New York, November 01, 2024 - PRISM MarketView - Ardelyx, Inc. (Nasdaq: ARDX) reported Q3 2024 revenue of $98.2 million, up from $56.4 million in Q3 2023, driven by significant growth in sales of IBSRELA and XPHOZAH.
Key Highlights:
- IBSRELA (tenapanor): Generated $40.6 million in Q3 sales, a 15% increase from Q2 and nearly double the $22.3 million from Q3 2023. The company anticipates full-year revenue of $145–$150 million.
- XPHOZAH (tenapanor): Achieved $51.5 million in Q3 sales, growing 39% over Q2. Demand remains strong among dialysis patients.
- Cash Position: Ended Q3 with $190 million in cash, reflecting stable financial reserves.
Ardelyx recently amended its loan agreement with SLR Capital, securing an additional $50 million at a favorable rate and extending the interest-only period to 2028. The company also increased its visibility in the medical community by presenting data on IBSRELA and XPHOZAH at major conferences and publishing related research. The company reported increased R&D expenses of $15.3 million, driven primarily by clinical outreach efforts, while SG&A expenses rose to $65 million, reflecting an expanded sales team. The company recorded a net loss of $0.8 million, or $(0.00) per share, compared to a net income of $6.6 million in Q3 2023, impacted by non-cash expenses.
Ardelyx faces challenges related to XPHOZAH’s Medicare coverage and necessary infrastructure for dialysis centers, especially in rural areas. The company is also navigating high costs for maintaining profitability in an expanding market. During the earnings call, the management discussed strategies for addressing these challenges and plans to offer more detailed guidance for 2025 early next year.
The company continues to focus on maximizing patient access and capitalizing on its strong balance sheet to support long-term growth and value creation.
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