Merus Labs International Inc. ("Merus" or the "Company") today reported its financial results for the quarter ended August 31, 2011.
In the first quarter Merus:
- Achieved $2,246,899 in net Vancocin sales [$2,314,233 gross sales], representing a 20% increase over the same period in the previous year [as recorded by IMS Canada]
- Achieved Gross profit of $2,075,782, representing 89.7% gross margin
- Recorded selling, general and administrative expenses of $201,908
- Realized EBITDA of $1,542,429 which was $1,714,000 before all non-cash items
- Reduced short term debt by $1.2 mil
- Realized net income of $488,521
"I am very pleased to report the results of our first quarter. During this period, our team demonstrated a flawless execution of Vancocin acquisition and managed to deliver a solid first quarter financial performance. We will use these results as a foundation for Merus Labs to continue to pursue opportunities to acquire and licence additional branded legacy products. In addition we expect to show strong organic growth in the next coming quarters with growth in the sale of Vancocin as well as launch of our wound care products in the current quarter." said Ahmad Doroudian, President and CEO.
Company's financial statements and management discussion and analysis (MD&A) can be accessed on www.Sedar.com