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Mar 31, 2023
Xeris Biopharma Q1 2023 Earnings Report
Achieved record total revenue with strong underlying patient demand and expanded XeriJect collaboration.
Key Takeaways
Xeris Biopharma reported a strong start to 2023, achieving record total revenue of $33.2 million, a 50% increase compared to Q1 2022. The company ended the quarter with $95.1 million in cash, cash equivalents, and short-term investments and reaffirmed its 2023 revenue and cash guidance.
Total revenue reached $33.2 million, representing 50% growth compared to Q1 2022.
Gvoke prescriptions topped 45,000, growing approximately 50% compared to the same period in 2022.
Keveyis net revenue increased by approximately 37% compared to Q1 2022, driven by higher patient demand.
Ended Q1 2023 with $95.1 million in cash, cash equivalents, and short-term investments.
Revenue by Segment
Forward Guidance
Xeris Biopharma affirms its 2023 guidance, projecting total revenue between $135 million and $165 million, cash utilization from operating activities between $57 million and $77 million, and year-end cash, cash equivalents, and short-term investments between $45 million and $65 million.
Positive Outlook
- Projected total revenue between $135 million and $165 million.
- Targeting cash flow breakeven in the fourth quarter this year.
- Continued growth of Gvoke prescriptions.
- Strong underlying patient demand in all three commercial products.
- Addition of another XeriJect collaboration.
Challenges Ahead
- Cash utilization from operating activities projected between $57 million and $77 million.
- Year-end cash, cash equivalents, and short-term investments projected between $45 million and $65 million.
- Reliance on third-party suppliers, including single-source suppliers.
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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