scPharmaceuticals stock surges ~20% amid Q4 results with eye on Furoscix future revenue
IPGGutenbergUKLtd/iStock via Getty Images
scPharmaceuticals (NASDAQ:SCPH) stock rose ~21% on Thursday after its Q4 results wherein the company provided updates on its approved heart drug Furoscix.
Net loss in 2022 widened to -$36.8M, compared to -$28M in 2021. The company said the net loss was below its guidance range of -$38M to -$41M.
Q4 GAAP EPS was -$0.27, which beat analysts estimates.
The company said it launched Furoscix, which is used to treat congestion in chronic heart failure, on Feb. 20.
CEO John Tucker said during the Q4 earnings call that, "in order to launch, you had to have inventory in our specialty pharmacies. So I think when you look at Q1 revenues, it will be predominantly that stocking inventory. We haven't given guidance, but I wouldn't think that stocking inventory would preclude revenue in Q2, Q3, Q4, all of that."
Tucker noted in the Q4 earnings release that the discussions with payers were ongoing for the drug.
The company ended Q4 with cash, cash equivalents, restricted cash and investments of $118.4M.
The company expects operating costs to increase in 2023 to help the launch of Furoscix, including investments in marketing and sales force.