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QLT quarterly operating loss more than doubles

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QLT reported a second-quarter operating loss of $17.6 million and a 12.4% decrease in Visudyne sales compared with the same period last year, including a 39.8% drop in the  U.S., according to a company news release.

Last year, the company reported an operating loss of $8.7 million for the quarter.

In addition, total revenue was $8 million, a 37% decrease from a year ago.

“The new board of QLT, elected in June of 2012, has set high expectations for the company’s financial and operational performance, a standard which is not reflected in the company’s second-quarter performance,” the release said.

Quarterly loss per share was $0.33 compared with $0.12 a year ago, according to the release. The company attributed the larger loss to increased research and development expenses, increased selling, general and administrative expenses, and lower gross profit from Visudyne (verteporfin for injection).

The losses led to QLT adjusting its revenue expectations for the year to $31 million to $36 million from $35 million to $40 million, according to the release.