Medicure

MPH.V

Drug Manufacturers - Specialty & Generic · Healthcare

Price

C$1.28

-0.02 (-1.54%)

Market Cap

C$13.4M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+1.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.3M (2021) → 10.4M (2025)

Winston Score History

The full picture

Medicure Inc. is a small Canadian pharmaceutical company that develops and sells prescription drugs, mainly focused on cardiovascular medicine. Its primary product is AGGRASTAT (tirofiban hydrochloride), a drug used in hospitals to reduce the risk of heart attacks in patients with certain heart conditions. The company sells mainly to hospitals and healthcare providers in the United States.

Medicure earns revenue by selling its branded prescription drug directly into the U.S. hospital market, which means sales depend heavily on a single product rather than a broad portfolio. The company is small, with a market cap under $100 million, and its competitive position relies on maintaining its niche in a specialized area of cardiac care. The operating margin is currently negative, meaning the company is spending more than it earns, which is a significant financial risk. The key challenge going forward is either growing AGGRASTAT sales or successfully developing additional products to reduce its dependence on one drug.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-85.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$3M/ year

→ Flat (+3% vs prior year)

11.0% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

27.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

C$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Medicure is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

43.1%

Healthy — 43.1% gross margin

Profit after running costs

Operating Margin

-18.2%

Losing money on operations — -18.2%

Return on the money invested

ROCE

-60.5%

Weak — -60.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+38.3%

Fast-growing sales (+38.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-6.0%

Burning cash (-6.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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