Hard to connect the dots since the September 26 th CC I would also like to mention a goal that is very important, tied to our operational planning, which is respecting our debt covenants with our lender. I am so pleased to share that we have worked together with Marathon to modify our covenants as our story progresses. These important changes include, among others, removing the increase in the liquidity covenant, which would have stepped up to $30 million should the F8 not be approved before March 31, 2024, changing the revenue covenant to an adjusted EBITDA-based covenant, and changing the liquidity requirements down to $15 million over time as our adjusted EBITDA increases. These adjustments to the loan covenants can be seen as a testament to the rising confidence in our ability to execute on the company's stated goals for the year. Additionally, the new terms will allow Theratechnologies greater flexibility in our quest to deliver better profitability and even stronger financial health.
Jumping into our financial progress. In July, we announced measures to realize a $5.5 million in cost reduction for 2024. But through tight expense management, we are already seeing the impact of this measure. We're happy to report that we recorded adjusted EBITDA of $2.2 million in the third quarter. Not only was this critical milestone achieved far before the end of the fiscal year, which was promised in January, but it also marks a significant improvement quarter-over-quarter. These results put the company in a positive adjusted EBITDA range of 10% of revenues, and we are confident this figure can be improved in the coming quarters.
This is the results of a significant reduction in R&D and operational expenses. And now with the completion of a number of key projects, such as studies required for our FDA submissions, significant expenses are behind us. This profitability gives us the agility to seek favorable terms across our strategic endeavors, even accelerating our top-line. To elaborate further, our U.S. commercial capabilities are primed to scale up for bolt-on creative products and new partnerships. Our fixed costs are also optimized, and we anticipate ongoing future leverage as we increase the intrinsic value of Theratechnologies. Additionally, we can confidently move forward with the 2024 launch plans of our approved commercial products.
Let's take a closer look at our HIV business. For fiscal year 2023, we are tightening our guidance expecting to finish the year with revenues of $82 million to $85 million. Our top-line has recovered and we report third quarter revenues of $21 million, up from a very difficult second quarter that was impacted by buildup of inventory as previously discussed.
In the third quarter, new prescription growth continued on a strong path, and we expect results to follow in Q4 of this year and into next year.