Business
Xeris Biopharma Reports Second Quarter 2024 Financial Results
Achieved revenue of $48.1M including record product revenue of $46.5M Total revenues increased 18% over the prior quarter and 26% over the same period prior
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nAchieved revenue of $48.1M including record product revenue of $46.5M\n\n\nTotal revenues increased 18% over the prior quarter and 26% over the same period prior year\n\n\nEnded Q2 with $77.6M in cash, cash equivalents and short-term investments\n\n\nTightens full-year 2024 guidance: total net revenue to $190M-$200M and year-end cash balance to $60M-$75M\n\n\nJohn Shannon appointed CEO and Kevin McCulloch promoted to President and COO per the Company’s long-standing succession plan\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 fast-growing 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, 2024 and recent corporate events.\n\n\n“I am very pleased to report that we posted an outstanding quarter of $48 million in total revenue, which included record product revenue of over $46 million driven by strong demand for all three of our products. Our year-over-year product revenue growth of 26% represents the eleventh consecutive quarter of over 20% growth as our diverse product portfolio of Recorlev®, Gvoke®, and Keveyis® all continue to meet important unmet needs for patients,” said John Shannon, CEO of Xeris Biopharma. “Our strong performance leads us to now envision full year results at the high end of our original range, and we’re tightening our guidance to $190-$200 million from the previous $175-$200 million. We also believe that this performance will enable us to perform at the higher end of our year-end cash range, so we’re tightening that guidance to $60-$75 million.” Mr. Shannon continued, “This is an exciting time for Xeris, and I’m thrilled to be leading as CEO for the next phase of our journey building upon the strong foundation we’ve created to drive our revenues and pipeline to new heights.”\n\n\nSecond Quarter 2024 Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n%\n\n\n\n\n\n\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\...