07:03 AM EDT, 06/14/2024 (MT Newswires) -- Valeo Pharma ( VPHIF ) , which surged nearly 41% in Canada yesterday, said on Thursday that its fiscal second-quarter loss widened 21% mainly due to an increase in financial, sales, and marketing expenses.

The company reported a second-quarter net loss of $7.8 million, or $0.08 per share, compared with a loss of $6.5 million, or $0.08 per share, a year earlier.

Revenue for the quarter ended April 30 rose 4% to $14.1 million from $13.6 million a year earlier. Valeo revenue growth was mainly driven by sales uplift generated via promotional activities in respiratory, Allerject, and continued growth from other core products, such as Redesca, and Simbrinza, the company said.

Gross profit for fiscal Q2 was $2.9 million, down 29% from $4.1 million a year earlier. Adjusted EBITDA loss was $2.5 million for the quarter, as compared with $1.7 million a year ago.