Krystal Biotech Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Krystal Biotech Reports Second Quarter 2024 Financial Results
Pittsburgh, Pennsylvania - Krystal Biotech, Inc. (NASDAQ: KRYS) today announced financial results for the quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimate Q2 2024 |
|---|---|---|---|---|---|---|
| Revenue | $70.3M | $0 | N/A | $45.2M | +$25.1M | $65.33M |
| Earnings Per Share (EPS) | $0.88 | N/A | N/A | $0.54 | +$0.34 | $0.58 |
Interpretation: Krystal Biotech reported significant revenue growth in Q2 2024 driven primarily by the commercial rollout of VYJUVEK. The company exceeded both quarter-over-quarter and consensus revenue and EPS estimates; a strong indicator of robust operational performance and market acceptance of VYJUVEK.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Previous Guidance | YoY Change |
|---|---|---|---|
| VYJUVEK Sales (U.S.) | $70.3M | N/A | N/A |
Interpretation: The primary revenue driver was VYJUVEK sales in the United States, reflecting successful market penetration since FDA approval in May 2023.
Key Operational Data:
| Operational Data | Q2 2024 | Q2 2023 |
|---|---|---|
| Gross Margin | 91% | N/A |
| Number of Reimbursement Approvals | 400+ | N/A |
Interpretation: The high gross margin of 91% reflects efficient cost management and pricing strategies. The number of reimbursement approvals highlights strong market acceptance and insurance coverage achievements.
Executive Commentary:
Krish S. Krishnan, Chairman and CEO of Krystal Biotech, stated, "We are extremely pleased with the strong performance reflected in our second-quarter results, driven by the successful uptake of VYJUVEK. Our efforts in securing reimbursement and simplifying patient access to treatment have been instrumental in achieving these milestones."
Dividends or Share Repo Program:
No new dividends or share repurchase programs were announced this quarter.
Forward Guidance:
The company did not provide specific forward guidance for the next quarter but highlighted ongoing efforts to secure additional market approvals and expansion into new regions.
Stock Price Movement:
Following the earnings release, Krystal Biotech's stock experienced a decline of approximately 5.9%.
This summary provides a comprehensive understanding of Krystal Biotech’s financial performance for the second quarter of 2024, emphasizing key metrics, significant achievements, and executive insights.