Business
Xeris Biopharma Reports Fourth Quarter and Full Year 2023 Financial Results and Recent Events
Achieved Total Revenue of over $44M in the fourth quarter – a 34% increase from same period prior year and generated approximately $164M for the full year
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nAchieved Total Revenue of over $44M in the fourth quarter – a 34% increase from same period prior year and generated approximately $164M for the full year 2023, a 49% increase versus prior year\n\n\nEnded 2023 with over $72M in cash, cash equivalents, and short-term investments achieving cash flow positive of over $6M in the fourth quarter\n\n\nEntered into a worldwide license agreement for XeriJect® formulation of teprotumumab\n\n\nRefinanced and upsized Hayfin term loan to a lower overall cost of capital with additional capital available to invest for future growth\n\n\nProvides full-year 2024 guidance: total net revenue of $170M-$200M; year-end cash, cash equivalents, and short-term investments of $55M-$75M\n\n\nHosting conference call and webcast today at 8:30 a.m. ET\n\n\n CHICAGO--(BUSINESS WIRE)--\nXeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the fourth quarter and full-year ended December 31, 2023 and recent events.\n\n\n“2023 was another year of exceptional performance and growth for Xeris. We executed on all fronts: our commercial products grew over 40%; our internal pipeline program, XP-8121, progressed through Phase 2; and our partnership programs made significant advancements, further validating our XeriJect® technology,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “The momentum continues in 2024 as we expect to grow total revenue in the range of $170 million to $200 million. This double-digit revenue growth, coupled with our recent debt refinancing and continued disciplined cash management, will allow us to further invest in all aspects of our business. We still expect to end 2024 with a very healthy cash position of $55 million to $75 million, demonstrating the sustainability of the company we’re building.”\n\n\nFourth Quarter 2023 Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree months ended\n\n\n\n\nDecember 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n \n\n\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...