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QLT announces third-quarter net loss of $9.1 million

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VANCOUVER — QLT's third-quarter revenue growth of $9.6 million, an increase of 11.6% over the same period in 2010, failed to keep pace with costs and expenses of more than $20 million for the quarter, according to a press release.

The company lost $9.1 million in the quarter, or 18 cents per share compared with 1 cent per share in the third quarter of 2010, the release said.

Sales of Visudyne (verteporfin) increased 10% outside the U.S. but fell 26.2% within, according to the release. The company said it expects worldwide Visudyne sales to be near the high end of its original expectations, although final U.S. sales will likely fall below expectations.

Significant increases in cost of sales and research and development were major factors in the larger operating loss than in the third quarter of 2010, according to the press release.