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QLT Announces First Quarter 2013 Results

Stocks in this article: QLTQLTI

VANCOUVER, British Columbia, May 2, 2013 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") is a biotechnology company dedicated to the development and commercialization of innovative ocular products that address the unmet medical needs of patients and clinicians worldwide. The Company today reported financial results for the first quarter ended March 31, 2013. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.

2013 FIRST QUARTER FINANCIAL RESULTS

Discontinued Operations Reporting

On September 24, 2012, the Company announced that it completed the sale of its Visudyne ® business to Valeant Pharmaceuticals International, Inc. On April 3, 2013, the Company completed the sale of its punctal plug delivery system technology (the "PPDS Technology") to Mati Therapeutics Inc. In accordance with the accounting standard for discontinued operations, the results of operations relating to both the Visudyne business and the PPDS Technology have been excluded from continuing operations and reported as discontinued operations for the current and prior periods.

QLT Expenses / Other Income

Research and Development (R&D) expense, which includes only expenses from our synthetic retinoid program, was $4.1 million in the first quarter of 2013, down from $6.5 million in the first quarter of 2012.

For the first quarter, Selling, General and Administrative (SG&A) expense was $2.1 million, down from $4.1 million in 2012. The decrease from the prior year was primarily due to savings from our restructurings announced in 2012.

Investment and Other Income was $0.8 million for the first quarter of 2013. This primarily related to a gain of $0.8 million for the Fair Value Change in Contingent Consideration. This gain occurred primarily because our contingent consideration assets are recorded as the present value of future expected payments with respect to Eligard ® and Visudyne, and therefore as each quarter elapses, even if no changes are made to the underlying Eligard and Visudyne forecasts, we will book a gain related to the time value of money as we move one quarter closer to realizing the full face value of the assets.

Operating Loss

The operating loss for the first quarter of 2013 was $7.2 million, compared to an $11.0 million operating loss in the prior-year first quarter, as savings from restructurings and reduced spending on our synthetic retinoid program offset the restructuring costs of $0.8 million recorded in the quarter.

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