Record Q2-24 revenues of $14.1 million, up 4% over Q2-23 outpacing revenue softness in several non-core brands Q2-24 adjusted EBITDA loss of $2.5 million compared to $1.7 million for Q2-23, up 48% Total Enerzair and Atectura prescriptions for the 12 months ending April 30, 2024, exceeded 88,000, up 96% over the 12 months ending April 30, 2023 MONTREAL, June 13, 2024 /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 second quarter ended April 30, 2024. Second quarter 2024 Results & Highlights: Revenues of $14.1 million in Q2-24 vs $13.6 million in Q2-23, up 4% respectively YTD-24 revenues of $27.7 million vs. $26.7 for 2023, up 4% Adjusted gross profit of $3.4 million in Q2-24 vs $4.7 million in Q2-23, down 27% Q2-24 net loss of $7.8 million vs $6.5 million in Q2-23, up 21% Adjusted EBITDA loss of $2.5 million for Q2-24 vs $1.7 million loss in Q2-23, up 48% Enerzair and Atectura prescribing physicians reached 3891 at the end of Q2-24, a 91% increase year-over-year. Total Enerzair and Atectura prescriptions for the 12 months ending April 30, 2024, exceeded 88,000, up 96% over the 12 months ending April 30, 2023 "While we achieved record revenues in our second quarter, the top line results don't give a full picture of the progress that we are making. Revenue softness in a number of our non-core brands coupled with short term structural delays in Ontario affecting Redesca masked the strong performance of our asthma franchise with their Q2 revenues increasing 52% over the same quarter last year", said Steve Saviuk, CEO. "Earlier today we announced a significant and well thought out restructuring of our respiratory commercial field operations. This will yield significant savings going forward while allowing us to continue to support the trajectory of our sales growth for that unit. These challenging but necessary changes were needed to place us on a sustainable footing while simultaneously positioning us solidly on a path to profitability". Commenting on the second quarter 2024 results, Pascal Tougas, Valeo's Chief Financial Officer, said, "Our core brands continue to play a central role in quarterly sequential revenue growth. Gross profit was temporarily eroded in the first half of 2024 resulting from a specific product mix and the expected declining contribution from XIIDRA. We see growing momentum on core assets and progressively improving product mix that will help reposition the Company on an upward trajectory for the second half of the year. We also expect our operating losses to continue improving as announced measures continue yielding reduction in operating expenses and allow to improve alignment with market dynamics.'' Second Quarter 2024 Financial Results   Revenues were $14.1 million for the second quarter ended April 30, 2024, ...