Xeris Biopharma Holdings (NASDAQ:XERS) has started 2023 strongly, achieving record revenue during the first quarter.
For the quarter ended March 31, 2023, revenue rose 50.4% to $33.2 million from $22 million in the first quarter of 2022.
The company also narrowed its net loss year-over-year, from $33.7 million or a loss per share of $0.25 to $16.8 million or a loss per share of $0.12.
Operational highlights during the quarter included the announcement of a research collaboration and option agreement with Regeneron for its XeriJect formulation and the appointment of Ricki Fairley to the company’s Board of Directors, increasing the number of members to nine.
“We had a very strong start to 2023 with record total revenue, strong underlying patient demand in all three commercial products, and the addition of another XeriJect collaboration,” said Xeris Biopharma CEO Paul Edick.
Xeris also affirmed its 2023 guidance of revenue between $135 million to $165 million; cash utilization from operating activities of $57 million to $77 million; and year-end cash, cash equivalents, and short-term investments of $45 million to $65 million.
“With continued steady and strong execution, we believe that we can achieve our 2023 revenue and year-end cash guidance and achieve cash flow breakeven in the fourth quarter this year,” Edick said in a statement.
Xeris Biopharma is a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing innovative products across a range of therapies.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie