Ardelyx Exceeds Q3 Sales Expectations, Shares Rise

Ardelyx, Inc. (ARDX) has reported its financial results for the third quarter, surpassing sales expectations. The company achieved quarterly sales of $98.24 million, exceeding the analyst consensus estimate of $86.64 million. Key product IBSRELA contributed $40.6 million to net product sales revenue, with projected full-year 2024 revenue between $145 million and $150 million. Additionally, XPHOZAH generated $51.5 million in net product sales revenue. Ardelyx concluded the quarter with approximately $190 million in cash, cash equivalents, and investments. Following the announcement, Ardelyx shares rose by 3.07% to $6.05 in after-hours trading. According to CEO Mike Raab, the strong performance reflects the company's commitment to achieving its objectives and focusing on patient needs.