Spanish drugmaker Grifols, which is battling a slump in its share price this year, released first-quarter results Tuesday, posting a net profit of 21 million euros ($22.71 million), a turnaround from a loss a year ago, as revenue rose 4.1%.

Since early January, bearish fund Gotham City Research has published several reports accusing Grifols of overstating its earnings and understating its debt. Grifols' market value has lost several billion euros since then. The company has denied any wrongdoing, although it has announced changes to its governance.

(1 US dollar = 0.9246 euros)

(Reporting by Joan Faus, edited by Andrei Khalip; edited in Spanish by Mireia Merino)