Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a first quarter net loss of $61 million, compared to a net loss of $49 million during the same period a year ago. Despite the drop, the company says Q1 was its best yet in terms of revenue after becoming a standalone company in March 2019.

Revenue in the first quarter was $1.2 billion, of which $559 million resulted from its acquisition of Bayer Animal Health. Elanco closed on the purchase of the Germany-based animal health division last August.