08:10 AM EDT, 08/26/2024 (MT Newswires) -- LSL Pharma Group ( LPGIF ) , shy of 52 week highs, on Monday said second quarter net loss halved as revenue jumped 106% to a record.

Net loss narrowed to more than $0.5 million from more than $1 million the year before. Net loss was negatively impacted by the non-recurrent impact of $0.4 million of share-based compensation, partly offset by a small gain recorded on the acquisition of Virage Sante, the company said.

Quarterly revenue of near $4.2 million was a record and was 106% higher than last year's $2.03 million. The result was boosted by strong domestic demand for its Steri-Med products. Its contract development and manufacturing operations (CDMO) division also experienced growth.

"Again during the quarter, LSL Pharma ( LPGIF ) experienced strong demand for our Steri-Med products while our CDMO operations continued to ramp up production following the site relocation, and the implementation of new equipment and services", said CEO Francois Roberge. "Virage Sante contributed some revenues and margins during the quarter, and we expect to take full advantage of this acquisition over the coming quarters. Following a series of financial transactions aimed at strengthening our balance sheet and provide liquidities to fund our growth initiatives, we are now focussing on executing our organic and strategic growth plan."