Medicure Inc (OTC:MCUJF)

MCUJF ($6.61) - Shares of  Canadian pharmaceutical company MCUJF have jumped to new highs on the heels of closing the acquisition of Apicore.  On December 1, 2016 MCUJF announced it has closed:

“its acquisition for a majority interest in Apicore Inc. and the interests of Apigen Investments Limited (together "Apicore"), as previously announced on November 18 , 2016.  The acquisition consists of the purchase of 4,717,000 Series A Preferred Shares and 1,250,000 Warrants in Apicore for US$33,750,000 .  This brings Medicure's ownership in Apicore to 64% (or approximately 60% on a fully diluted basis).”

WINNIPEG, Jan. 11, 2016 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTC:MCUJF), a specialty pharmaceutical company, today reported unaudited net revenue for the 2015 fourth quarter and full fiscal year.  All amounts referenced herein are in Canadian dollars. 

• Estimated net revenue of $9.3 million during the quarter ended December 31, 2015, compared to estimated net revenue of $2.5 million for the three months ended December 31, 2014.
   
• Estimated net revenue of $21.9 million for the year ended December 31, 2015, compared to estimated net revenue of $8.4 millionfor the previous year.

The increase in revenue over the comparable periods in the previous year is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT (tirofiban HCl) and an increase in the product's market share. Revenue growth for the quarter and year ended December 31, 2015 was also aided by favourable fluctuations in the U.S. dollar exchange rate.

All revenue amounts referenced herein are estimated and unaudited.  Net revenue for the three and twelve month period endedDecember 31, 2015 are preliminary and are based on the best information currently available and subject to the completion of the financial statements for the period. Due to a change in fiscal year end, revenue for the comparable periods presented are also estimates. The Company's Financial Statements and Management Discussion and Analysis for the year ending December 31, 2015 is due to be filed no later than April 30, 2016. 

Third Quarter 2015 Results

• Recorded net revenue of $5.4 million during the quarter ended September 30, 2015, an increase of 155% compared to $2.1 million for the quarter ended August 31, 2014 and an increase of 133% compared to $2.3 million for the three months ended September 30, 2014
• Net loss for the third quarter ended September 30, 2015 was $348,000 or $0.02 per share, compared to net income of $1.3 million, or $0.11 per share, for the quarter ended August 31, 2014. Net income for the nine months ended September 30, 2015 was $194,000 or $0.01 per share, compared to $402,000, or $0.03 per share, for the nine months ended August 31, 2014. The decrease in net income was as a result of higher than usual other income in the same period of the previous year resulting from the investment structuring services income earned from the July 2, 2014 Apicore transaction, increased research and development expenses (mainly relating to the sNDA filing), and increased selling general and administrative expenses associated with the expansion of Company's operations, partially offset by significantly higher revenues.

WINNIPEG, Feb. 2, 2015 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTCQB:MCUJF), a specialty pharmaceutical company, today provided detail on its historic calendar quarter revenue in anticipation of future reporting under the new financial reporting periods.  This change in year end from May 31 to December 31 was previously announced on December 18, 2014.

Net revenue from the sale of AGGRASTAT finished product for the twelve months ended December 31, 2014 is estimated to be $8.4 million compared to $3.2 million for the twelve months ended December 31, 2013, an increase of 161%.

As the Company enters the 2015 calendar and fiscal year, hospital demand for AGGRASTAT continues to increase significantly. The increase in revenue is primarily attributable to a continuing increase in the number of new hospital customers using AGGRASTAT.  The number of new customers reviewing and implementing AGGRASTAT has increased sharply as a result of FDA approval of the new dosing regimen for AGGRASTAT as announced on October 11, 2013. Additionally, favourable fluctuations in the U.S. dollar exchange rate contributed to the increase in revenue.

The Company's commercial team continues to work on further expanding its customer base and the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.

The Company is also continuing to seek other opportunities to grow its business through acquisition and continues to explore other new product opportunities to compliment AGGRASTAT and leverage the Company's growing commercial team.  Additionally, the Company's continues to monitor its minority interest in Apicore, a pharmaceutical manufacturer, which was acquired on July 3, 2014.  Medicure holds an option to acquire all of the remaining issued shares of Apicore within the next 2 1/2 years.

Medicure is also continuing the research and development of Tardoxal for the treatment of tardive dyskinesia as well as a transdermal delivery formulation of its lead drug AGGRASTAT (tirofiban HCl).

First Quarter 2015 Results

• Recorded net revenue of $2.1 million during the three months ended August 31, 2014 compared to $747,000 for the same quarter in the previous fiscal year, an increase of 185%.
• Non-GAAP EPS for Q1 2015 of $0.02 vs a loss of $0.04 in the prior year.

Quotes from management:

Hospital demand for AGGRASTAT has increased significantly compared to the previous fiscal year, primarily as a result of FDA approval of the new dosing regimen for AGGRASTAT as announced on October 11, 2013. Additionally, favourable fluctuations in the U.S. dollar exchange rate contributed to the increase in revenue. The Company's commercial team continues to work on expanding the product's customer base and the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.

WINNIPEG, MANITOBA--(Marketwired - July 11, 2014) - Medicure Inc. (the "Company") (TSX VENTURE:MPH)(OTCQB:MCUJF) announces today that the Company, subject to all necessary regulatory approvals, has entered into shares for debt agreements with its Chief Executive Officer, Dr. Albert Friesen and certain members of the Board of Directors, pursuant to which the Company will issue 205,867 of its common shares at a deemed price of $1.98 per common share to satisfy $407,616.66 of outstanding amounts owing to Dr. Friesen and members of the Company's Board of Directors. These shares will be subject to resale restrictions for a period of four months from the date of issuance under applicable securities legislation.

Third Quarter 2014 Results

Net revenue from the sale of AGGRASTAT finished product for the three months ended February 28, 2014 increased by 266% to $1.6 million from $447,000 for the three months ended February 28, 2013.

The increase in revenue for the three months ended February 28, 2014 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 number of new customers reviewing and implementing AGGRASTAT has increased sharply as a result of FDA approval of the new recommended dosing regimen for AGGRASTAT as announced on October 11, 2013. Additionally, favourable fluctuations in the U.S. dollar exchange rate contributed to the increase in revenue as all sales are denominated in U.S. dollars.

The Company's commercial team continues to work on further expanding its customer base and the Company expects sales of AGGRASTAT to continue to increase over the coming quarters.

Net income for the three months ended February 28, 2014 was $86,000 or $0.01 per share, compared to a loss of $1.1 million or $0.09 per share for the three months ended February 28, 2014. The net income in the current period is primarily a result of increased AGGRASTAT revenue, as well as lower research and development expenses in the quarter.

Net revenue for the nine months ended February 28, 2014 increased by 77% to $3.3 million compared to $1.8 million for the nine months ended February 28, 2013. The increase is primarily attributable to an increase in hospital demand and to favorable fluctuations in the U.S. dollar exchange rate.
Net loss for the nine months ended February 28, 2014 decreased to $902,000 or $0.07 per share, when compared to $1.9 million or $0.15 per share for the nine months ended February 28, 2013. The decrease in the loss is primarily the result of increased revenues from AGGRASTAT, as well as lower research and development expenses.

At February 28, 2014, the Company had cash totaling $45,000 compared to $127,000 as of May 31, 2013. The decrease in cash is primarily due to the net loss, significantly higher accounts receivable at February 28, 2014 and higher prepaid expenses as a result of deposits made during the period for inventory manufacturing. Positive cash flows from operating activities for the three months ended February 28, 2014 were $35,000, compared to negative cash flows used in operating activities of $169,000 for the three months ended February 28, 2013. The change in cash flows from operating activities is as a result of significantly higher accounts receivable as at February 28, 2014 when compared to February 28, 2013, partially offset by the increased net income for the three months ended February 28, 2014 and higher accounts payable balances when compared to February 28, 2013. Accounts receivable at February 28, 2014 totaled $1.4 million compared to $433,000 as at May 31, 2013. The increase corresponds with the increased sales experienced during the third quarter of fiscal 2014 and the accounts receivable balances as at February 28, 2014 are within normal payment terms.