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XERS Nasdaq· Xeris Biopharma Holdings Inc
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XERS Nasdaq· Xeris Biopharma Holdings Inc
Earnings report Q3 2023

XERS Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

XERS reported total revenue of $48.32 million for the latest quarter, representing a significant increase compared to the same period last year when revenue stood at $29.73 million. The company's revenue is primarily derived from two segments: product revenue and royalty, contract, and other revenue.

Product revenue, net, which includes gross product sales after deducting allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, amounted to $41.70 million in the latest quarter. This reflects a substantial growth from the previous year's figure of $29.55 million. The increase in product revenue can be attributed to strong sales performance and effective management of allowances.

Royalty, contract, and other revenue reached $6.62 million in the latest quarter, compared to $0.17 million in the same period last year. This significant growth can be attributed to the successful execution of royalty agreements and other contractual arrangements.

Strengths

XERS demonstrated strong revenue growth in the latest quarter, driven by robust sales performance and effective management of allowances. The increase in product revenue reflects the company's ability to generate demand for its products and effectively navigate the complexities of reimbursement programs and discounts. Additionally, the growth in royalty, contract, and other revenue highlights the successful execution of strategic partnerships and agreements.

Management commented that the revenue growth was primarily driven by increased adoption of the company's products in the market, as well as successful commercialization efforts. They emphasized the importance of their patient-centric approach and commitment to providing innovative solutions in the pharmaceutical industry.

Challenges

Despite the strong revenue growth, XERS reported a loss from operations of $4.91 million in the latest quarter. This indicates that the company's expenses exceeded its revenue during the period. The main contributors to the loss were costs of goods sold, research and development expenses, selling, general, and administrative expenses, and amortization of intangible assets. XERS will need to carefully manage its expenses and continue to focus on revenue growth to achieve profitability.

Noteworthy

It is worth noting that XERS reported a significant increase in total revenue compared to the same period last year. This growth demonstrates the company's ability to effectively commercialize its products and capitalize on strategic partnerships. The management's emphasis on patient-centricity and innovation has contributed to the strong performance in the latest quarter.

Summary

XERS reported strong revenue growth in the latest quarter, driven by robust sales performance and successful execution of strategic partnerships. The company's product revenue, net, increased significantly, reflecting strong demand for its products and effective management of allowances. Additionally, royalty, contract, and other revenue experienced substantial growth, highlighting the successful execution of strategic agreements. Despite the revenue growth, XERS reported a loss from operations, indicating the need for careful expense management. Overall, XERS demonstrated its ability to generate revenue and navigate the complexities of the pharmaceutical industry, positioning itself for future growth and profitability.

Source documents

Form 10-Q  filed on Nov 09, 2023
10 pages scanned

Reference data

Company financials Q3 revenue 48.3M
Analyst estimates Q3 EPS missed by -14.29%
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