Medexus Achieves Record Revenue of $31.5 Million for the Third Quarter Fiscal 2021

Management to host conference call at 8:00 AM Eastern Time on Tuesday, March 2, 2021

TORONTO, CHICAGO and MONTREAL, March 01, 2021 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals Inc. (the “Company” or “Medexus”) (TSXV: MDP) (OTCQX: MEDXF) (Frankfurt: P731) today announced its financial and operating results for the three and nine months ended December 31, 2020. All dollar amounts below are in Canadian dollars unless specified otherwise.

Third Quarter Fiscal 2021 Financial Highlights:

• The Company achieved record revenue of $31.5 million for the three-month period ended December 31, 2020, versus $16.2 million for the same period last year. As previously reported, the revenue for the period included approximately $3 million in IXINITY revenues, which were originally expected to be realized in September 2020, but were instead realized in October 2020 due to a delay in receipt of finished product from the Company’s contract manufacturing partner.
  

• Adjusted EBITDA* increased to $5.1 million compared to $0.7 million for the same period last year. Adjusted EBITDA* was also positively impacted by the delayed October shipment of IXINITY.
  
• With the significant share price appreciation in the quarter, the non-cash fair value of the derivative associated with the conversion rights of the existing debentures increased materially to $16.5 million. This increase in fair value of derivatives was the primary driver for the reported net loss of $17.1 million compared to $2.6 million for the same period last year. On a year over year basis, the Adjusted Net Loss* improved by $4.7 million to $0.5 million as compared to $5.2 million.
  
• Operating income improved by $5.3 million to $2.0 million, compared to an operating loss of $3.3 million for the same period last year.

Ken d’Entremont, Chief Executive Officer of Medexus, noted, “The fiscal third quarter of 2021 was a record quarter with $31.5 million in revenue. We continued to generate solid growth while managing our expenses and the $5.3 million improvement in operating income was a strong reflection of that. Our $82.7 million in revenue for the first nine months of Fiscal 2021 reflects a 70% increase over the previous year and achieved strong Adjusted EBITDA* performance of a more than six-fold increase over the previous year. With a strong base of revenues from Rasuvo, IXINITY Metoject and Rupall, we believe that the recent additions to our portfolio will become major drivers of our growth going forward.”