Good morning and welcome to Medicure's Earnings Conference Call for the quarter ended June 30th, 2021. My name is Chris, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Before we proceed, I would like to remind everyone that this presentation contains forward-looking statements relating to future results, events, and expectations, which are made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, those described in the company's most recent annual information form and Form 20-F. Later, we will conduct a question-and-answer session. Please note that this conference call is being recorded, and today's date is August 30th, 2021.
I would now like to turn the conference call over to Dr. Albert Friesen, Chief Executive Officer of Medicure Inc. Please go ahead, Dr. Friesen.
Thank you, Chris, and good morning to everybody on the call. We appreciate your interest and the time you've taken to participate in the call. Joining me today is the Chief Financial Officer, David Gurvey, and Dr. Neil Owens, President and COO. This morning, we'll be discussing the financial statements and the business for the second quarter of 2021. COVID has provided challenges to a lot of businesses, including Medicure. Despite the challenges, we are pleased with the positive trend of revenue and net income over the last few quarters. We experienced a modest but positive dividend after the second quarter of 2021, a positive change from the losses that had been reported in 2019 and the first half of 2020. The sales of AGGRASTAT have stabilized, and we're pleased with the early-stage performance of our December 2020 acquisition, Marley Drug.
One of the reasons we acquired Marley Drug, a mail-order pharmacy, was to expand our sales reach for ZYPITAMAG, and we're now exploring ways to further build on the pharmacy business. Our ongoing focus of business is the sales and marketing of AGGRASTAT, the growing ZYPITAMAG business with more direct marketing to patients with the help of Marley Drug, as well as continuing the marketing to healthcare providers. The revenue for the second quarter of 2021 was CAD 5,000,009, which is up substantially from 2020 quarters, due mainly to the added revenue from Marley Drug and up slightly from Q1 2021. AGGRASTAT revenue of CAD 2.8 million is similar to the previous quarters, as was Marley Drug at CAD 1.87 million, and ZYPITAMAG was up a bit at CAD 403,000.
As mentioned before, Medicure has transitioned away from the sales and marketing of the ReDS device, which reduced significantly operating expenses and associated losses while retaining the value in Sensible Medical. Excuse me. The main focus at present is the sales and marketing of AGGRASTAT, ZYPITAMAG, and further leveraging Marley Drug Pharmacy. We are pleased with the few quarters' investments in our programs and onboarding of new products will provide both growth and revenue profits for the coming quarters and years. Medicure has expanded business with a great team, energy, talent, and experience. I'll now turn over the call to Chief Financial Officer, David Gurvey.
Thank you, Byrd, and good morning, everyone. A couple of quick items to note before I start. All dollar figures are in CAD unless otherwise noted by each presenter. As a reminder, you can obtain a complete copy of our financial statements for the year ended December 31, 2020, and the quarter ended June 30, 2021, along with previous financial statements on the investor page of our website, and a copy of all financial statements and management discussion analysis can be obtained from sedar.com. That is sedar.com. For the second quarter, revenues were CAD 5.09 million, an increase of CAD 150,000 from the previous quarter, and CAD 2.67 million from the comparable quarter in 2020. The increase in revenues between the two years was primarily a result of the Marley Drug acquisition. AGGRASTAT revenues were CAD 2.79 million, consistent with the prior quarter, and slightly higher than the comparable period in 2020.
ZYPITAMAG revenues increased to CAD 403,000 for the second quarter, an increase of CAD 161,000 from the prior quarter, and up from CAD 103,000 in the second quarter of 2020. The increase in revenues from ZYPITAMAG resulted from more aggressive marketing and being able to sell the product through Marley Drug, giving easier access to the medication for the consumer. As a result of the acquisition of Marley Drug, which was completed on December 17th, 2020, the company recorded revenue of CAD 1.86 million during the second quarter and at June 30th, 2021, which was approximately CAD 200,000 lower than the prior quarter for Marley Drug. Cost of the goods sold remained at a constant percentage this quarter compared to the prior quarter at just over 40%. Selling expenses for 2020 totaled CAD 2.5 million in the second quarter compared to CAD 2.8 million in the first quarter.
The company consistently looks at ways to gain efficiencies in its operation, and some efficiencies were realized, causing selling expenses to moderately decrease in the quarter. General and administrative expenses were flat in the second quarter compared to the previous quarter at CAD 571,000 and CAD 585,000, respectively. The company is working very hard to reduce general and administrative expenses where possible, and costs have been substantially reduced from the second quarter of 2020, where they were CAD 770,000. Research and development expenses totaled CAD 765,000 for the second quarter of 2021 and CAD 100,000 for the comparable period in 2020. The increase is primarily a result of different levels of research and development during any particular quarter and potential refunds and payments of fees paid to governing agencies.
This resulted in a net loss for the second quarter of 2021 of CAD 639,000, which equated to CAD 0.06 a share compared to income of CAD 19,000 or CAD 0.00 per share for the second quarter of 2020. Adjusted EBITDA for the second quarter was CAD 158,000 compared to adjusted EBITDA of CAD 263,000 for the comparable period in 2020. The company is exposed to fluctuating currencies, and in this quarter, this negatively affected the company by approximately CAD 200,000 as the Canadian dollar gained strength. As of June 30, 2021, the company had cash totaling CAD 2.46 million compared to CAD 2.7 million as of December 31, 2020. As of June 30, 2021, the company had net working capital of CAD 3 million compared to net working capital at December 31, 2020, of CAD 3.2 million.
The company does not have any debt recorded on its statement of financial position. However, we are in the process of finalizing a loan with a commercial bank to replenish the cash and reestablish liquidity due to the Marley Drug acquisition. I want to remind you that there will be an opportunity at the end of today's call for you to ask questions regarding the financial results of the company as a whole, and with that, I would like to turn the call over to our President and Chief Operating Officer, Dr. Neil Owens, for some additional commentary regarding our operations.
Thank you, David, and good morning, everyone. AGGRASTAT continues to maintain the majority of patient market share in the [audio distortion] and remains the preferred glycoprotein IIb/IIIa inhibitor in more than 1,200 U.S. hospitals. In the past quarter, there was no notable price competition from generics and defibrillators. This reduced the pricing pressure on the net selling price of AGGRASTAT. Our team is pleased to report a 6% increase in net revenue compared to Q1 2021. We continue to work with key opinion leaders to effectively market AGGRASTAT and maintain market share. Turning to ZYPITAMAG, which is a branded statin used to control cholesterol, our team is pleased to report a 40% increase in net revenue compared to Q1 2021. This growth comes as a result of promotion from our sales team, as well as marketing to prescribers and consumers to share the benefits of ZYPITAMAG.
Sales of ZYPITAMAG have also been facilitated by sales through Marley Drug. In Q4 2020, Medicure announced the acquisition of Marley Drug, which is a pharmacy located in North Carolina with national distribution of prescription medications. It is known for its excellent customer service, home delivery, and very competitive prices. Marley Drug has built a nationwide customer base of more than 30,000. One of the aspects of marketing products through Marley Drug is that, in addition to an existing sales base, it provides a truly innovative sales channel. Through Marley Drug, Medicure can sell branded products without the use of wholesalers and insurance companies, which hurt our profits and impose limitations on access through step-through therapy and prior authorizations. It is also very appealing for healthcare providers who appreciate the simplicity and certainty of filling ZYPITAMAG prescriptions through Marley Drug, and the reaction has been extremely positive.
Sales through Q2 have remained consistent with Q1, and with an expanded marketing approach, are expected to grow. We are expanding our online presence of Marley Drug and exploring multiple revenue channels, including partnerships and membership plans. We continue to evaluate branded products and products with high market share potential to add to Medicure's product portfolio and those that would align well with our focus and contracts in the U.S. market, especially those that can be sold through Marley Drug. The revenue generated through our hospital and consumer sales helps to support Medicure's research and development activities, including cardiovascular Abbreviated New Drug Applications, or ANDAs, and a New Drug Application, or NDA.
Recently, Medicure announced the filing of an IND for a pivotal phase III study to find the first FDA-approved therapy for patients with PNPO deficiency, which is a rare pediatric disease leading to seizures and is ultimately fatal if untreated. A successful use of Medicure's product MC1, which could lead to a priority review voucher, can be redeemed to obtain priority review for any subsequent marketing application. In summary, Medicure continues to see success from AGGRASTAT, ZYPITAMAG, and Marley Drug. We are pleased to see the increase in net revenue this quarter and are more motivated than ever to increase sales. Our team wants our investors to know that we are driven and dedicated to growing revenue and making Medicure a long-term success. With that, I'd like to turn the call back to Dr. Friesen for final comments.
Thank you, Neil. There was considerable learning and adapting in the past 12 months, which includes the integration of Marley Drug and looking at now how to leverage further the Marley Drug assets for continued growth. AGGRASTAT's sales and profitability have been maintained. Further, the development of new products, such as the development of our legacy MC1 for the treatment of PNPO patients, is progressing well. We're thankful for the continued strength in AGGRASTAT's market, and we continue to focus on growing the business with a pipeline of cardiovascular products that will further diversify our revenue and asset base, carefully investing to grow our future profitability. My goal and that of our board, management, and staff is to continue to build this business with a stable, long-term outlook to generate value for our shareholders.
I want to express my sincere appreciation to the outstanding team of employees we've been so blessed with. Thank you, our shareholders, for continued support and interest. Chris, the moderator, I'll turn it back to you for questions and answers. Thank you.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be polled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift a handset before pressing any keys. One moment, please, for your first question. Your first question comes from Sam Rybotsky, SER Asset Management. Sam, please go ahead.
Yes. Good morning, Albert and Mr. Gurvey and Dr. Owens. Tell me, the Marley Drug sales, is that the fact that it was lower? Is there a rationale for that in the current quarter?
I'm muted. Hello, I got you.
Yep.
Good. Hello. Thank you very much for the question. Marley Drug sales can often be dependent on specific marketing efforts. Just prior to the end of the first quarter, there was a substantial mail-order campaign which involved significant discounting as a promotion. Sales do fluctuate from those, but as a trend line, they appear to be increasing, especially with the addition of the availability of ZYPITAMAG, which is clearly showing an increasing trend line with Marley Drug.
Okay. Now, the money spent on R&D during this quarter, what did that apply to?
This is Neil. I was going to add the majority of that would be contributed towards our IND and study for MC1 of PNPO deficiency.
Okay. What are our plans to tell our story on Medicure besides these conference calls? I know we hired an IR firm. What do we expect them to do for us?
We continue to explore other IR options. With the growth now, we've just, following up, we've expanded our interest base, and we're going to follow up with that expanded base that we've got for now. We will explore further IR programs. Right now, we are just looking at leveraging the database that we got with the last investor program.
All right, Albert. Thank you very much. Good luck.
Thank you.
Going forward.
Thanks, Sam.
Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one on your touch-tone phone. There are no questions at this time. Please proceed.
Thank you for all that were listening. Appreciate the interest, and we'll look forward to our next call. Have a great day.
Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and after you, please disconnect your lines.