10:28 AM EDT, 08/07/2024 (MT Newswires) -- Crescita Therapeutics ( CRRTF ) , down 4.5% at last look, earlier on Wednesday reported that second quarter net loss widened as revenue fell.

The dermatology company's Q2 net loss widened to $0.926 million, or $0.05 per share basic and diluted, from a loss of near $0.3 million, or $0.01 per share, last year.

Revenue fell to near $4.1 million, from near $5.2 million in the prior year period. The decrease was primarily driven by lower Manufacturing segment revenue due to the cancellation of certain purchase orders by a client. These decreases were partly offset by growth in the Skincare segment, and to a lesser extent from the Licensing segment.

"The second quarter results remained challenging due to previously announced headwinds in our Manufacturing segment," said CEO Serge Verreault. "I am pleased with the performance of our Skincare business, which grew 10.7% year-over-year, as well as our strong balance sheet."

Verreault added: "Key milestones we announced shortly following the end of the quarter demonstrate our team's commitment to bringing Crescita to sustained profitability. The acquisition of the strategic assets of Occy Laboratoire, the expansion of our portfolio with industry-leading products like MicronJet, and the growth in our contract manufacturing pipeline as a result of an agreement amendment with a major client and the signing of an exclusive supply agreement with a leading Canadian healthcare services provider, represent important steps in achieving our goal of profitability."

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