Revenue growth is entirely acquisition-driven (Gateway/West Olympia pharmacies) and not organic — organic AGGRASTAT revenue declined 42%. Cash burn of $2.3M in one quarter with only $1.5M remaining signals imminent need for financing or material cost reduction. Monitor the May 25 conference call for cash runway updates and MC-1 trial milestones.
Price Chart
Executive Summary
Medicure reported Q1 2026 revenue of $7.9M (+45% YoY) driven by pharmacy acquisitions and ZYPITAMAG growth, but net loss narrowed to -$406K from -$694K. Cash burn accelerated to -$2.3M, leaving $1.5M unrestricted cash. AGGRASTAT revenue continued declining (-42% YoY) due to generic competition.
Key Facts
- Total net revenue Q1 2026: $7.9M vs $5.4M Q1 2025 (+46%)
- Net loss Q1 2026: -$406K (-$0.04/sh) vs -$694K (-$0.07/sh) Q1 2025
- Adjusted EBITDA Q1 2026: $280K vs $28K Q1 2025
- Cash & equivalents: $1.5M at March 31, 2026 vs $3.8M at Dec 31, 2025 (burn of $2.3M)
- AGGRASTAT revenue: $979K vs $1.7M Q1 2025 (-42%)
- Pharmacy segment revenue: $5.7M vs $3.3M Q1 2025 (+73%)
- ZYPITAMAG revenue: $2.3M vs $1.4M Q1 2025 (+64%)
- R&D spend: $855K vs $570K Q1 2025 (+50%) for MC-1 Phase 3 trial
Financial Impact
Revenue growth of $2.5M YoY (+46%) offset by $1.8M operating cash burn; cash runway at current burn rate ~2 months without additional financing
Risk Factors
- Cash runway less than one quarter at current burn rate — likely needs equity or debt financing
- AGGRASTAT revenue erosion accelerating due to generic tirofiban competition
- Pharmacy acquisitions add revenue but also cost of goods sold and selling expenses, pressuring margins
- MC-1 Phase 3 trial costs will continue to consume cash with no near-term revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-005248 |
| Document: med_6k.htm | 0001654954-26-005248 |
| Document: 0001654954-26-005248-index-headers.html | 0001654954-26-005248 |
| Document: 0001654954-26-005248-index.html | 0001654954-26-005248 |
| Document: 0001654954-26-005248.txt | 0001654954-26-005248 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 21, 2026 22w ago | 6-K | $0.8000 $0.9200 | ▲ +15.00% | ▲ +11.81% | $3.01 (+276.25%) |
May 21, 2026 22w ago | 6-K | $0.8000 $0.9200 | ▲ +15.00% | ▲ +11.81% | $3.01 (+276.25%) |
Apr 24, 2026 26w ago | 6-K | $0.7500 $0.8600 | ▼ −14.67% | ▼ −9.59% | $3.01 (−301.33%) |
Apr 22, 2026 26w ago | 6-K | $0.9600 $0.8600 | ▼ −10.42% | ▼ −15.43% | $3.01 (+213.54%) |
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