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Sep 30, 2024
Ardelyx Q3 2024 Earnings Report
Reported strong financial results driven by continued growth of IBSRELA and XPHOZAH.
Key Takeaways
Ardelyx reported a net loss of $0.8 million for Q3 2024, with total revenue of $98.2 million, driven by strong product sales of IBSRELA and XPHOZAH. The company ended the quarter with approximately $190.4 million in cash, cash equivalents, and investments.
IBSRELA generated $40.6 million in net product sales, reflecting a 15% quarter-over-quarter growth.
XPHOZAH generated $51.5 million in net product sales, demonstrating a 39% quarter-over-quarter growth.
Total revenue for the quarter was $98.2 million, compared to $56.4 million in the same period last year.
The company amended its loan agreement with SLR Capital Partners, drawing $50 million and extending the interest-only period.
Revenue by Segment
Forward Guidance
Ardelyx expects full-year 2024 IBSRELA net sales revenue to be between $145 and $150 million.
Positive Outlook
- Continued strong performance of IBSRELA.
- Growing demand for XPHOZAH.
- Amendment of loan agreement with SLR Capital Partners.
- Significant presence at ACG 2024.
- Publication of review article on IBS-C.
Challenges Ahead
- CMS’ planned change in Medicare Part D reimbursement in early-January 2025.
- Uncertainties associated with the development of drugs in the U.S. and internationally.
- Increased selling, general and administrative expenses.
- Net loss for the quarter.
- Risk of dehydration in pediatric patients with IBSRELA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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