Medexus Pharmaceuticals (TSX: MDP; OTCQX: MEDXF), a leading specialty pharmaceutical company, has been making waves with record annual revenues, a new credit agreement, and the acquisition of the Canadian rights to commercialize terbinafine hydrochloride nail lacquer. The momentum is set to continue with the Company today announcing preliminary revenue for fiscal Q1 2024.
Medexus expects to deliver total revenue between $31 million and $31.5 million USD for fiscal Q1 2024, representing record quarterly revenue for Medexus and a year-over-year increase of at least 34.5% compared to fiscal Q1 2023.
“We are very pleased with this revenue estimate,” commented Ken d’Entremont, Chief Executive Officer of Medexus. “A key driver of the quarter’s revenue was a particularly strong quarter from Rupall. Even total revenue at the lower end of our range would represent another record quarter and a significant year-over-year increase.”
“This strong revenue performance keeps us on track in our progress toward our previously announced estimate of $20 million of total cash at September 30, 2023,” concluded Marcel Konrad, Chief Financial Officer of Medexus.
The expected results are preliminary estimates and the final reported results may diverge from these results.
Medexus keeps delivering stellar numbers, and Q1 2024 results will come after Medexus delivered record revenue of $108.1 million USD in fiscal year 2023. This represented the strongest annual revenue in Medexus’s history, and was a result of Medexus’ strong core portfolio and positive trend in sales.
For the previous quarter, fiscal Q4 2023, Medexus saw total revenue of $28.6 million USD, which represented a year-over-year increase of 41%.
In a recent interview with Equity Guru founder, Chris Parry, CEO Ken d’Entremont discussed the company’s focus on durable revenues and long-term strategies.
At time of writing, Medexus stock is up 11.35% on today’s news. The Company is sitting at a market cap of $43.306 million CAD.
As you can see, our technical indicators have been broken. This is positive for bulls. I notified readers that the stock was held below the downtrend line. The 2023 earnings report saw the stock breakout of this trendline and it hasn’t looked back.
More importantly, Medexus has now climbed above the resistance zone at $1.80. What was once resistance now becomes support and the retest of $1.80 did indeed see buyers step in. A higher low is set to form here if the price takes out recent highs at $2.20. This means the new uptrend is set to continue, and the stock will be testing the next resistance zone around the $2.50 zone.