Medexus Announces Fiscal Q3 2026 Results, Driven by Continued Strong Year-To-Date Product-Level Performance of GRAFAPEX (treosulfan) for Injection

Executive Summary

• Medexus reported FY‑2025 Q3 results showing net revenue of $25.3 M (down 15.7% YoY) and Adjusted EBITDA of $4.5 M, but highlighted strong momentum for its newly launched product GRAFAPEX™ with a 30% sequential increase in underlying patient demand.
• The company disclosed a new senior secured credit facility with National Bank of Canada ($21 M term loan + $5 M revolving) and progress on its 2025 Normal Course Issuer Bid (NCIB), repurchasing 191,900 shares for C$0.5 M.
• Management projected GRAFAPEX product‑level net revenue to exceed $100 M annually within five years and expects the product to become accretive to operating cash flow beginning FY 2026 Q4.

Key Details

• GRAFAPEX™ performance – Net revenue of $2.0 M (3‑mo) and $8.2 M (9‑mo); underlying patient demand grew 30% sequentially versus prior quarter; 32% of U.S. transplant centers have ordered the product, with 77% of those re‑ordering.
• Revenue & profitability – FY‑2025 Q3 net revenue $25.3 M vs. $30.0 M YoY; Adjusted EBITDA $4.5 M vs. $5.8 M YoY; operating income $1.7 M vs. $3.8 M YoY; gross margin improved to 53.6% (up from 50.7%).
• Drivers of decline – Reduced sales of Rupall (generic competition) and termination of Gleolan U.S. license in March 2025 were primary reasons for revenue decrease.
• Other product updates – Rasuvo benefited from a Medicare Part‑D discount change; IXINITY manufacturing upgrade $4.0 M (+$2.0 M test batch); Trecondyv unit demand up 51%; Rupall demand down >60% after loss of exclusivity.
• Liquidity & cash flow – Cash & equivalents $15.0 M (Dec 31 2025) vs. $24.0 M (Mar 31 2025). Operating cash provided $7.8 M (3‑mo) and $15.1 M (9‑mo).
• Credit facility – NBC Credit Agreement (Nov 2025): $21 M term loan (incl. $10 M delayed draw), $5 M revolving, $15 M accordion; used to repay prior BMO senior secured loan.
• NCIB activity – Authorized to repurchase up to 2,983,650 shares; 191,900 shares repurchased for C$0.5 M as of Dec 31 2025.
• Guidance / outlook – Anticipated GRAFAPEX net revenue $3‑4 M in FY 2026 Q4 (total $11‑12 M for FY 2026); expected Adjusted Gross Margin ~80%; Net Debt/Adjusted EBITDA 0.71×; scheduled repayment of $0.5 M principal per quarter under NBC facility.
• Conference call – Thursday, Feb 12 2026 at 8:00 a.m. ET (access details provided).

Notable Quotes

“Product‑level performance for GRAFAPEX continues to demonstrate strong momentum… sequential quarter‑over‑quarter growth of 30% in underlying patient demand.” – Ken d'Entremont, CEO

“Even while investing in the launch of GRAFAPEX, we have generated an average of $4.3 M of cash from operating activities per quarter…” – Brendon Buschman, CFO