Q1 2024 Journey Medical Corp Earnings Call Transcript
Key Points
- Journey Medical Corp (DERM) reported a revenue of $13 million in Q1 2024, marking a 7% increase from the previous year, driven by strong sales of Trebex and Accutane.
- Prescription growth for Trebex and Accutane was significant, with Trebex growing by approximately 1,800 prescriptions and Accutane by 29,000 compared to Q1 2023.
- The company successfully reduced SG&A expenses by 35% from Q1 2023, contributing to profitability in its base business.
- Journey Medical Corp (DERM) is preparing for the launch of DFD. 29, a promising treatment for rosacea, which showed superior efficacy in Phase 3 trials and has potential for significant market share capture.
- The company entered into a lucrative out-licensing agreement with Morocco, generating a $19 million upfront payment for the rights to develop and commercialize Trebex in certain Asian countries.
- Despite overall revenue growth, the first quarter is typically the softest for Journey Medical Corp (DERM) due to seasonality and insurance deductible resets.
- R&D expenses increased by $5.9 million from the previous year, largely due to a $4.1 million FDA application fee for DFD. 29.
- Net loss to common shareholders was $10.4 million in Q1 2024, although this was slightly improved from a net loss of $10.1 million in Q1 2023.
- The company experienced isolated higher costs in COGS due to product mix, freight, testing costs, and raw material obsolescence.
- While non-GAAP adjusted EBITDA was positive at $11,000 in Q1 2024, this was only a marginal improvement and the company anticipates needing further adjustments to maintain profitability.
Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to JOURNEY Medical's First Quarter 2024 financial results and corporate update conference call. At this time, all participants are in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call for approximately 30 days.
I would now like to turn the call over to Jacqueline JP, the company's Senior Director of Corporate Operations. Jacqueline, please go ahead.
Good afternoon, and thank you for participating in today's conference call. Joining me from journey Medical's leadership team, our cloud Miraglia Co-founder, President and Chief Executive Officer, to assist the Nash Chief Financial Officer,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
