Ardelyx up 9% as biopharma's Q4 2022 results beat on top and bottom lines
CharlieAJA
- Ardelyx (NASDAQ:ARDX) is up 9% in after-hours trading after posting Q4 2022 financial results that beat on the top and bottom lines.
- In the quarter, the biopharma swung to net income of ~$10.7M from a net loss of ~$36.2M in the year-ago period ($0.06 per share basic and diluted vs -$0.31).
- Ardelyx (ARDX) was helped in the quarter from $8.7M in sales of irritable bowel syndrome drug Ibsrela (tenapanor) and ~$35M in licensing revenue. Ibsrela, which launched in 2022, had 2022 sales of $15.6M.
- The company ended the quarter with ~$96.1M in cash and cash equivalents, a ~33% increase from the end of 2021.
- Read why Seeking Alpha contributor Bret Jensen considers Ardelyx (ARDX) a hold.