Medicure (MPH) Q3 2024 earnings summary

Executive summary

• Q3 2024 net revenue was $5.2 million, consistent with the previous quarter but down from $6 million in Q3 2023; nine-month revenue was $16,012,000, down from $16,623,000 year-over-year.

• Net income for Q3 2024 was $680,000 ($0.07 per share), a significant increase from $84,000 in Q3 2023 and a loss in the previous quarter, mainly due to a legal settlement; nine-month net loss was $486,000 compared to net income of $626,000 last year.

• A legal settlement resulted in $1.9 million recognized as other income in Q3 2024.

• Focus areas include maintaining AGGRASTAT sales, growing ZYPITAMAG and Marley Drug, developing MC1 for PNPO deficiency, and advancing a new chemical entity.

Financial highlights

• AGGRASTAT revenue was $1.9 million in Q3 2024, down from $2.4 million in Q3 2023 due to generic competition.

• ZYPITAMAG revenue through insured channels rose to $553,000 from $398,000 year-over-year.

• Marley Drug revenue increased to $2.7 million from $2.2 million in Q3 2023, driven by product mix changes and e-commerce growth.

• Gross profit for the nine months ended September 30, 2024 was $9,648,000, down from $11,624,000 year-over-year.

• Operating expenses for the nine months ended September 30, 2024 totaled $18,249,000, up from $15,880,000 year-over-year.

Segment performance

• AGGRASTAT cost of goods sold increased to $720,000 in Q3 2024 due to an inventory write-down.

• ZYPITAMAG cost of goods sold rose to $299,000, reflecting higher sales volume and amortization.

• Marley Drug cost of goods sold nearly doubled to $1.3 million, reflecting higher sales volume and product mix.

• Retail and mail order pharmacy segment reported income before tax of $995,000 for the nine months ended September 30, 2024.

• Marketing and distribution of commercial products segment reported a loss before tax of $1,345,000 for the same period.