Velan Inc. reported earnings results for the third quarter and nine months ended November 30, 2023. For the third quarter, the company reported sales was USD 80.95 million compared to USD 95.23 million a year ago. Net loss was USD 7.25 million compared to net income of USD 2.74 million a year ago. Basic loss per share from continuing operations was USD 0.34 compared to basic earnings per share from continuing operations of USD 0.13 a year ago.
For the nine months, sales was USD 228.92 million compared to USD 255.29 million a year ago. Net loss was USD 17.65 million compared to USD 8.29 million a year ago. Basic loss per share from continuing operations was USD 0.82 compared to USD 0.38 a year ago.