Verrica Q3 2024 Earnings Report
Key Takeaways
Verrica Pharmaceuticals reported negative net product revenue of $1.9 million for Q3 2024, including a provision for product returns of $1.7 million. There were no ex-factory sales in the third quarter of 2024 due to slower demand pull through. The company is implementing restructuring efforts to reduce operating expenses by approximately 50% and is exploring strategies to strengthen its balance sheet. New senior leadership appointments were announced, including Dr. Jayson Rieger as CEO and John Kirby as Interim CFO.
Negative net product revenue of $1.9 million due to product returns.
Restructuring efforts to reduce operating expenses by approximately 50%.
New CEO and Interim CFO appointed.
Exploring strategies to strengthen the balance sheet.
Verrica
Verrica
Forward Guidance
Verrica expects existing distributor inventory to support most demand for dispensed applicator units into the first quarter of 2025.