- Fifth consecutive quarter of revenue growth at $13.2 million in Q1-23, up 210% over Q1-22
- Fifth consecutive quarter of adjusted gross profit increase
at $4.2 million, up 178% over
Q1-22
- Fifth consecutive quarter of adjusted EBITDA loss reduction
at $2.2 million, a 51% improvement
over Q1-22
- Physicians prescribing Enerzair and Atectura reached 1,583
at the end of Q1-23, representing 39% growth from the prior quarter
and a 799% increase year-over-year
- Total annual Enerzair and Atectura prescriptions reached
34,000 at the end of Q1-23, up 41% sequentially and 1917%
year-over-year.
MONTREAL, March 15,
2023 /CNW/ - Valeo Pharma Inc. (TSX: VPH)
(OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"),
a Canadian pharmaceutical company, today reported its financial
results for the first quarter ended January
31, 2023.
First quarter 2023 Results &
Highlights:
- Record quarterly revenues of $13.2
million in Q1-23, compared to $4.2
million in Q1-22, up 210%
- Record adjusted gross profit of $4.2
million in Q1-23 compared to $1.5
million in Q1-22, up 178%
- Q1-23 net loss of $6.2 million
compared to $5.9 million in
Q1-22
- Q1-23 adjusted EBITDA loss of $2.2
million compared to $4.5
million in Q1-22, A 51% reduction
- Enerzair and Atectura prescribing physicians reached 1,583 at
the end of Q1-23, a 39% growth for the quarter and 799% increase
year-over-year
- Total of 34,000 Enerzair and Atectura prescritions over the
last 12-months at the end of Q1-23, up 41% sequentially and 1917%
year-over-year
"Our core innovative products continue to gain market share in
their respective therapeutic areas significantly contributing to
our revenue and margin growth. Enerzair and Atectura, our asthma
therapies, continue their rapid adoption with Enerzair now the
leading drug in the fast-growing triple-active asthma market", said
Steve Saviuk, CEO. "The strong
increase in the number of physician prescribers and total
prescriptions dispensed over previous periods is due to the
important clinical benefits that these therapies provide and the
dynamic commercial effort by our dedicated field force and
marketing team. These therapies are meeting the high expectations
we have set and are rapidly establishing Valeo as a growing force
in asthma care".
Commenting on the record first quarter 2023 results,
Luc Mainville, Senior Vice-President
and Chief Financial Officer said, "Valeo delivered yet another
solid quarter of improving key financial performance metrics during
the first quarter of 2023 with consecutive record quarterly
revenues, increasing adjusted gross profit and decreasing adjusted
EBITDA loss. As we continue to work towards expanding our product
portfolio we are focused on taking full advantage of our existing
operating leverage. With tight control over operating expenses, our
growing revenues will result in a continued expansion of our gross
profit and overall profitability going forward".
First Quarter 2023 Financial
Results
- Record revenues were $13.2
million for the quarter ended January
31, 2023 compared to $4.2
million for the quarter ended January
31, 2022 representing a 210% 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®;
- Adjusted gross profit was $4.2
million for the quarter ended January
31, 2023 compared to $1.5
million for the quarter ended January
31, 2022, representing a 178% increase. The increase over
the previous comparable period is mainly due to the significant
increase in our revenues;
- Net loss was $6.2 million for the
quarter ended January 31, 2023
compared to $5.9 million for the
quarter ended January 31, 2022. The
increase in net loss in Q1-23 was due to the increase in financial
expenses, which was partly offset by the significant increase of
our gross profit; and
- Adjusted EBITDA loss was $2.2
million for the quarter ended January
31, 2023 compared to $4.5
million for the quarter ended January
31, 2022, a 51% improvement.
First Quarter 2023
Highlights
- In January 2023, the Company
granted 26,786 RSUs as well as 395,850 DSUs to members of
management in accordance with and subject to the terms of the
Corporation's Equity Incentive Plan;
- In January 2023, the Company
announced that Health Canada accepted for review Veru's New Drug
Submission ("NDS-CV") for sabizabulin for COVID-19. Sabizabulin is
a novel dual antiviral and anti-inflammatory agent being developed
for the treatment of hospitalized moderate to severe COVID-19 adult
patients at high risk for acute respiratory distress syndrome
(ARDS) and death; and
- In November 2022, the Company
announced the resignation of Frederic
Fasano as President and Chief Operating Officer.
First Quarter 2023 Subsequent
Events
- 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 the Quebec Régie de
l'assurance maladie du Québec ("RAMQ"), effective February 1, 2023; and
- During the month of February and March
2023, convertible debentures issued in February 2020 and representing $0.7 million in principal and interest were
converted into 1,671,880 shares of the Corporation.
Grant of Incentive Share
Options
Valeo also announces the grant of 1,865,000 incentive share
options ("Options") to employees of the Company, including
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.
First Quarter 2023 Webcast and
Conference Call
Valeo will host a conference call to discuss its first quarter
2023 results and highlights on Thursday
March 16, 2023 at 8.30 am
(ET). The telephone numbers to access the conference call
are 416-764-8659 and 1-888-664-6392. An audio replay of the call
will be available. The numbers to access the audio replay are
416-764-8677 and 1-888-390-0541 using the following access
code (254549 #).
A live audio webcast of the conference call will be available
via:
https://app.webinar.net/a5zqnWzNDX9
Financial Statements and
MD&A
Valeo Pharma's financial statements and Management's Discussion
and Analysis for the three month period ended January 31, 2023 are available on SEDAR at
www.sedar.com.
About Valeo Pharma
Valeo Pharma is a fast growing Canadian pharmaceutical company
dedicated to the commercialization of innovative prescription
products in Canada with a focus on
Respiratory/Allergy, Ophthalmology and Hospital Specialty Products.
Headquartered in Kirkland, Quebec
Valeo Pharma has all the required capabilities and the full
infrastructure to register and properly manage its growing product
portfolio through all stages of commercialization. For more
information, please visit www.valeopharma.com and follow us on
LinkedIn and Twitter.
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.
SOURCE Valeo Pharma Inc.