Xeris Biopharma Holdings (NASDAQ:XERS) Inc has announced record third-quarter financial results and subsequently raised its 2022 year-end cash balance guidance.
The company reported record net product revenue of $29.6 million, up 17% quarter-over-quarter and 31% year-over-year on a pro forma basis. Cash on hand, equivalents and short-term investments totaled $93.4 million as of September 30
“Our third quarter and year-to-date performance reflect the continued strength of our growing commercial products coupled with disciplined management of our cash,” CEO Paul Edick said in a statement. “This gives us confidence to raise our year-end cash balance guidance to $110-$120 million, reaffirm and tighten net product revenue range to $105-110 million for full year, and reaffirm our guidance of $50 million in synergies and cash flow breakeven by year-end 2023."
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“As we finish the year and head into 2023, we expect to build upon our 2022 momentum and continue creating shareholder value through continued revenue growth, careful allocation of resources, and prudent expense management,” he added.
On an individual product basis, the company saw net revenue of $13.7 million from Gvoke, compared to $11 million a year earlier. Prescriptions for the glucagon injection topped 38,000 for the first time, up more than 41% compared to the same period in 2021.
Net revenue from Keveyis was $13.4 million, a 17% jump from the third quarter of 2021 on a pro forma basis. The number of patients on Keveyis increased by 9% over the same period.
Recorlev saw third-quarter net revenue of $2.5 million, thanks in large part to increases in the number of patients on therapy.
Net loss for the quarter was $21.8 million, $0.16 per share, the company said.
Looking ahead, Xeris said it will participate at the Jefferies London Healthcare Conference, held November 15-17 in London and the Piper Sandler 34th Annual Healthcare Conference, held November 29-December 1 in New York.
Xeris is a growth-oriented biopharmaceutical company committed to improving patients' lives by developing and commercializing innovative products across a range of therapies.
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