08:42 AM EST, 11/25/2024 (MT Newswires) -- LSL Pharma Group ( LPGIF ) said Monday that its net loss narrowed in the third quarter.

The company said its net loss for the three-month quarter ended Sept. 30 dropped 49% to $400,000 million compared to $800,000, citing a stronger operating performance while controlling its financial expenses and limiting share-based compensation costs.

Adjusted gross profit jumped 90% to $1.5 million while revenue increased 60% to $4.0 million.

"During the third quarter we continued to deliver strong revenues and margins contributing to a third successive quarter with operating profits," said Luc Mainville, LSL's executive vice president and CFO. "We have been able to cut our net loss by 84% so far this year compared to the same period last year and are maintaining our corporate objective to reach profitability by year-end."

The company also said that it raised $2.4 million from debt financings to pursue ongoing growth initiatives.

LSL's share price fell 2.3% last Friday to $0.43 on the TSXV.