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QLT reports net loss of $6.6 million in fourth quarter

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VANCOUVER, British Columbia — QLT reported a net loss of $6.6 million for the fourth quarter ended Dec. 31, according to a company release. Revenue in the quarter rose 10.4% to $11.1 million.

The net loss was about $12.6 million less than that in the same quarter of the previous year, when the company lost $19.2 million, the release said. For the year ending Dec. 31, QLT experienced a net loss of $30.4 million, compared with a loss of $17.5 million in the previous year.

Visudyne (verteporfin) sales in the fourth quarter accounted for $22.4 million, down 8.4% from the same quarter in the previous year, the release said. For the year, Visudyne sales were down 0.4%; U.S. sales dropped 7%, while non-U.S. sales increased by 1.8%.

In the year ending Dec. 31, QLT increased its investment in research and development by more than 30% over the previous year, the release said. The company intends to further increase research and development spending by about 20% to 30% in the coming year.

The company's 2012 projection calls for adjusted earnings before interest, taxes, depreciation and amortization to be a loss in the range of $10 million to $17 million.