Medicure Inc. Reflects on its 2023 Financial Year and Q4 Performance

Medicure Inc., a pharmaceutical and healthcare product company serving the U.S. market, reported a decline in its financial performance for both the quarter and the year ending December 31, 2023. Annual net revenue decreased from $23.1 million in 2022 to $21.7 million in 2023, with Q4 revenue falling to $5.1 million from $6.3 million in the previous year. The sales of AGGRASTAT®, one of Medicure's key products, also saw a decrease in the same period. Nevertheless, the Marley Drug business showed a revenue increase to $9.6 million in 2023 from $7.8 million in 2022.

The company experienced a net loss of $922,000 for the year, marking a significant shift from the previous year's net gain of $1.4 million. This loss was partially attributed to non-cash expenses including amortization of ZYPITAMAG and Marley Drug, along with share-based compensation costs. Adjusted EBITDA for the year was reported at $1.9 million, a decrease from $3.0 million in 2022, reflecting challenges in net revenue and increased cost of goods, offset by reductions in R&D expenses.

Despite these setbacks, Medicure concluded 2023 with an increase in unrestricted cash to $6.4 million, up from $4.9 million at the end of 2022, indicating resilience in its operational cash flow. The company is scheduled to host an investor conference call in May 2024 to further discuss its Q1 2024 results and strategies moving forward.