- Q1-24 revenues of
$13.5 million , up 3% over Q1-23 - Q1-24 adjusted EBITDA loss of
$2.1 million compared to$2.2 million for Q1-23, down 6% - Total Enerzair and Atectura prescriptions for the 12 months ending
January 31, 2024 , exceeded 78,000, up 130% over the 12 months endingJanuary 31, 2023
First quarter 2024 Results & Highlights:
- Revenues of
$13.5 million in Q1-24 vs$13.1 million in Q1-23 and$13.1 million in Q4-23, up 3% respectively - Adjusted gross profit of
$3.9 million in Q1-24 vs$3.9 million in Q1-23 and$2.1 million in Q4-23, down 1% and up 81% respectively - Q1-24 net loss of
$6.9 million vs$6.2 million in Q1-23 and$9.2 million in Q4-23, up 10% and down 26% respectively - Adjusted EBITDA loss of
$2.1 million for Q1-24 vs$2.2 million loss in Q1-23 and$4.5 million in Q4-23, down 6% and 54% respectively - Enerzair and Atectura prescribing physicians reached 3,472 at the end of Q1-24, a 17% growth for the quarter and 119% increase year-over-year.
"Valeo has returned to its revenue growth trend in Q1-2024. Our respiratory business unit has continued to perform strongly with asthma product revenues increasing 58% in Q1-2024 vs Q4-2023, this was offset in part by lower ophthalmology revenues associated to the winddown of our promotional activities for Xiidra ", said
Commenting on the first quarter 2024 results,
- Revenues were
$13.5 million for the quarter endedJanuary 31, 2024 , compared to$13.1 million for the quarter endedJanuary 31, 2023 , representing a 3% increase. Valeo revenue growth momentum returning due to sales uplift generated via promotional activities in respiratory, Allerject and continued growth from other core products, such as Redesca, Simbrinza; - Adjusted gross profit was
$3.9 million for the quarter endedJanuary 31, 2024 , compared to$3.9 million for the quarter endedJanuary 31, 2023 , representing a 1% decrease. The slight decrease over the previous comparable period is mainly due to the loss of momentum associated to Xiidra cease of promotion; - Net loss was
$6.9 million for the quarter endedJanuary 31, 2024 , compared to$6.2 million for the quarter endedJanuary 31, 2023 . The 10% increase in net loss in Q1-24 mainly results from the inventory write-offs materialized for new product launch; and - Adjusted EBITDA loss was
$2.1 million for the quarter endedJanuary 31, 2024 , compared to$2.2 million for the quarter endedJanuary 31, 2023 , a 6% improvement.
- In
November 2023 , the Company announced the undertaking of a series of initiatives to reduce operating costs and drive operational efficiency as it moves toward profitability expecting to decrease its operating expenses by more than$2.0 million , on an annualized basis, through reorganizing and streamlining its organizational structure and commercial support activities. - In
November 2023 , the Company announced the appointment of Mr.Pascal Tougas to the position of Chief Financial Officer; and - In
November 2023 , the Company announced the appointment of Mr.Richard Lajoie and retirement of Ms.Maureen C. Brennan from its Board of Directors.Richard Lajoie was President of Bausch Health,Canada from 2017 to 2021 before being promoted to President Ortho Dermatologics US based inNew Jersey . Prior to Bausch Health, Richard spent 12 years withNovartis Pharmaceuticals in roles of increasing responsibility.
- In
February 2024 , the Company announced the appointment Messrs.Robert Raich andCharles Bisaillon to the Company's Board of Directors and that Messrs.Michel Trudeau ,Stuart Fowler ,Didier Leconte and Ms.Tamara Close have all resigned from its Board of Directors. - In
February 2024 , the Company entered into an amendment of its 7-year Commercialization and Supply Agreement of XIIDRA® and SIMBRINZA®. As per the Amendment, Valeo will continue to distribute XIIDRA® for the entire transition period. The transition period is expected to continue until approximately Q3-2024. Valeo will continue to commercialize and promote SIMBRINZA® on an exclusive basis as provided by the Commercial and Supply Agreement with Novartis. Within 60 days from the Effective Date of Termination, Valeo will be entitled to a reimbursement of a residual portion of the upfront fee paid by Valeo at the time it entered into the Commercialization and Supply Agreement. The amount to be received as Reimbursement, when received, will be used for partial repayment of the Secured Term Loan (the "Facility'') entered into between Valeo and Sagard Healthcare Royalty Partners, LP ("Sagard") inJuly 2022 . - In
February 2024 , the Company also entered into an agreement withSagard to provide, among other things, for accelerated debt repayment of the Facility. Under the Sagard Amendment, Valeo will be required to make a first repayment of$10 million byAugust 31, 2024 and will also have the option to make an additional repayment of US$5 million under the Facility, which amount is currently held in a restricted cash account; and - On
February 23, 2024 , the Corporation entered into an agreement to assign the rights to a non-core asset for gross proceeds consideration of$1.5 million to be materialized in Q2-2024.
Valeo will host a conference call to discuss its first quarter 2024 results and highlights on
A live audio webcast of the conference call will be available via:
https://app.webinar.net/ybmg6Qq6ZNO
Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: reliance on third-party suppliers and manufacturers, the availability of additional funding, common risks for pharmaceutical products, including product liability claims, insurance and recalls, registration risks in certain jurisdictions, the inability to implement Valeo's strategy to grow the business, dependence on key management personnel and executives, competition, currency fluctuations and the risks, uncertainties and other factors contained in the section entitled "Risk Factors" in Valeo's annual information form dated
Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect Valeo's business, or if Valeo's estimates or assumptions turn out to be inaccurate. Valeo undertakes no obligation to update publicly, or otherwise revise, any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If Valeo does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
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