- Record revenues of
$54 million for fiscal 2023, up 94% over 2022 - Revenues of
$13.1 million for Q4-23, up 4% over Q4-22 - Record annual adjusted gross profit of
$16.9 million for 2023, compared to$9.4 million for 2022, up 80% - 2023 adjusted EBITDA loss of
$10.9 million compared to$14.5 million for 2022, down 25% - Total Enerzair and Atectura prescriptions for the 12 months ending
October 31, 2023 , exceeded 67,000, up 179% overOctober 31, 2022
Fourth quarter and year-end 2023 Results & Highlights:
- Revenues of
$53.9 million for 2023 vs$27.7 million for 2022, up 94% - Revenues of
$13.1 million in Q4-23 vs$12.7 million in Q4-22, up 4% - Adjusted gross profit of
$16.9 million for 2023 vs$9.4 million for 2022, up 80% - Adjusted gross profit of
$2.6 million in Q4-23 vs$3.6 million in Q4-22, down 29% - 2023 net loss of
$27.8 million vs$25.7 million for 2022 - Q4-23 net loss of
$9.2 million vs$9.3 million in Q4-22 - Adjusted EBITDA loss of
$10.9 million for 2023 vs$14.5 million for 2022, down 25% - Adjusted EBITDA loss of
$4.5 million for Q4-23 vs$2.9 million loss in Q4-22, up 56% - Enerzair and Atectura prescribing physicians reached 2,967 at the end of Q4-23, a 19% growth for the quarter and 161% increase year-over-year.
"Valeo delivered another year of significant growth in 2023 with annual revenues and adjusted gross profit increasing 94% and 80% respectively over 2022. Our 3 main pillars of growth, Enerzair, Atectura and Redesca, all experienced growing revenues, market share gains and are positioned for further growth in 2024", said
Commenting on the fourth quarter and fiscal 2023 results,
Fourth Quarter 2023 Financial Results
- Revenues were
$13.1 million for the quarter endedOctober 31, 2023 , compared to$12.6 million for the quarter endedOctober 31, 2022 , representing a 4% increase. Valeo revenue growth momentum temporarily affected by adjustments to carrying provisions for rebates and sales returns; - Adjusted gross profit was
$2.6 million for the quarter endedOctober 31, 2023 , compared to$3.6 million for the quarter endedOctober 31, 2022 , representing a 29% decrease. The decrease over the previous comparable period is directly impacted by adjustments to carrying provisions and, to a lesser extent, some unfavorable product mix, which is being addressed as part of our focus on accelerating our path to profitability; - Net loss was
$9.2 million for the quarter endedOctober 31, 2023 , compared to$9.3 million for the quarter endedOctober 31, 2022 . The 1% decrease in net loss in Q4-23 resulting mainly from the offset between Gross Profit negatively impacted by sales provisions versus depressed debt evaluation; and - Adjusted EBITDA loss was
$4.5 million for the quarter endedOctober 31, 2023 , compared to$2.9 million for the quarter endedOctober 31, 2022 , a 56% increase.
Year 2023 Financial Results
- Record YTD Revenues of
$53.9 million for the twelve months endedOctober 31, 2023 , compared to$27.7 million for the twelve months endedOctober 31, 2022 , representing a 94% increase; - Adjusted gross profit was
$16.9 million for the twelve months endedOctober 31, 2023 , up 80% compared to$9.4 million for the twelve months endedOctober 31, 2022 ; - Net loss of
$27.8 million for the twelve months endedOctober 31, 2023 compared to$25.7 million for the twelve months endedOctober 31, 2022 . The 8 % increase in net loss is predominantly due to the increase in financial expenses ($3.3 million ) and the increase in S&M expenses ($4.0 million ) to support the new business unit, which were only partly offset by gained sales traction and gross profit ($6.8 million ); and - Adjusted EBITDA loss of
$10.9 million for the twelve months endedOctober 31, 2023 compared to an adjusted EBITDA loss of$14.5 million for the twelve months endedOctober 31, 2022 , a 25% improvement.
Q4 2023 Highlights
- In
October 2023 , the Company was recognized by the Report on Business as one ofCanada's Top Growing Companies with a three-year revenue growth rate over 300%; - In
September 2023 , the Company entered into a credit facility agreement withAccord Financial Inc. The$5 million credit facility is secured by a first rank lien on the Corporation's short-term assets, and bears interest at the Scotiabank's prime rate plus an applicable margin. Borrowings under the credit facility are expected to be used for working capital and other general corporate purposes; and - In
August 2023 , the Company closed a$4.5 million financing comprised of a non-brokered private placement offering of 13,999,997 units of the Company at a price of$0.28 per Unit for gross proceeds of$3.92 million . Each Unit consisted of one (1) class A share of the Company (each, a "Share") and one-half (1/2) Share purchase warrant of theCompany (a "Warrant"). Each full Warrant entitling the holder to purchase one (1) Share in the capital of theCompany (a "Warrant Share") at the price of$0.35 per Warrant Share for a period of 60 months from the closing date of the Offering (the "Closing Date"). The non-brokered private placement included the participation of Investissement Québec for$2.0 million and$1.421 million from Insiders. In addition, the Company secured a loan agreement with a related party for a principal amount of$580,000 bearing annual interest at a rate of 12%.
Fourth Quarter 2023 Subsequent Events
- In
November 2023 , the Company announced the undertaking of a series of initiatives to reduce operating costs and drive operational efficiency. The Corporation also announced the appointment of Mr.Pascal Tougas as its new Chief Financial Officer, effectiveNovember 20, 2023 ; and - In
November 2023 , the Corporation announced the appointment of Mr.Richard Lajoie to its Board of Directors and the retirement of Ms.Maureen C. Brennan from its Board of Directors.Mr. 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.
Fourth Quarter and year-end 2023 Webcast and Conference Call
Valeo will host a conference call to discuss its fourth quarter and year-end 2023 results and highlights on
A live audio webcast of the conference call will be available via:
https://app.webinar.net/5z6nmw5MNAw
Financial Statements and MD&A
About
Forward Looking Statements
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
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