05:05 PM EDT, 09/12/2024 (MT Newswires) -- Valeo Pharma ( VPHIF ) said on Thursday that its fiscal third-quarter loss widened, mainly due to transformation and restructuring costs and a decrease in gross profit.

The company reported a third-quarter net loss of $8.2 million, compared with a loss of $5.8 million a year earlier.

Revenue for the quarter ended July 31 fell 11% to $12.6 million from $14.1 million a year earlier. Valeo's revenue declined to due a $2.5 million drop from no longer selling the Xiidra asset and a $1.0 million increase from growth in their core brands and other retained products, the company said.

Adjusted gross profit for the quarter stood at $3.9 million, down from $4.4 million a year ago. Adjusted earnings before interest, taxes, depreciation, and amortization loss was $1.5 million, compared with $2.5 million a year prior.

The company's share closed up $0.02 to $0.075 on the Toronto Stock Exchange.