Q3 2024 HLS Therapeutics Inc Earnings Call Transcript
Key Points
- HLS Therapeutics Inc (HLTRF) reported a 9% growth in net sales in Canada for Q3, with a 30% increase in Vascepa sales in constant currency.
- The company reduced its Q3 operating expenses by 15% compared to the previous year, excluding the cost of goods.
- HLS Therapeutics Inc (HLTRF) made a significant debt repayment of $14 million, strengthening its balance sheet.
- The transition of primary care sales activities in-house from Pfizer is expected to result in annual net savings of about $4 million.
- The company anticipates Vascepa to contribute positively to adjusted EBITDA starting in Q4 2024.
- Total revenue for Q3 was $14.1 million, down from $16 million in Q3 of the previous year.
- US Clozaril sales are expected to decline by about $1 million compared to last year due to high wholesaler inventory levels.
- The company lowered its 2024 revenue guidance to a range of $56.5 million to $57.2 million, down from the previous range of $58.5 million to $59.7 million.
- Royalty revenues decreased significantly to $0.2 million in Q3 from $2.6 million in the same quarter last year.
- Cash from operations in Q3 was $1.5 million, a decrease from $5.4 million in Q3 of the previous year.
Good morning and welcome to the Q3 fiscal '2024 financial results conference call for a HLS Therapeutics. At this point, I would like to turn the call over to Dave Mason, Investor Relations for the introductory mark.
Good morning, everyone. And thank you for joining us today. With me in the room on the call. We have Craig Millian, Chief Executive Officer; John Hanna, Chief Financial Officer; and Brian T. Walsh, Chief Commercial Officer.
Earlier this morning, we issued a news release announcing our financial results for the three and nine months ended, September 30, 2024. This news release along with our s MD&A and financial statements is available on our website and our SEDAR+.
Please note that slides accompanying today's call can be viewed via the live webcast. A link to which is available in our earnings press release and at our website on the events page, certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking
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