- Record quarterly revenues of
$12.7 million in Q4-22, up 274% over Q4-21 - Record revenues in 2022 of
$27.7 million , up 105% over 2021 - Record revenues forecasted in Q1-23
- Creation of Ophthalmology Business Unit following the addition of XIIDRA® and SIMBRINZA®, expansion of Respiratory Business Unit to include allergy following the addition of ALLERJECT®
- In excess of
$60 million raised in financings in 2022
- Record quarterly revenues of
$12.7 million in Q4-22, compared to$3.4 million in Q4-21, up 274% - Record annual revenues of
$27.7 million for 2022, compared to$13.6 million in 2021, up 105% - Record adjusted gross profit of
$3.6 million in Q4-22 compared to$0.9 million in Q4-2021, up 320% - Record annual adjusted gross profit for 2022 of
$9.4 million compared to$4.5 million in 2021, up 109% - Q4-22 net loss of
$9.3 million compared to$7.7 million in Q4 2021 - 2022 net loss of
$25.7 million compared to 14.2 million in 2021 - Q4-22 adjusted EBITDA loss of
$2.9 million compared to$5.5 million in Q4-21 - 2022 adjusted EBITDA loss of
$14.5 million compared to 8.6 million in 2021 - Cash and liquidities of
$22.5 million atOctober 31, 2022
"2022 saw Valeo take a major step forward in becoming a leading Canadian owned pharmaceutical company. We generated record annual revenues, doubling our 2021 performance, and expanded our product portfolio by acquiring rights to three growth assets XIIDRA, SIMBRINZA and ALLERJECT", said
Commenting on the record fourth quarter and annual 2022 results,
- Record revenues were
$12.7 million for the quarter endedOctober 31, 2022 compared to$3.4 million for the quarter endedOctober 31, 2021 representing a 274% 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
$3.6 million for the quarter endedOctober 31, 2022 compared to$0.9 million for the quarter endedOctober 31, 2021 , representing a 320% increase. The increase is taking under consideration certain adjustments such as increased amortization charges following the signing of the Xiidra, Simbrinza and Allerject agreements and COGS impacted by impairment charges related to non-core products, such as Ontryv and by the write-off of inventory acquired pre-launch of Redesca and Enerzair/Atectura; - Net loss was
$9.3 million for the quarter endedOctober 31, 2022 compared to$7.7 million for the quarter endedOctober 31, 2021 . The increase in net loss in Q4-22 was mainly due to the increase in financial expenses, non-recurrent impairment charges and write-offs which have more than offset the significant expansion of our operating profit; and - Adjusted EBITDA loss was
$2.9 million for the quarter endedOctober 31, 2022 compared to$5.5 million for the quarter endedOctober 31, 2021 .
- Record 2022 revenues were
$27.7 million for the year-endedOctober 31, 2022 compared to$13.6 million for the year-endedOctober 31, 2021 . The 105% increase in net revenues 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; - Record adjusted gross profit was
$9.4 million for the year-endedOctober 31, 2022 compared to$4.5 million for the year-endedOctober 31, 2021 , representing a 109% increase. The increase is taking under consideration certain adjustments such as increased amortization charges following the signing of the Xiidra, Simbrinza and Allerject agreements and COGS impacted by impairment charges related to non-core products, such as Onstryv and by the write-off of inventory acquired pre-launch of Redesca and Enerzair/Atectura; - Net loss was
$25.7 million for the year-endedOctober 31, 2022 compared to$14.2 million for the year-endedOctober 31, 2021 ; and - Adjusted EBITDA loss was
$14.5 million for the year-endedOctober 31, 2022 compared to an adjusted EBITDA loss of$8.6 million for the year-endedOctober 31, 2021 .
- In
September 2022 , the Company entered into a Commercial Services Agreement with Veru Inc. for sabizabulin inCanada , a novel dual antiviral and anti-inflammatory agent being targeted for the treatment of hospitalized moderate-severe COVID-19 patients at high risk for acute respiratory distress syndrome (ARDS) and death; - In
August 2022 , the Company appointedKyle Steiger to the role of Senior Vice-President and Chief Commercial Officer and Jean-FrançoisFournier as its new Business Unit Head – Ophthalmology; - In
July 2022 , the Company closed a non-dilutiveUS$30 million Secured Term Loan fromSagard Healthcare Partners ; - In
July 2022 , the Company entered into entered into a License, Supply, and Commercialization agreement with Kaléo Inc. for the Canadian rights to ALLERJECT, (epinephrine injection, USP) auto-injector for the treatment of serious allergic reactions; - In
July 2022 , the Company entered into a Commercialization and Supply Agreement withNovartis Pharmaceuticals Canada Inc. for the Canadian commercialization by Valeo of two innovative ophthalmic therapies, XIIDRA® and SIMBRINZA® inCanada ; - In
April 2022 , the Company 12% Convertible Unsecured Subordinated Debentures issued pursuant to the$15.0 million bought deal private placement closed inDecember 2021 , began trading on the TSX under the symbol "VPH.DB"; - In
March 2022 , the Company received final approval for the listing of its common shares and warrants on theToronto Stock Exchange ("TSX") with an effective trading date ofMarch 29, 2022 ; - In
March 2022 , the Company entered into a Product Listing Agreement ("PLA") with the BritishColumbia Minister of Health, for the listing and public reimbursement of Redesca and Redesca HP, its low molecular weight heparin biosimilar. The Company also announces that Enerzair Breezehaler and Atectura Breezhaler, were also accepted for public reimbursement by the Saskatchewan Drug Plan and thePrince Edward Island ("P.E.I.") Pharmacare Drug Plan; and - In
February 2022 , the Company confirmed its two innovative Asthma therapies; Enerzair Breezehaler and Atectura Breezhaler, were now reimbursed by the Ontario Drug Benefit program, the Manitoba Pharmacare Program, the New Brunswick Drug plan, and theNIHB and VAC federal programs; - In
December 2021 , the Company closed its bought deal private placement of$15.0 million through a syndicate of underwriters led byDesjardins Capital Markets and a concurrent$10.0 million private placement of convertible unsecured debentures issued on the same terms with Investissement Québec resulting in gross proceed from the Offering and Concurent Private Placement of$25.0 million to the Company.
- On
January 27, 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 thatHealth 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; - In
November 2022 , the Company announced the resignation ofFrederic Fasano as President and Chief Operating Officer;
Valeo will host a conference call to discuss its fourth quarter and year-end 2022 results and highlights on
A live audio webcast of the conference call will be available via:
https://app.webinar.net/5Mk1QyJpzYx
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.
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