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Valeo Pharma (VPH) investor relations material
Valeo Pharma Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2024 revenues were CAD 12.6 million, down 11% year-over-year, mainly due to the loss or termination of Xiidra commercialization, but core business/brands grew 9% year-over-year.
Adjusted EBITDA loss improved to CAD 1.5 million in Q3 2024 from CAD 2.5 million in Q3 2023, a 40% reduction.
Net loss increased to CAD 8.2 million in Q3 2024 from CAD 5.8 million in Q3 2023, driven by Xiidra loss and restructuring costs.
Cost-saving initiatives and restructuring since late 2023 have begun to materialize, with further improvements expected.
Enerzair and Atectura prescriptions rose 74% year-over-year, with prescribing physicians up 71%.
Financial highlights
Q3 2024 gross profit was CAD 3.9 million, down 12% from CAD 4.4 million in Q3 2023, mainly due to Xiidra transfer.
Adjusted EBITDA loss improved to CAD 1.5 million in Q3 2024 from CAD 2.5 million in Q3 2023.
Net loss increased to CAD 8.2 million in Q3 2024 from CAD 5.8 million in Q3 2023, impacted by lower gross profit and CAD 1.6 million in restructuring costs.
Year-to-date revenues were CAD 40.3 million, nearly flat versus CAD 40.8 million in the prior year.
Year-to-date adjusted EBITDA loss improved 5% to CAD 6.1 million.
Outlook and guidance
Continued revenue growth expected from core therapeutic assets/brands and further OpEx reductions.
Targeting EBITDA positive in Q1 2025.
Cost reduction measures from respiratory business restructuring expected to decrease annual operating expenses by over CAD 5 million.
Anticipates further growth in REDESCA as Ontario market impact materializes.
Ongoing business development to expand the ophthalmology portfolio.
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