Medexus Pharmaceuticals (MDP) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $113.1M for fiscal 2024, up 4.6% year-over-year, driven by Gleolan sales and strong Rupall demand.

• Record adjusted EBITDA of $19.5M for fiscal 2024, up 20.9% year-over-year, reflecting revenue growth and reduced operating expenses.

• Fiscal Q4 2024 revenue was $26M, down 9.1% year-over-year, with adjusted EBITDA of $4.4M and net income of $0.8M.

• Leadership changes include new CFO and COO to support future growth and US commercialization.

• FDA accepted Treosulfan NDA for review, with a decision expected by October 30, 2024, potentially enabling a US launch in early fiscal 2026.

Financial highlights

• Full-year revenue increased to $113.1M from $108.1M, while Q4 revenue declined 9.1% year-over-year to $26M.

• Gross profit for the year was $59.5M, with a gross margin of 52.6%.

• Adjusted EBITDA for fiscal 2024 reached $19.5M, up from $16M in fiscal 2023; Q4 Adjusted EBITDA was $4.4M.

• Operating income for fiscal 2024 was $10.8M, up 42.1% year-over-year; Q4 operating income was $0.8M.

• Available liquidity at year-end was $5.3M, with $18.7M cash provided by operating activities in fiscal 2024.

Outlook and guidance

• No significant revenue from Treosulfan expected until early fiscal 2026; modest investments in personnel ahead of potential FDA approval by October 30, 2024.

• Anticipates continued strong performance from Rupall and Metoject in Canada, but expects generic competition for Rupall after January 2025.

• Expects challenging demand and pricing for IXINITY and Rasuvo in the US due to market trends and regulatory changes.

• Topical terbinafine NDS under review by Health Canada, targeting commercial launch in H1 2025.

• Quarterly debt payments of about $3.3M planned to continue reducing outstanding BMO credit facilities.