Medicure Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2011
January 25, 2012 at 04:30 pm
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Medicure Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2011. For the quarter, total net revenue increased to CAD 2.2 million from CAD 0.8 million for the same quarter last year. The increase in revenue for the second quarter of fiscal 2012 is largely attributable to a one-time sale to Iroko Cardio LLC, of which all conditions of the sale were met during the second quarter. Net income was CAD 1.1 million or CAD 0.01 per basic and diluted share, compared to CAD 0.7 million or CAD 0.01 per basic and diluted share in the second quarter a year ago.
For the six months ended November 30, 2011, net income was CAD 24.6 million or CAD 0.15 per basic and diluted share, compared to a loss of CAD 0.9 million or CAD 0.01 per basic and diluted share for the same period a year ago, primarily due to a CAD 23.9 million non cash gain relating to the settlement of the companies long-term debt in the first quarter as well as the one-time sale. Cash flows from operating activities were CAD 1,829,361, compared to cash flows used in operating activities of CAD 29,878 for the six months ended November 30, 2010. Acquisition of property and equipment was CAD 1,488 as compared to CAD 1,787 for the same period prior year. Acquisition of intangible assets amounted to CAD 15,487 as compared to CAD 29,973 for the same period prior year.
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).