Theratechnologies Inc. Reports Third Quarter 2024 Financial Results
Theratechnologies Inc. ('Theratechnologies' or the 'Company'), a biopharmaceutical company specializing in developing and commercializing innovative therapies, reported its financial results for the third quarter of fiscal year 2024, ending August 31, 2024.
Key Financial Metrics
| Financial Metrics | Q3 2024 | Q3 2023 | Year-Over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $22.6M | $20.9M | +8% | $23.98M |
| Earnings Per Share (EPS) | $0.06 | $(0.01) | - | $0.03 |
The Company reported a total revenue of $22.6 million, representing an 8% increase year-over-year. Despite falling short of Wall Street consensus estimates of $23.98 million, the Company achieved positive net income of $3.1 million or $0.06 per share, surpassing earnings expectations of $0.03 per share. Adjusted EBITDA for the quarter was robust at $7.2 million, indicating effective cost management and operational efficiency.
Revenue Performance by Segment
| Segment | Q3 2024 | Q3 2023 | Year-Over-Year Change |
|---|---|---|---|
| EGRIFTA SV® | $16.7M | $13.2M | +26.6% |
| Trogarzo® | $5.9M | $7.7M | -22.9% |
EGRIFTA SV® continued its strong performance with a 26.6% increase in sales attributed to higher demand and pricing. Conversely, Trogarzo® sales declined by 22.9%, impacted by competitive pressures in the market.
Key Developments and Operational Highlights
- Supply Chain Alert: Announced potential temporary supply disruption for EGRIFTA SV® in early 2025 due to a contract manufacturer's voluntary shutdown after an FDA inspection.
- Guidance Update: Revised fiscal 2024 revenue guidance to $83-$85 million and increased adjusted EBITDA projections to $17-$19 million.
- Regulatory Advancements: Progress in addressing questions from the FDA on sBLA for the F8 formulation, with plans to submit by the end of November 2024.
Comments from Company Officers
Paul Lévesque, President and CEO, emphasized the strength of the Company's bottom line performance and the strategic focus on North American partnerships to expand market presence. He expressed confidence in overcoming the shortfall in Q4 sales and achieving growth targets as the EGRIFTA SV® supply constraints are navigated.
Forward Guidance
The Company provided revised fiscal 2024 guidance with revenue expected between $83 and $85 million. Despite anticipated challenges in the fourth quarter, they remain optimistic about recovery and growth in early 2025.
Stock Price Movement
Post-earnings, Theratechnologies' stock experienced a significant increase, surging by approximately 12.7%.
Theratechnologies continues to focus on stabilizing its operational framework while navigating industry challenges effectively. The Company remains well-positioned to capitalize on its strategic initiatives and maintain its market trajectory through disciplined operational practices and regulatory advancements.
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