QLT Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, total revenues were $11,063,000 against $10,020,000 a year ago. Total revenue up 10.4% from the prior year primarily because the current quarter included $1.9 million of Net Product Revenue related to a shipment of Visudyne to Novartis, while the fourth quarter of 2010 included none. This increase was partially offset by lower U.S. Visudyne sales and rest of world royalties. Operating loss was $10,006,000 against $9,930,000 a year ago. Loss before income taxes was $6,229,000 against $2,802,000 a year ago. Net loss was $6,617,000 or $0.13 per basic and diluted share against $19,230,000 or $0.38 per basic and diluted share a year ago. Adjusted EBITDA plus contingent consideration earned was $2.1 million. Loss from continuing operations before income taxes was $6.2 million and Loss from continuing operations was $6.6 million or $0.13 basic and diluted per share. On adjusted basis operating loss was $9.3 million, Loss from continuing operations before income taxes was $9.0 million, Loss from continuing operations was $9.0 million or $0.0.18 basic and diluted per share. Net loss was $2.1 million or $0.04 basic and diluted per share. Capital expenditures were approximately $1.2 million. For the full year total revenues was $42,228,000 against $44,697,000 a year ago. Total revenue was down $2.5 million from 2010. In 2010, following the amendment of its Visudyne PDT Product Development, Manufacturing and Distribution Agreement with Novartis, revenue reflected the recognition of approximately $5.0 million of previously deferred revenue for inventory shipped to, and paid for by, Novartis in prior years. Operating loss was $38,835,000 against $26,002,000 a year ago. Loss before income taxes was $27,602,000 against $6,638,000 a year ago. Net loss was $30,416,000 or $0.61 per basic and diluted share against $17,539,000 or $0.33 per basic and diluted share a year ago. The decline occurred primarily because R&D and SG&A expenses were higher in 2011, and the gain from the Fair Value Change in Contingent Consideration was lower than in the prior year. Adjusted EBITDA plus contingent consideration earned was $5.0 million a year ago. Loss from continuing operations was $30.4 million or $0.61 basic and diluted per share. For the full year 2011, non-GAAP EPS was $0.06. On adjusted basis operating loss was $35.3 million, Loss from continuing operations before income taxes was $34.4 million, Loss from continuing operations was $36.0 million or $0.72 basic and diluted per share, Net loss was $2.9 million or $0.06 basic and diluted per share. Capital expenditures were approximately $3.3 million. For the full year of 2012, the company expects total revenue to be approximately $35 million to $40 million. Adjusted EBITDA plus Contingent Consideration earned for the sale of QLT USA is projected to be a loss in the range of $10 million to $17 million. Capital expenditures are expected to be $2 million to $3 million. Company expects adjusted cash flow negative in 2012 with the mid-point of company financial guidance at about negative $13 million.