Apotex Health Corp. APTX-T says it had a net loss of $38.3-million in its first quarter as its revenue fell from the same period last year.
The pharmaceutical company says the result compared with a profit of $362.7-million in last year’s first quarter.
That amounted to a diluted loss per share of 19 cents during the quarter ended June 30, compared with diluted earnings per share of $1.88 a year ago.
Apotex says its revenue reached $848-million during the quarter, down year-over-year from $1.14-billion.
After 52 years as a private company, Apotex announced on June 16 that it closed its upsized IPO at a price of $24 per share for gross proceeds of nearly $1.5-billion.
Its chief executive Jeff Watson said the money raised from the IPO can be used to reduce debt and provide more flexibility on Apotex’s balance sheet.