- Sixth consecutive quarter of revenue growth at
$13.6 million in Q2-23, up 184% over Q2-22. - Sixth consecutive quarter of adjusted EBITDA loss reduction at
$1.7 million , a 53% improvement over Q2-22, and down 24% compared to Q1-23 - Physicians prescribing Enerzair and Atectura reached 2,036 at the end of Q2-23, representing 29% growth from the prior quarter and a 355% increase year-over-year
- Total prescriptions for the 12 months ending
April 30, 2023 exceeded 45,000, up 654% overApril 30, 2022
- Record quarterly revenues of
$13.6 million in Q2-23, compared to$4.8 million in Q2-22, up 184%, with Enerzair and Atecura up 271%. - Record adjusted gross profit of
$5.0 million in Q2-23 compared to$1.8 million in Q2-22, up 181% - Q2-23 net loss of
$6.5 million compared to$5.1 million in Q2-22, - Q2-23 adjusted EBITDA loss of
$1.7 million compared to a$3.6 million loss in Q2-22, a 53% reduction - Enerzair and Atectura prescribing physicians reached 2,036 at the end of Q2-23, a 29% growth for the quarter and 355% increase year-over-year
- Total of 14,765 Enerzair and Atectura prescriptions during Q2-23, up 291% over Q2-22
- Total of 45,031 Enerzair and Atectura prescriptions over the last 12 months, up 654% year-over-year.
"Our second quarter financial and commercial performance was robust and reflects our strong product portfolio and dynamic commercial team", said
Commenting on the record second quarter 2023 results,
- Record revenues were
$13.6 million for the quarter endedApril 30, 2023 compared to$4.8 million for the quarter endedApril 30, 2022 representing a 184% increase. The increase over the previous comparable period is mainly due to the addition of Xiidra®, Simbrinza® and Allerject®, as well as continued growth and market share gains of our other core products, Redesca®, Enerzair® and Atectura®; - 39% organic revenue growth in Q2-23 compared to Q2-22, including 271% combined revenue growth from Enerzair® and Atectura®;
- Adjusted gross profit was
$5.0 million for the quarter endedApril 30, 2023 compared to$1.8 million for the quarter endedApril 30, 2022 , representing a 181% increase. The increase over the previous comparable period is mainly due to the significant increase in our revenues; - Net loss was
$6.5 million for the quarter endedApril 30, 2023 compared to$5.1million for the quarter endedApril 30, 2022 . The 27% increase in net loss in Q2-23 was due to the increase in financial and sales and marketing expenses, which was partly offset by the significant increase of our gross profit; and - Adjusted EBITDA loss was
$1.7 million for the quarter endedApril 30, 2023 compared to$3.6 million for the quarter endedApril 30, 2022 , a 53% improvement.
- Record YTD Revenues of
$26.7 million for the six months endedApril 30, 2023 compared to$9.0 million for the six months endedApril 30, 2022 representing a 197% increase; - Adjusted gross profit was
$9.3 million for the six months endedApril 30, 2023 up 180% compared to$3.3 million for the six months endedApril 30, 2022 ; - Net loss of
$12.8 million for the six months endedApril 30, 2023 compared to$11.1 million for the six months endedApril 30, 2022 . The increase in net loss is mainly due to the increase in financial and sales and marketing expenses, which was partly offset by the significant increase of our gross profit; and - Adjusted EBITDA loss of
$3.9 million for the six months endedApril 30, 2023 compared to an adjusted EBITDA loss of$8.1 million for the six months endedApril 30, 2022 , a 52% improvement.
- In
April 2023 , the Company held its annual meeting of shareholders with the following Directors elected,Steve Saviuk ,Richard MacKay , Marc Léger,Maureen Brennan ,Michel Trudeau andStuart Fowler .PricewaterhouseCoopers LLP was also appointed as the auditor for the Company; - In
March 2023 , Valeo granted 1,250,000 Options to executives, the whole in accordance with the Company's Share Option Plan. The Options have an exercise price of$0.66 per Class A share of the Company, vest equally over two years and have a seven year term; - In February and
March 2023 , convertible debentures issued inFebruary 2020 and representing$0.7 million in principal and interest were converted into 1,671,880 shares of the Corporation; and - In
February 2023 , the Company announced that Onstryv® (safinamide) for the treatment of patients suffering from Parkinson's disease, was now listed for public reimbursement on the Public Prescription Drug Insurance Plan of theQuebec Régie de l'assurance maladie duQuébec ("RAMQ"), effectiveFebruary 1, 2023 .
- In
May 2023 , following theU.S. Food and Drug Administration (FDA) decision to decline Veru's request for Emergency Use Authorization (EUA) for sabizabulin, the Company and Veru Inc. mutually agreed to terminate their commercial services agreement for sabizabulin for COVID-19 inCanada originally entered into onSeptember 14, 2022 .
Valeo will host a conference call to discuss its second quarter 2023 results and highlights on
A live audio webcast of the conference call will be available via:
https://app.webinar.net/n3Z7jMNQv9N
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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