Xeris stock falls ~10% despite revenue growth, narrowed loss in Q4
mohd izzuan
Xeris Biopharma (NASDAQ:XERS) stock fell ~10% on Wednesday despite Q4 results beating estimates.
Net loss narrowed to -$12.93M, compared to -$50.79M in Q4 2021.
Total revenue grew +54.6% to $33.14. Both top and bottom line surpassed analysts estimates.
Net Product revenue increased +52.3% to ~$32.54M.
Sales of Gvoke, used to treat low blood sugar, grew +35.8% Y/Y to $14.93M. Paralysis therapy Keveyis saw sales climb +33.2% Y/Y to $13.80M. Meanwhile, Recorlev revenue amounted to ~$3.81M in Q4.
Royalty, contract, and other revenue increased to $605M, compared to $70M in Q4 2021.
Cash, cash equivalents, and short-term investments at Dec. 31, 2022 were $122M, compared to $102.4M at Dec. 31, 2021, according to the company.
Outlook:
Xeris expects combined total revenue for Gvoke, Keveyis, Recorlev, and Other revenue to be between $135M and $165M. Consensus Revenue Estimate for 2023 is $152.31M.
The company expects cash flow breakeven in Q4 2023.
"We enter 2023 well positioned to capitalize on that momentum with the continued growth of our commercial products, additional revenue from existing and potentially new partnerships and collaborations, advancement of our levothyroxine clinical program, and the continuing disciplined management of our cash," said Xeris Chairman and CEO Paul Edick.
Xeris anticipates year-end 2023 cash, cash equivalents, and short-term investments to be in the range of $45M to $65M.