Veru Inc Reports Fiscal Q3 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Veru Inc. Reports Fiscal Q3 2024 Financial Results
Miami, FL , Aug. 8, 2024 – Veru Inc. (NASDAQ: VERU), a late clinical stage biopharmaceutical company, has announced its financial results for the fiscal third quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Fiscal Q3 2024 | Fiscal Q3 2023 | YoY Comparison | Consensus Estimates | Quarter-over-Quarter Comparison |
|---|---|---|---|---|---|
| Net Revenue | $4.0M | $3.3M | +21.2% | $3.5M | +14.3% |
| Gross Profit | $1.3M | $1.2M | +8.3% | N/A | N/A |
| R&D Expenses | $4.9M | $8.8M | -44.3% | N/A | N/A |
| SG&A Expenses | $7.5M | $10.9M | -31.2% | N/A | N/A |
| Operating Loss | $10.9M | $13.7M | -20.4% | N/A | N/A |
| Net Loss Per Share | $0.07 | $0.14 | -50.0% | -$0.06 | -50.0% |
Veru Inc. showed improvement in several key financial metrics compared to the prior year. Net revenue for fiscal Q3 2024 was $4.0 million, up 21.2% from $3.3 million in fiscal Q3 2023, exceeding consensus estimates of $3.5 million. The company's net loss also narrowed to $11.0 million, or $0.07 per share, versus $12.5 million, or $0.14 per share, as restated for fiscal Q3 2023.
Revenue Performance by Segment
| Segment | Fiscal Q3 2024 | Previous Guidance | YoY Comparison |
|---|---|---|---|
| Net Revenues | $4.0M | $3.5M | +21.2% |
| Gross Profit | $1.3M | N/A | +8.3% |
Interpretation: The net revenue of $4 million exceeded previous guidance of $3.5 million, showing strong year-over-year growth of 21.2%. This illustrates improved product sales and better-than-anticipated performance.
Key Operational Data
| Data Point | Fiscal Q3 2024 | Fiscal Q3 2023 |
|---|---|---|
| Cash and Cash Equivalents | $29.2M | $9.6M |
| Net Accounts Receivable | $1.6M | $4.5M |
The company’s cash and cash equivalents were substantially higher at $29.2 million as of June 30, 2024, compared to $9.6 million as of September 30, 2023, reflecting improved liquidity.
Comments from Company Officers
Mitchell Steiner, M.D., Chairman, President, and CEO of Veru Inc., stated: "We are very pleased to have expeditiously reached our targeted full enrollment of greater than 150 patients for our enobosarm Phase 2b QUALITY clinical trial. We now anticipate topline data in January 2025."
Dividends or Share Repo Program
There was no announcement regarding dividends or a share repurchase program in this earnings release.
Forward Guidance
Veru Inc. provided forward-looking statements indicating that the topline clinical results for the Phase 2b QUALITY clinical trial are expected in January 2025, with subsequent results from the Phase 2b extension clinical study anticipated in the second calendar quarter of 2025.
Stock Price Movement
Following the earnings release, the stock experienced a 6.63% increase.
Veru Inc.'s fiscal third quarter results demonstrate robust financial performance with significant milestones in their clinical development programs, setting the stage for future growth and successful clinical trial outcomes.
