Company Q1 Revenue Reaches $58.3M, Exceeds Expectations
Reports Q1 revenue $58.3M, consensus $56.81M. "In Q1, we more than doubled revenue compared to the prior year Q1. We have implemented our pivot to GI and the associated sales force expansion," said CEO Steven Basta. "We believe there is a path to $1B annual revenue in gastroenterology prescriptions, and we are encouraged by the strength of our new-to-brand prescription momentum. While Q1 reflected seasonal health plan access dynamics and was a bit light to internal expectations, we have seen a return to growth in late March and early April. Two of the first three weeks of April reached all-time weekly highs for covered prescriptions. We believe we are well positioned to strengthen revenue growth and drive continued momentum". "Our Q1 results demonstrate strong year-over-year revenue growth and continued execution against our plan, with net revenues of $58.3M and net cash usage of approximately $15M," said CFO Sanjeev Narula. "With a strong balance sheet, an improved capital structure, and prescription trends strengthening as we enter Q2, we are maintaining our full year 2026 guidance and we believe we are on track to achieve operating profitability beginning in Q3 and for the full year 2026 and reach cash flow positivity in 2027."
