Business
Xeris Biopharma Reports Fourth Quarter and Full-Year 2022 Financial Results and Provides 2023 Financial Guidance
Achieved fourth quarter net product revenue of $32.5M representing 52% growth compared to Q4 2021 Achieved full-year net product revenue of $109.3M
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nAchieved fourth quarter net product revenue of $32.5M representing 52% growth compared to Q4 2021\n\nAchieved full-year net product revenue of $109.3M representing 38% annual growth compared to 2021 on a pro forma basis\n\nEnded 2022 with $122.0M in cash, cash equivalents, and short-term investments realizing $50M in synergies in 2022 from the Strongbridge acquisition\n\nAnnounced research collaboration and option agreement with Horizon Therapeutics for XeriJect® formulation of TEPEZZA®\n\nProvides 2023 guidance: total revenues of $135M-$165M; cash utilization from operating activities of $57M-$77M; year-end cash, cash equivalents, and short-term investments of $45M-$65M\n\nProjects cash flow breakeven in the fourth quarter of 2023\n\nHosting conference call and webcast today at 8:30 a.m. ET\n\n CHICAGO--(BUSINESS WIRE)--\nXeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the fourth quarter and full-year 2022 and provided 2023 financial guidance.\n\n“Xeris had another record-breaking quarter to finish 2022 achieving net product revenue growth of 52% compared to last year and delivering 38% full-year net product revenue growth compared to 2021 on a pro forma basis,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. \"We enter 2023 well positioned to capitalize on that momentum with the continued growth of our commercial products, additional revenue from existing and potentially new partnerships and collaborations, advancement of our levothyroxine clinical program, and the continuing disciplined management of our cash. These key factors give us confidence that we are on track to achieve cash flow breakeven by year-end and position us to deliver continued growth and become a self-sustaining enterprise that does not require us to raise new capital to fund operations.”\n\nFourth Quarter Highlights and Recent Events\n\n\n\n \n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n \n\n\n\nChange\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n$\n\n\n \n\n%\n\n\n\n\n\nProduct revenue (in thousands):\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n \n\n \n\n\n\n\n\nGvoke\n\n\n\n$\n\n\n\n14,932\n\n\n\n \n\n\n\n$\n\n\n\n10,99...