Business
Xeris Biopharma Updates Its Outlook for 2023
Company expects to be cashflow positive for the fourth quarter, report total revenue at the high end of its previous guidance of $160M-$165M, and end 2023
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nCompany expects to be cashflow positive for the fourth quarter, report total revenue at the high end of its previous guidance of $160M-$165M, and end 2023 with over $72M in cash, cash equivalents, and short-term investments, exceeding its previous guidance of $65M-$70M\n\n\nCompany to report Q4 and FY 2023 financial results on or about March 6, 2024\n\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 that, in connection with investor meetings the Company is planning to conduct next week in San Francisco, it has updated its outlook for full year 2023. The Company expects to be cashflow positive in the fourth quarter, report total revenue at the top of its previous guidance of $160 million to $165 million and end 2023 with more than $72 million of cash, cash equivalents, and short-term investments, which is above the previously announced guidance of $65 million to $70 million.\n\n\n“With strong performance across our three commercial products, driving value from our various partnerships, coupled with disciplined expense management, we expect to generate positive cash flow in the fourth quarter, ending 2023 with over $72 million in cash. Our very healthy balance sheet demonstrates our ability to be a self-sustaining enterprise,” said Paul R. Edick, Xeris’ Chairman and CEO. “Looking ahead, we anticipate 2024 total revenue to grow from 2023 levels, operating expenses to remain relatively flat, burn rate continues to decline from 2023 and, we will end 2024 with enough cash to fund our company, meet our obligations, and continue to invest in the growth of the enterprise. We will provide more specific full-year 2024 financial guidance in March when we report fourth quarter and full-year 2023 results.”\n\n\nAbout Xeris\n\n\nXeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis®, a proven therapy for primary periodic paralysis, and Recorlev® for the treatment o...