2021 | Three months<br><br> ended<br><br> <br>June 30,<br><br> 2020 | Six months ended<br><br> <br>June 30, 2021 | Six months<br><br> <br>ended<br><br> <br>June 30,<br><br> 2020 | |
| Revenue, net | $ 5,086 | $ 2,676 | $ 10,022 | $ 5,686 | |
| Cost of goods sold | 4 & 5 | 2,047 | 1,476 | 3,974 | 3,018 |
| Gross profit | 3,039 | 1,200 | 6,048 | 2,668 | |
| Expenses | |||||
| Selling | 8 | 2,535 | 971 | 5,303 | 3,040 |
| General and administrative | 8 | 571 | 770 | 1,156 | 1,570 |
| Research and development | 8 | 705 | 98 | 1,286 | 956 |
| 3,811 | 1,839 | 7,745 | 5,566 | ||
| Other Income: | |||||
| Recovery of expenses | 9(b) | (491) | - | (491) | - |
| Finance (income) costs: | |||||
| Finance (income) expense, net | 117 | (380) | 238 | (307) | |
| Foreign exchange (gain) loss, net | 172 | (278) | 175 | (1,146) | |
| (202) | (658) | (78) | (1,453) | ||
| Net (loss) income before income taxes | $ (570) | $ 19 | $ (1,619) | $ (1,445) | |
| Income tax (recovery) expense | |||||
| Current | 69 | - | 69 | - | |
| Net (loss) income | $ (639) | $ 19 | $ (1,688) | $ (1,445) | |
| Other comprehensive income (loss): | |||||
| Item that may be reclassified to profit or<br><br> <br>loss | |||||
| Exchange differences on translation<br><br> <br>of foreign subsidiaries | (100) | (1,258) | (336) | 233 | |
| Other comprehensive income (loss), net of<br><br>tax | (100) | (1,258) | (336) | 233 | |
| Comprehensive loss | $ (739) | $ (1,239) | $ (2,024) | $ (1,212) | |
| (Loss) earnings per share | |||||
| Basic | 7(d) | $ (0.06) | $ - | $ (0.16) | $ (0.13) |
| Diluted | 7(d) | $ (0.06) | $ - | $ (0.16) | $ (0.13) |
| Condensed Consolidated Interim Statements of Cash Flows**(expressed in thousands of Canadian dollars, except per share amounts)(unaudited)** | |||||
| --- | --- | --- | --- | ||
| For the six months ended June 30 | Note | 2021 | 2020 | ||
| Cash (used in) provided by: | |||||
| Operating activities: | |||||
| Net loss for the period | $ (1,688) | $ (1,445) | |||
| Adjustments for: | |||||
| Amortization of property, plant and equipment | 187 | 149 | |||
| Amortization of intangible assets | 5 | 1,575 | 1,236 | ||
| Share–based compensation | 8(c) | 100 | 174 | ||
| Write-down of inventories | 4 | - | 311 | ||
| Finance income, net | 238 | 307 | |||
| Unrealized foreign exchange (gain) loss | (34) | (842) | |||
| Change in the following: | |||||
| Accounts receivable | (92) | 2,400 | |||
| Inventories | 548 | (1,092) | |||
| Prepaid expenses | 206 | 903 | |||
| Accounts payable and accrued liabilities | (143) | (3,599) | |||
| Interest received, net | (15) | 31 | |||
| Royalties paid | 6 | (200) | (326) | ||
| Cash flows (used in) from operating activities | 682 | (1,793) | |||
| Investing activities: | |||||
| Acquisition of property, plant and equipment | (161) | - | |||
| Acquisition of intangible assets | 5 | (232) | - | ||
| Cash flows used in investing activities | (393) | - | |||
| Financing activities: | |||||
| Purchase of common shares under normal course issuer bid | 8(b) | (2) | (154) | ||
| Repayment of lease liability | (171) | - | |||
| Payment of Holdback | 12 | (372) | - | ||
| Cash flows used in financing activities | (545) | (154) | |||
| Foreign exchange gain (loss) on cash held in foreign currency | - | 230 | |||
| (Decrease) increase in cash and cash equivalents | (256) | (1,717) | |||
| Cash and cash equivalents, beginning of period | 2,716 | 12,965 | |||
| Cash and cash equivalents, end of period | 2,460 | $ 11,248 |
View original content:https://www.prnewswire.com/news-releases/medicure-reports-financial-results-for-the-second-quarter-ended-june-30-2021-301364227.html
SOURCE Medicure Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2021/27/c0331.html
%CIK: 0001133519
For further information: David Gurvey, Chief Financial Officer, Tel. 888-435-2220, Fax 204-488-9823, E-mail: info@medicure.com, www.medicure.com
CO: Medicure Inc.
CNW 17:00e 27-AUG-21