Pharmaceutical company Medicure Inc (TSXV:MPH) (OTC:MCUJF) stated on Monday that it recorded a net loss of USD2.8m (USD0.18 per share) for the quarter ended 31 March 2019.

This marks a decline in earnings when compared with net income of USD1.4m (USD0.09 per share) for the three months ended 31 March 2018.

The net loss in the first quarter of 2019 is the result of higher selling, general and administration expenses, higher cost of goods sold and lower revenues as well as foreign exchange loss relating to a decrease in the value of the US dollar.

Net revenues of USD4.9m were generated for the three months ended 31 March 2019, down over USD6.1m for the three months ended 31 March 2018.

Adjusted EBITDA was negative USD1.7m for the three months ended 31 March 2019, a decline from USD927,000 for the three months ended 31 March 2018, due to the higher selling, general and administration expenses, higher cost of goods and lower revenues.