Merus Labs International Inc. reports financial results prior to amalgamation with Envoy Capital for the second quarter ending November 30, 2011
Feb 02, 2012, 08:25 ET
VANCOUVER, Feb. 2, 2012 /CNW/ - Merus Labs International Inc. ("Merus" or the "Company") [TSX: MSL] [NASDAQ: MSLI] reports its financial results for the second quarter ended November 30, 2011 prior to amalgamation with Envoy Capital.
Highlights of the financial results for the quarter are as follows:
- Revenue of $2,476,506 in net product sales representing a 20% increase over the same period in the previous year [$2,061,100 as reported by the previous owner; IMS Canada]
- Achieved Gross profit of $2,190,681, representing 88% gross margin
- EBITDA (excluding foreign exchange charges) of $1,706,423
- Pre-tax net income of $688,068
"I am very pleased to report our second quarter financial results prior to the amalgamation of Merus with Envoy Capital. With our expanded management team and strong balance sheet we have built additional momentum towards significant growth for 2012," said Ahmad Doroudian, CEO.
The company's audited financial statements and management discussion and analysis (MD&A) can be accessed on Sedar (www.Sedar.com).
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. The Company utilizes its expertise in the North American pharmaceutical markets and its access to capital to acquire and license niche branded products in Canada and United States. Merus further enhances the sale and distribution of these products by introduction of a focused marketing and promotion plan.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with securities regulatory authorities.
For further information:
| Dr. Ahmad Doroudian
Chief Executive Officer
Merus Labs International Inc.
Tel: (604) 805-7783
| Mr. Elie Farah
Merus Labs International Inc.
Tel: (416) 593-3701
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