Business
Heron Therapeutics Announces Fourth Quarter and Full-Year 2023 Financial Results and Highlights Recent Corporate Updates
2023 oncology care franchise revenue was $107.9 million, exceeding full-year 2023 guidance ZYNRELEF® achieved quarterly record of $5.6 million in Q4 Net
About this update from Heron Therapeutics, Inc.
[{"type":"text","content":"2023 oncology care franchise revenue was $107.9 million, exceeding full-year 2023 guidance ZYNRELEF® achieved quarterly record of $5.6 million in Q4 Net Product SalesEnded 2023 with cash and cash equivalents of $80.4 millionAnnounced partnership with CrossLink Life Sciences, LLC to expand ZYNRELEF promotional efforts on January 7, 2024 Received FDA approval for expanded indication of ZYNRELEF on January 23, 2024SAN DIEGO, March 12, 2024 /PRNewswire/ -- Heron Therapeutics, Inc. (Nasdaq: HRTX) (\"Heron\" or the \"Company\"), a commercial-stage biotechnology company, today announced financial results for the three and twelve months ended December 31, 2023 and highlighted recent corporate updates.\n\"In the fourth quarter of 2023, Heron saw continued positive momentum and an increased sales trajectory in both our acute care and oncology care franchises, illustrating how the strategic decisions made over the past year have positioned the Company for long-term success and profitability,\" said Craig Collard, Chief Executive Officer of Heron. \"I am pleased to share this quarterly update and look forward to building upon what we achieved in the fourth quarter of 2023, providing substantial value and meaningful solutions in the acute care and oncology care settings.\"\nBusiness Highlights\nThe ZYNRELEF Vial Access Needle (\"VAN\") program, to allow for the rapid preparation and administration of ZYNRELEF in the operating room, remains on track for a Prior Approval Supplement (\"PAS\") submission in Q2 2024 and an anticipated launch in the second half of 2024.The ZYNRELEF Prefilled Syringe (\"PFS\"), to allow for immediate use of ZYNRELEF, continues to progress with an expected submission for approval in 2026.Gross Margin improved to 71% for the quarter, up from 58% in the same period last year.ZYNRELEF generated record quarterly revenues of approximately $5.6 million.The CrossLink Life Sciences, LLC partnership finalized on January 7, 2024, will ultimately provide up to 650 additional sales representatives promoting ZYNRELEF to orthopedic surgeons.Received FDA approval of our supplemental New Drug Application (\"sNDA\") for ZYNRELEF which expands the ZYNRELEF label to approximately 13 million procedures annually.Financial Guidance for 2024\nThe Company reaffirms its full-year 2024 guidance for Product Revenues, Net, Adjusted Operating E...