Veru Inc. said its normalized net income for the fiscal second quarter ended March 31 came to a loss of $1.6 million, compared with income of $107,670 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 64.8% from 2.3% in the year-earlier period.

Total revenue declined 49.6% on an annual basis to $2.4 million from $4.8 million, and total operating expenses rose 7.5% year over year to $4.9 million from $4.5 million.

Reported net income totaled a loss of $1.9 million, or a loss of 6 cents per share, compared to income of $35,050, or 0 cents per share, in the prior-year period.