Business
Xeris Biopharma Reports Second Quarter 2023 Financial Results
Achieved record revenue of $38.0M – a 14% increase from prior quarter, and a 50% increase from same period prior year Ended Q2 with over $80M in cash, cash
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nAchieved record revenue of $38.0M – a 14% increase from prior quarter, and a 50% increase from same period prior year\n\n\nEnded Q2 with over $80M in cash, cash equivalents and short-term investments\n\n\nTightens full-year 2023 guidance: total net revenue of $145M-$165M; cash utilization of $57M-$67M; 2023 year-end cash balance of $55M-$65M\n\n\nRemains on track to achieve cash flow breakeven by year-end 2023\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 second quarter and six months ended June 30, 2023 and corporate highlights.\n\n\n“We posted another record quarter of revenue due to the continued strong demand of all three products, as well as contributions from our partnerships,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “Our differentiated business model, exceptional year-to-date performance, and expectations for the remainder of the year gives us the confidence to tighten our 2023 guidance by raising the low end of the total revenue range to $145 to $165 million from $135 to $165 million; reducing cash utilization range to $57 to $67 million from $57 to $77 million; improving year-end cash range to $55 to $65 million. And, we expect to be at the cash flow breakeven point in the fourth quarter and continue being a self-sustaining enterprise.”\n\n\nSecond Quarter 2023 Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\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\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$\n\n\n\n\n\n\n15,638\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n11,479\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,159\n\n\n\n\n\n\n36.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nKeveyis\n\n\n\n\n\n\n \n\n\n\n\n\n\n14,088\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n12,812\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1,276\n\n\n\n\n\...