Q3-24 revenues of $12.6 million, down 11% from Q3-23, excluding XIIDRA, growth trend from continued business remains healthy at +9%, Q3-24 vs Q3-23
Q3-24 adjusted EBITDA loss of $1.5 million compared to $2.5 million for Q3-23, down 40%
MONTREAL, Sept. 12, 2024 /CNW/ - Valeo Pharma Inc. (TSX:VPH) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today reported its financial results for the third quarter ended July 31, 2024.
Third quarter 2024 Results & Highlights:
Revenues of $12.6 million in Q3-24 vs $14.1 million in Q3-23, down 11%
Excluding XIIDRA activity, revenue trend showing +$1 million or 9% growth in Q3-24 vs Q3-23
YTD-24 revenues of $40.3 million vs. $40.8 for 2023, down 1%
Adjusted gross profit of $3.9 million in Q3-24 vs $4.4 million in Q3-23, down 12%
Q3-24 net loss of $8.2 million vs $5.8 million in Q3-23, up 40%
Adjusted EBITDA loss of $1.5 million for Q3-24 vs $2.5 million loss in Q3-23, down 40%
Enerzair and Atectura prescribing physicians reached 4285 at the end of Q3-24, a 71% increase year-over-year.
Total Enerzair and Atectura prescriptions for the 12 months ending July 31, 2024, exceeded 97,000, up 74% over the 12 months ending July 31, 2023
"As demonstrated by the June 2024 restructuring of our respiratory business unit, we regularly review performance, structure and business processes to optimize results. We are dedicated to delivering operational efficiencies while striving for profitable growth", said Al Moghaddam, CEO. "We are encouraged by the continued growth of our respiratory unit and return to growth for our specialty products despite a $2.5 million negative impact in revenue during our third quarter of 2024 when compared to our third quarter of 2023 resulting from the termination of the XIIDRA commercialization".
Commenting on the third quarter 2024 results, Pascal Tougas, Valeo's Chief Financial Officer, said, "Factoring out the transfer of XIIDRA, the revenue growth trend from continued business remains strong. Given the recent performance of our core brands, revenue growth is expected to continue going forward. Once the non-recuring restructuring and transformation costs are fully behind us, this should result in expanding gross profits and a faster path towards profitable growth over the coming quarters.''
Third Quarter 2024 Financial Results
Revenues were $12.6 million for the third quarter ended July 31, 2024, compared to $14.1 million for the third quarter ended July 31, 2023, representing an 11% decrease. Valeo's revenues are trending down in Q3-24 as result of the offset between -$2.5 million from Xiidra asset transfer (no longer selling) and, +$1.0 million growth from retained / comparable portfolio, essentially tied to Core brands. The Q3-24 revenue performance on comparable portfolio represents a continuing upward trend with $11.8 million compared to $10.8 million in Q3-23, a 9% increase and a 12% increase versus Q2-24;
Adjusted gross profit was $3.9 million for the third quarter ended July 31, 2024, compared to
