Xeris Biopharma Holdings Inc (XERS) Q3 2024 Earnings Call Highlights: Record Revenue Growth and ...

GuruFocus.com11-09

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...

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GuruFocus has detected 5 Warning Signs with XERS.\n\nRelease Date: November 08, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nXeris 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.\nThe company achieved a 27% increase in product revenue compared to Q3 last year, driven by strong demand for Recorlev and Gvoke.\nXeris Biopharma Holdings Inc (NASDAQ:XERS) raised its revenue guidance for the year to $198 to $202 million, reflecting confidence in continued growth.\nThe company maintains a strong cash position with over $69 million, allowing for strategic growth investments without the need for dilutive financing.\nXeris 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.\n\n Negative Points \n\nThe company faced a $3.6 million write-off of Gvoke components due to manufacturing process changes, impacting cost of goods sold.\nDespite strong revenue growth, Xeris Biopharma Holdings Inc (NASDAQ:XERS) experienced pricing pressure on its Keveyis product due to generic competition, affecting net pricing.\nThe company incurred a one-time charge of $6.1 million related to the CEO succession plan and corporate restructuring, impacting SG&A expenses.\nXeris 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.\nThe company faces competitive pressures in the Cushing's syndrome market, with other products in development potentially creating noise for Recorlev.\n\n Q & A Highlights \nQ: Can you discuss the specific drivers for Recorlev's growth and your confidence in its market potential? A: John Shannon, President and COO, explained that Recorlev's growth is driven by market expansion and the product's ability to normalize cortisol levels. The success is attributed to the team's efforts in identifying patients with hypercortisolism and efficiently converting referrals into new patient starts. The pipeline is strong, and the company is accelerating efforts to maintain this momentum.\nQ: How should investors think about Xeris Biopharma's path to cash flow break-even and future financial sustainability? A: Steve Pieper, CFO, stated that while specific guidance for 2025 is not yet available, the company is confident in its trajectory due to strong top-line growth and a solid margin profile. Operating expenses have been managed effectively, and more detailed guidance will be provided in March 2025.\nQ: Can you comment on the cost of goods sold and gross margin expectations moving forward? A: Steve Pieper noted that while there was a significant write-off in Q3, such occurrences are not expected to continue at the same level. The company anticipates maintaining healthy gross margins above 80%, with improvements expected as Recorlev sales increase.\nQ: What is the outlook for Recorlev's sales force expansion and patient dosing trends? A: John Shannon mentioned that the company has expanded its sales force to meet demand and is currently in a good position. Physicians are starting patients on lower doses and titrating up slowly, which is expected to continue as new patients are added.\nQ: How does Xeris Biopharma view the competitive landscape for Cushing's syndrome treatments and its impact on Recorlev? A: John Shannon expressed that increased activity in the Cushing's syndrome space is beneficial, as it raises awareness and testing for cortisol-related conditions. Recorlev is positioned as a leading option for inhibiting cortisol synthesis, and the company views the competitive landscape as a positive driver for growth.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482417473"}