Medexus Pharmaceuticals Inc (CVE:MDP) (OTCQX:MEDXF) (FRA:P731) late Monday said its second quarter revenue rose to C$23.6 million from C$16.4 million during the same period last year, which it attributed mainly to its acquisition of IXINITY, as well as solid performances from key products.
The specialty pharmaceutical company also reported that adjusted EBITDA for the period increased to C$3.0 million from C$0.5 million a year earlier, while swinging to an operating profit of C$0.6 million from a loss of $1.3 million in second quarter 2019.
Medexus Pharmaceuticals CEO Ken d’Entremont said in a statement: “We continued to generate solid growth and achieved $3 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 12 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.”
READ: Medexus Pharmaceuticals is on track to complete patient enrollment for Phase 4 IXINITY trial by second quarter next year
He added: “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 of 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.”
The company announced on Monday that it is on track to complete patient enrollment for its Phase 4 IXINITY clinical trial by the second quarter of 2021, a drug that is used to reduce the frequency of bleeding episodes in children under 12 with hemophilia B.
Medexus also provided the following updates on its other medications:
- On September 9, 2020, Gleolan was approved by Health Canada and the company says it is working towards a full commercial launch within the next few months.
- Treosulfan was recently granted priority review by Health Canada and Medexus says it could be approved as soon as May 2021, with the company currently negotiating the licence in anticipation of a full commercial launch.
- Health Canada approved the name change of Triamcinolone Hexacetonide to Trispan, setting the stage for reimbursement in Nova Scotia in the coming weeks as Medexus begins a commercial launch of the product.
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