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Intellectia.AI Updated: 1970-01-01
Xeris Biopharma Holdings, Inc. Reports Financial Results for Second Quarter 2024
Xeris Biopharma Holdings, Inc. (NASDAQ:XERS) has reported its financial results for the second quarter and six months ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $48.1M | $40.8M | $38.2M | +26% | +18% | $45.81M |
| Earnings Per Share (EPS) | -$0.10 | -$0.14 | -$0.15 | -33% | +29% | -$0.11 |
| Net Loss | $15.0M | $19.0M | Not provided | N/A | N/A | N/A |
| Cash, Equivalents, and Investments | $77.6M | N/A | $72.5M | N/A | N/A | N/A |
Interpretation: Xeris Biopharma’s financial performance in Q2 2024 showed robust growth, with total revenue increasing by 26% year-over-year and 18% quarter-over-quarter. The company outperformed analyst expectations for both revenue and EPS. The EPS improved, showing the company's focus on cost management and increasing operational efficiency.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Gvoke® | $20.0M | $15.6M | +28% |
| Keveyis® | $13.1M | $14.1M | -7% |
| Recorlev® | $13.3M | $7.2M | +86% |
Interpretation: The product portfolio displayed variable performance. Gvoke® showed a strong 28% increase in revenue backed by growing prescriptions. Recorlev® had an impressive 86% YoY growth due to an increased number of patients on therapy. Keveyis® saw a decline of 7%, likely due to generic competition.
Key Operational Data
| Metric | Q2 2024 | Comparison |
|---|---|---|
| Gvoke® Prescriptions | 65,000 | +27% YoY |
| TRx Glucagon Market Share | 34% | As of end July |
| Recorlev® Patients | +124% YoY | Increase QoQ |
Executive Comments
John Shannon, CEO of Xeris Biopharma, highlighted the outstanding quarter in revenue growth and the company achieving record product revenue. He emphasized the robust demand across their three main products and the sustained growth pattern. The CEO also noted the tightened guidance for total net revenue and year-end cash balance, reflecting confidence in future performance.
Forward Guidance
Xeris Biopharma has updated its full-year 2024 guidance: - Total Net Revenue: $190M - $200M (previous guidance was $175M - $200M) - Year-end Cash Balance: $60M - $75M
Stock Price Movement
Following the earnings release, the share price experienced a positive change of approximately 4.93%.
In conclusion, Xeris Biopharma Holdings, Inc. exhibited strong financial results with significant revenue growth and refined forward guidance, indicating promising prospects for the remainder of 2024.
For more details, investors are invited to participate in a conference call and webcast scheduled at 8:30 a.m. ET today. Registration can be done at the provided link, and a replay of the conference will be available until August 22, 2024.
