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Medexus Pharmaceuticals Reports Operating and Financial Results for the Three- and Six-Month Periods Ending September 30, 2020


Medexus Pharmaceutic

iCrowdNewswire   Nov 17, 2020  3:38 PM ET

Medexus Pharmaceuticals Inc. announced its financial and operating results for the three and six months ended September 30, 2020.  All dollar amounts below are in Canadian dollars unless specified otherwise.

Second quarter fiscal 2021 financial highlights:

Ken d’Entremont, Chief Executive Officer of Medexus, commented, “We continued to generate solid growth and achieved $3.0 million of Adjusted EBITDA compared to $0.5 million for the same period last year, despite the temporary impact of a delayed IXINITY® shipment, which has been recognized in our fiscal third quarter of 2021. Importantly, we continue to witness solid performances from Rasuvo®, Metoject® and Rupall™. At the same time, we have decreased our SG&A considerably as a percentage of revenues by leveraging our North American infrastructure. Over the trailing twelve months, our revenues have grown to $93 million and we achieved Adjusted EBITDA* of $12.9 million over the same period. These figures only partially reflect the impact of our acquisition of IXINITY®, which closed in February of this year. Moreover, we are off to a very strong start in the fiscal third quarter and remain highly encouraged by the outlook for the second half of fiscal 2021.”

“Thus far we have experienced a limited impact of COVID-19 outside of our Canadian over-the-counter products and we strive to maintain a high level of safety for our personnel. As we continue to scale our business, we expect synergies to further contribute to the bottom line. Our balance sheet remains healthy with $9.8 million of available liquidity at the quarter end. Our strong financial position gives us comfort to execute on a number business initiatives, including certain product launches. We continue to actively evaluate additional products and potential accretive acquisitions that would enable us to further leverage our North American commercial infrastructure.”

Operational highlights**:

Operating and Financial Results Summary for the Three-Months Ended September 30, 2020

The Company achieved revenue of $23.6 million for the three-month period ended September 30, 2020, versus $16.4 million for the three-month period ended September 30, 2019. The increase was mainly due to the acquisition of IXINITY® as well as solid performances from the Company’s key products.

Gross profit was $12.8 million for the three-month period ended September 30, 2020, compared to gross profit of $9.6 million for the three-month period ended September 30, 2019. The gross margin was 54.4% for the three-month period ended September 30, 2020, compared to 58.6% for the three-month period ended September 30, 2019. The lower gross margin for the current period is primarily a function of the acquisition of IXINITY® in 2020, which has a lower gross margin than the Company’s other key products.

Operating income for the three-month period ended September 30, 2020, was $0.6 million, compared to an operating loss of $1.3 million for the three-month period ended September 30, 2019.

Adjusted EBITDA* for the three-month period ended September 30, 2020 was $3.0 million compared to $0.5 million for the three-month period ended September 30, 2019. 

Net Loss for the three-month period ended September 30, 2020 was $2.0 million, compared to net income of $0.7 million for the three-month period ended September 30, 2019.

Operating and Financial Results Summary for the Six-Months ended September 30, 2020

Total revenue reached $51.1 million for the six-month period ended September 30, 2020, compared to revenue of $32.5 million for the six-month period ended September 30, 2019, as a result of the acquisition of IXINITY® and strong performances from the Company’s key products.

Gross profit reached $27.8 million for the six-month period ended September 30, 2020, compared to gross profit of $19.5 million for the six-month period ended September 30, 2019. The gross margin was 54.4% for the six-month period ended September 30, 2020, compared to 60.0% for the six-month period ended September 30, 2019. The lower gross margin for the current period is due, in part, to the acquisition of IXINITY® in 2020, which has a lower gross margin than the Company’s other key products.

Operating income for the six-month period ended September 30, 2020 was $2.2 million, compared to an operating loss of $2.4 million for the same period last year.

Adjusted EBITDA* for the six-month period ended September 30, 2020 was $8.0 million compared to $1 million for the six-month period ended September 30, 2019. 

Net Loss for the six-month period ended September 30, 2020 was $6.8 million, compared to net loss of $1.5 million for the six-month period ended September 30, 2019.

The Company’s financial statements and management discussion and analysis (“MD&A”) for the period ended September 30, 2020 are available on our corporate website at www.medexus.com and in our corporate filings on SEDAR at www.sedar.com.

*      Refer to “Non-IFRS Financial Measures” at the end of this press release.
**    Refer to “Cautionary Note Regarding Comparative Financial Information” at the end of this press release.

Conference Call Details

Medexus will host a conference call at 8:00 AM Eastern Time on Tuesday, November 17, 2020 to discuss the Company’s financial results for the fiscal 2021 second quarter ended September 30, 2020, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll free 844-369-8770 for Canadian and U.S. callers or +1 862-298-0840 for international callers, or on the Company’s Investor Events section of the website: https://www.medexus.com/en_US/investors/news-events.

A webcast replay will be available on the Company’s Investor Events section of the website (https://www.medexus.com/en_US/investors/news-events) through Wednesday, February 17, 2021. A telephone replay of the call will be available approximately one hour following the call, through Tuesday, November 24, 2020 and can be accessed by dialing 877-481-4010 for Canadian and U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 38655.

About Medexus Pharmaceuticals Inc.

Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform. The Company’s vision is to provide the best healthcare products to healthcare professionals and patients, through our core values of Quality, Innovation, Customer Service and Teamwork. Medexus Pharmaceuticals is focused on the therapeutic areas of auto-immune disease, hematology, and allergy. The Company’s leading products are: Rasuvo™ and Metoject®, a unique formulation of methotrexate (auto-pen and pre-filled syringe) designed to treat rheumatoid arthritis and other auto-immune diseases; IXINITY®, an intravenous recombinant factor IX therapeutic for use in patients 12 years of age or older with Hemophilia B – a hereditary bleeding disorder characterized by a deficiency of clotting factor IX in the blood, which is necessary to control bleeding; and Rupall®, an innovative prescription allergy medication with a unique mode of action.

For more information, please contact:

Ken d’Entremont, Chief Executive Officer
Medexus Pharmaceuticals Inc.
Tel.: 905-676-0003
E-mail: ken.dentremont@medexus.com

Roland Boivin, Chief Financial Officer
Medexus Pharmaceuticals Inc.
Tel.: 514-762-2626 ext. 202
E-mail: roland.boivin@medexus.com

Investor Relations (U.S.):
Crescendo Communications, LLC
Tel: +1-212-671-1020
Email: mdp@crescendo-ir.com

Investor Relations (Canada):
Tina Byers
Investor Relations
Tel: 905-330-3275
E-mail: tina@adcap.ca



Contact Information:

Ken d’Entremont, Chief Executive Officer
Medexus Pharmaceuticals Inc.
Tel.: 905-676-0003
E-mail: ken.dentremont@medexus.com








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