Xeris Biopharma Shares Drop After Weak 4Q Results

Dow Jones03-06

By Dean Seal

Shares of Xeris Biopharma Shares dropped after the company's fourth quarter results came in below expectations.

The stock was down 18% at $2.52 in recent trading. Shares are still up 8% year-to-date.

The biopharmaceutical company's quarterly loss widened to $13.4 million from $12.9 million last year. Per share, the loss was 10 cents, a penny lower than the consensus estimate of analysts polled by FactSet.

Product revenue jumped to $42.5 million from $32.5 million, missing analyst forecasts for $43.2 million, according to FactSet.

Xeris provided guidance for $180 million to $200 million in revenue, which was in line with current analyst estimates.

The Chicago-based company also said Wednesday that it refinanced a $150 million senior secured term loan facility with Hayfin Capital. Xeris drew down $200 million to repay its existing $150 million loan, raising the company's cash balance to about $35 million.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

March 06, 2024 10:41 ET (15:41 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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