Medicure records net revenue of $3.3 million for first quarter 2015

Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH, OTC:MCUJF), a specialty pharmaceutical company, today reported its results from operations for the first quarter ended March 31, 2015.

Quarter One Highlights:

• Recorded net revenue of $3.3 million during the quarter ended March 31, 2015, an increase of 104% compared to $1.6 million for the quarter ended February 28, 2014 and an increase of 101% compared to $1.7 million for the three months ended March 31, 2014;
   
• Earnings before interest, taxes, depreciation and amortization (EBITDA)¹ adjusted for share-based compensation for the first quarter ended March 31, 2015 was $1.1 million compared to $638,000 for the quarter ended February 28, 2014;

In December of 2014, the Company announced a change in its financial year-end from May 31 to December 31. As a result of the change in year-end, results for the current quarter ending on March 31, 2015 are compared to the closest comparable fiscal period, which is the quarter ending on February 28, 2014.

Financial Results

Net revenue from the sale of AGGRASTAT finished product for the first quarter of 2015 was $3.3 million compared to $1.6 million for the quarter ended February 28, 2014 and compared to estimated revenue of $1.7 million for the three months ended March 31, 2014.

The increase in revenue compared to the comparable quarter for the previous year is primarily attributable to an increase in the number of new hospital customers using AGGRASTAT and the increase in market share held by the product. Revenue growth was also aided by favourable fluctuations in the U.S. dollar exchange rate throughout the first quarter.

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.

EBITDA for the quarter ended March 31, 2015 after adjusting for $423,000 of share-based compensation, a non-cash expense item, was $1.1 million. The increase in adjusted EBITDA was 67% compared to EBITDA of $638,000 for the quarter ended February 28, 2014. There was no similar stock-based compensation expense included in the EBITDA for the quarter ended February 28, 2014. EBITDA not adjusted for share-based compensation was $643,000 for the quarter ended March 31, 2015.

Net income for the quarter ended March 31, 2015 was $100,000 or $0.01 per share, compared to $86,000, also $0.01 per share, for the quarter ended February 28, 2014. Net income increased as a result of increased revenue from the sale of AGGRASTAT during the quarter, offset by increased selling, general and administration expenses and increased research and development expenses. The increase in selling, general and administration expenses is primarily due to expansion of the Company's organization supporting sales of AGGRASTAT and due to $423,000 of non-cash share-based compensation. Research and development expenses increased as a result of expenditures on the SAVI-PCI clinical trial and transdermal projects.

At March 31, 2015, the Company had cash totaling $1.3 million compared to $494,000 as of December 31, 2014 and compared to $45,000 as of February 28, 2014. The increase in cash is primarily due to higher net income after adjusting for non-cash items for the three months ended March 31, 2015.

Cash flows from operating activities for the three months ended March 31, 2015 were $789,000 compared to $35,000 for the three months ended February 28, 2014, and $276,000 for the seven-month fiscal year ended December 31, 2014.

All amounts referenced herein are in Canadian dollars unless otherwise noted.