Yahoo Finance

• Total Revenue: $54.3 million, a 12% increase compared to the prior year.

• Net Product Revenue: $52.9 million, a 27% increase compared to the prior year.

• Year-to-Date Net Product Revenue: $139.6 million, a 26% increase compared to the prior year.

• Year-to-Date Total Revenue: $143 million, a 20% increase compared to the prior year.

• Recorlev Net Revenue: $17.7 million for the quarter, more than doubling compared to the prior year.

• Gvoke Net Revenue: $22.9 million for the quarter, a 29% increase compared to the prior year.

• Keveyis Net Revenue: $12.2 million for the quarter.

• Cash Position: Over $69 million at the end of the quarter.

• Cost of Goods Sold: 25.7% of total product revenue for the quarter.

• Research and Development Expenses: $5.9 million for the third quarter.

• Selling, General and Administrative Expenses: $45 million for the quarter, a 21% increase compared to the prior year.

• Revenue Guidance: Raised to $198 to $202 million for the year.

• Cash Guidance: Tightened to $68 to $72 million by year-end 2024.

• Warning! GuruFocus has detected 5 Warning Signs with XERS.

Release Date: November 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Xeris Biopharma Holdings Inc (NASDAQ:XERS) reported a record-breaking quarter with total revenue exceeding $54 million and product revenue nearing $53 million, marking the 12th consecutive quarter of over 20% growth.

• The company achieved a 27% increase in product revenue compared to Q3 last year, driven by strong demand for Recorlev and Gvoke.

• Xeris Biopharma Holdings Inc (NASDAQ:XERS) raised its revenue guidance for the year to $198 to $202 million, reflecting confidence in continued growth.

• The company maintains a strong cash position with over $69 million, allowing for strategic growth investments without the need for dilutive financing.

• Xeris Biopharma Holdings Inc (NASDAQ:XERS) is advancing its lead pipeline product, XP 8,121, with positive phase two clinical data and ongoing discussions with the FDA for a phase three program.

Negative Points

• The company faced a $3.6 million write-off of Gvoke components due to manufacturing process changes, impacting cost of goods sold.

• Despite strong revenue growth, Xeris Biopharma Holdings Inc (NASDAQ:XERS) experienced pricing pressure on its Keveyis product due to generic competition, affecting net pricing.

• The company incurred a one-time charge of $6.1 million related to the CEO succession plan and corporate restructuring, impacting SG&A expenses.

• Xeris Biopharma Holdings Inc (NASDAQ:XERS) is not yet prepared to provide detailed guidance for 2025, particularly concerning the potential phase three program for XP 8,121.

• The company faces competitive pressures in the Cushing's syndrome market, with other products in development potentially creating noise for Recorlev.