Medexus Expects Record Revenue for Fiscal Year 2023 and Provides Business Update
Annual revenue expected to exceed US$107 million for fiscal year ended March 31, 2023, an all-time record, including fiscal Q4 2023 revenue of at least US$28 million
TORONTO and CHICAGO, April 11, 2023 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals (TSX: MDP; OTCQX: MEDXF) is pleased to announce preliminary revenue estimates for the company’s fourth fiscal quarter and full fiscal year ended March 31, 2023, and, in addition, is providing an additional business update to shareholders and other stakeholders. All dollar amounts in this news release are in US dollars unless specified otherwise.
Preliminary revenue estimates for fiscal year 2023 and fiscal Q4 2023
Medexus expects to deliver total revenue between $107 million and $108 million for fiscal year 2023, representing record annual revenue for Medexus and a year-over-year increase of at least 39.5%.
As part of this record annual revenue, Medexus expects to deliver total revenue between $28 million and $28.5 million for fiscal Q4 2023, representing a year-over-year increase of at least 38.1%.
Medexus expects key highlights for fiscal Q4 2023 to include –
- IXINITY: Continuing positive trend in sales, with fiscal Q4 2023 reflecting the best quarter of fiscal year 2023 for new patient conversions on top of a stable, existing base of patients.
- Rasuvo: Continuing strong performance and maintenance of the product’s leading position in the moderately-growing US branded methotrexate market with a highly efficient allocation of sales force resources.
- Rupall: Continuing strong demand growth reflecting successful execution of the company’s sales and marketing initiatives and sustaining the product’s strong performance over the six years since launch.
- Gleolan: Continuing positive trend in US sales, with fiscal Q4 2023 including the best month of fiscal year 2023, reflecting successful execution of the company’s sales and marketing initiatives to date.
The expected results discussed in this news release are preliminary estimates, as Medexus’s financial closing procedures remain subject to completion, and have not been reviewed by the company’s auditors. Accordingly, final reported results may diverge from these estimates.
With the successful completion of the company’s fiscal year 2023, Peter van der Velden, who has served as chair of the Medexus board of directors since October 2018, has chosen to depart the Medexus board. The Medexus board unanimously elected Mike Mueller, longtime Medexus director and chair of the audit committee, to succeed Mr van der Velden as chair of the board. Mr Mueller’s appointment as chair and the conclusion of Mr van der Velden’s term as chair and director both took effect as of the date of this news release.
“I’d like to thank Peter for his years of service on Medexus’s board,” said Mr Mueller. “Since Peter joined as chair in October 2018, Medexus has completed numerous business development deals, diversified and grown its revenues, and improved its overall financial profile. Most recently, with our newly-announced credit facilities with BMO, we have put in place a solid foundation to support continued growth over the coming years. Peter’s leadership has been an important part of the company’s success to date.”
“Medexus has grown and evolved enormously over the past four-plus years,” said Mr van der Velden. “When Lumira Ventures initially invested in Medexus our goal was to support and enable the company’s vision for becoming a leading North America-based specialty pharma company. Today Medexus is that company. With a strong management team, a diversified North America-based business franchise, and the newly enhanced board of directors this simply feels like the perfect time to step out of the chairperson role. The company is in great hands and I am excited to participate in the next phase of Medexus’s journey and success in my continuing role as a shareholder.”
“I share Mike’s sentiments in thanking Peter for his extensive service to Medexus,” concluded Ken d’Entremont, Medexus’s Chief Executive Officer and a member of the Medexus board, “and I look forward to continuing to work with Mike in his new capacity as chair. Given Mike’s wealth of experience, both as a business leader and as a longstanding member of our board, I am confident that there will be a seamless transition of the chair role.”
For more information about the Medexus board of directors, see the Governance section of Medexus’s corporate website.
Medexus is a leading specialty pharmaceutical company with a strong North American commercial platform and a growing portfolio of innovative and rare disease treatment solutions. Medexus’s current focus is on the therapeutic areas of hematology, oncology, auto-immune diseases, and allergy. For more information about Medexus and its product portfolio, please see the company’s corporate website at www.medexus.com and its filings on SEDAR at www.sedar.com.
Ken d’Entremont | CEO, Medexus Pharmaceuticals
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Marcel Konrad | CFO, Medexus Pharmaceuticals
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Victoria Rutherford | Adelaide Capital
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Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws (forward-looking statements). The words “anticipates”, “believes”, “expects”, “will”, “plans”, “potential”, and similar words, phrases, or expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words, phrases, or expressions. Specific forward-looking statements in this news release include, but are not limited to, statements regarding expected revenue for fiscal year 2023 and fiscal Q4 2023, other expectations regarding financial or operational performance, the company’s business strategy or outlook and future growth plans, and the expected tenure and contributions of Medexus’s directors. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions, and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Medexus cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include, but are not limited to, those set out in Medexus’s materials filed with the Canadian securities regulatory authorities from time to time, including Medexus’s most recent annual information form and management’s discussion and analysis. Given these risks, undue reliance should not be placed on these forward-looking statements, which are made only as of the date of this news release. Other than as specifically required by law, Medexus undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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Released April 11, 2023