Medicure Reports Financial Results for Quarter Ended June 30, 2017

Tuesday, August 8, 2017 General News
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Condensed Consolidated Interim Statements of Cash Flows

(expressed in Canadian dollars)

(unaudited)

For the six months ended June 30

2017

2016

Cash (used in) provided by:

Operating activities:

Net (loss) income for the period

$

(3,720,520)

$

1,224,351

Adjustments for:

Current income tax expense

286,282

-

Deferred income tax recovery

(1,914,390)

-

Amortization of property and equipment

828,834

45,562

Amortization of intangible assets

5,052,446

814,863

Share?based compensation

122,741

1,383,278

Reversal of previous write-down of inventory

-

(69,592)

Finance expense, net

4,345,807

650,193

Unrealized foreign exchange (gain) loss

(273,819)

(75,661)

Revaluation of long?term derivative

-

84,980

Change in the following:

Accounts receivable

(1,528,624)

4,692,337

Inventories

(202,280)

(931,608)

Prepaid expenses

(529,862)

1,054,087

Other assets

(7,165)

-

Accounts payable and accrued liabilities

(2,950,658)

(3,293,160)

Deferred revenue

(77,821)

-

Other long-term liabilities

2,409

(100,000)

Interest paid

(2,886,666)

(112,909)

Income taxes paid

(332,450)

-

Royalties paid

(922,021)

(895,512)

Cash flows (used in) from operating activities

(4,707,757)

4,471,209

Investing activities:

Acquisition of Class E common shares of Apicore

(2,640,725)

-

Acquisition of property and equipment

(846,548)

(85,955)

Cash flows used in investing activities

(3,487,273)

(85,955)

Financing activities:

Proceeds from exercise of stock options

242,478

363,414

Proceeds from exercise of Apicore stock options

421,942

-

Proceeds from exercise of warrants

92,332

-

Repayment of long-term debt

(13,211,947)

(833,333)

Decrease in cash in escrow

12,809,072

-

Finance lease payments

(79,570)

-

Proceeds from short-term borrowings

106,838

-

Cash flows from (used in) financing activities

381,145

(469,919)

Foreign exchange gain on cash held in foreign currency

(650)

(24,494)

(Decrease) increase in cash

(7,814,535)

3,890,841

Cash and cash equivalents, beginning of period

12,266,177

3,568,592

Cash and cash equivalents, end of period

$

4,451,642

$

7,459,433

See accompanying notes to the condensed consolidated interim financial statement



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