Q3 2024 Xeris Biopharma Holdings Inc Earnings Call Transcript
Key Points
- Xeris Biopharma Holdings Inc (XERS) reported a record-breaking quarter with total revenue exceeding $54 million and product revenue nearing $53 million, marking the 12th consecutive quarter of over 20% growth.
- The company achieved a 27% increase in product revenue compared to Q3 last year, driven by strong demand for Recorlev and Gvoke.
- Xeris Biopharma Holdings Inc (XERS) raised its revenue guidance for the year to $198 to $202 million, reflecting confidence in continued growth.
- The company maintains a strong cash position with over $69 million, allowing for strategic growth investments without the need for dilutive financing.
- Xeris Biopharma Holdings Inc (XERS) is advancing its lead pipeline product, XP 8,121, with positive phase two clinical data and ongoing discussions with the FDA for a phase three program.
- The company faced a $3.6 million write-off of Gvoke components due to manufacturing process changes, impacting cost of goods sold.
- Despite strong revenue growth, Xeris Biopharma Holdings Inc (XERS) experienced pricing pressure on its Keveyis product due to generic competition, affecting net pricing.
- The company incurred a one-time charge of $6.1 million related to the CEO succession plan and corporate restructuring, impacting SG&A expenses.
- Xeris Biopharma Holdings Inc (XERS) is not yet prepared to provide detailed guidance for 2025, particularly concerning the potential phase three program for XP 8,121.
- The company faces competitive pressures in the Cushing's syndrome market, with other products in development potentially creating noise for Recorlev.
Hello and welcome to the Xeris BioPharma third quarter, 2024 financial results conference call. My name is Harry and I'll be your operator today. All lines are currently in listen-only mode and there'll be an opportunity for Q&A after management's prepared remarks. If you would like to enter the queue for questions, please dial star word by one on your telephone keypad.
I would now like to hand the conference over to Allison Way, Senior Vice President of Investor Relations and Corporate Communications. Thank you. Please go ahead.
Thank you, Gary and Good morning. We appreciate you joining our third quarter results call today. I'm joined by John Shannon, our CEO and Steve Piper, our CFO this morning we issued a press release with our detailed results which can be found on our website. After our prepared remarks. We will open the line for questions before we begin. I would like to remind you that this call will contain forward-looking
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