Journey Medical Corporation (NASDAQ:DERM) Q4 2023 Earnings Conference Call March 21, 2024 4:30 PM ET Company Participants Jaclyn Jaffe - Senior Director, Corporate Operations Claude Maraoui - Co-Founder, President and CEO Joseph Benesch - Interim Chief Financial Officer Dr. Srinivas Sidgiddi - Vice President, Research and Development Ramsey Allous - General Counsel and Corporate Secretary Conference Call Participants Scott Henry - Alliance Global Partners Operator Good afternoon ladies and gentlemen, and t ...

Revenue Performance - Total revenues for Journey Medical Corporation reached $79.2 million in 2023, a 7% increase from $73.7 million in 2022, primarily driven by a $19.0 million revenue from a licensing agreement with Maruho[1][3] - Total revenue for 2023 was $79,181,000, an increase of 7% compared to $73,669,000 in 2022[16] - Product revenue decreased to $59,662,000 in 2023 from $70,995,000 in 2022, representing a decline of 16%[16] - Other revenue significantly increased to $19,519,000 in 2023 from $2,674,000 in 2022, marking a growth of 629%[16] Cost Management - Operating cost savings of $15.6 million were achieved in 2023, exceeding the initial guidance of $12.0 million[1][5] - Total operating expenses decreased to $81,254,000 in 2023 from $101,186,000 in 2022, a reduction of 20%[16] - Research and development costs decreased to $7.5 million in 2023 from $10.9 million in 2022, attributed to lower clinical trial expenses for DFD-29[5] Financial Performance - The net loss for 2023 was $(3.9) million, or $(0.21) per share, significantly improved from a net loss of $(29.6) million, or $(1.69) per share in 2022[5] - Net loss for 2023 was $3,853,000, a significant improvement compared to a net loss of $29,628,000 in 2022[16] - Adjusted EBITDA for 2023 was $15.6 million, or $0.85 per share basic, compared to an Adjusted EBITDA of $(7.3) million in 2022[5] - Adjusted EBITDA for 2023 was $15,587,000, compared to a negative $7,283,000 in 2022, indicating a turnaround in operational performance[22] - Basic net loss per common share improved to $0.21 in 2023 from $1.69 in 2022[22] Assets and Liabilities - Total assets decreased to $76,849,000 in 2023 from $105,160,000 in 2022, a decline of 27%[14] - Total liabilities reduced to $56,499,000 in 2023 from $88,178,000 in 2022, a decrease of 36%[14] - Stockholders' equity increased to $20,350,000 in 2023 from $16,982,000 in 2022, reflecting a growth of 20%[14] Strategic Initiatives - The FDA accepted the New Drug Application for DFD-29 with a PDUFA goal date of November 4, 2024, which could position it as a leading treatment for rosacea[1][10] - Journey Medical entered into a $20.0 million credit facility with SWK Holdings Corporation to support general corporate purposes, including the potential launch of DFD-29[5] - The company expanded its market presence in Asia through a licensing agreement with Maruho, enhancing the reach of Qbrexza®[2][5]

Company generated total revenues of $79.2 million for the full year ended December 31, 2023, a 7% increase from the $73.7 million reported in 2022 Achieved $15.6 million in operating cost savings in 2023, ahead of initial guidance of $12.0 million New Drug Application for rosacea treatment candidate DFD-29 accepted for U.S. FDA review; PDUFA goal date of November 4, 2024 Company to hold conference call today at 4:30 p.m. ET to discuss the financial results and provide a business update SCOTTSDALE, Ariz., M ...

Journey Medical Corporation's (DERM) shares rose 10% on Mar 18, after the company announced that its new drug application (NDA) for its key pipeline candidate, DFD-29 capsules (40mg), to treat inflammatory lesions and erythema of rosacea in adults, has been accepted by the FDA for review.A decision from the regulatory body is expected on Nov 4, 2024.The NDA submission was based on positive data from Journey Medical’s two phase III studies (MVOR-1 and MVOR-2) of DFD-29 for treating rosacea. Both studies achi ...

SCOTTSDALE, Ariz., March 18, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ:DERM) ("Journey Medical" or "the Company"), a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration ("FDA")-approved prescription pharmaceutical products for the treatment of dermatological conditions, announced today that the FDA has accepted the Company's New Drug Application ("NDA") for DFD-29 (Minocycline Hydrochloride Modified Release Capsu ...

SCOTTSDALE, Ariz., March 15, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation ("Journey Medical" or the "Company") (NASDAQ:DERM), a commercial-stage pharmaceutical company that focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced the Company will release its year end 2023 financial results after the U.S. financial markets close on Thursday, March 21, 2024. Journey Medical management will conduct a confer ...

SCOTTSDALE, Ariz., March 15, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation (“Journey Medical” or the “Company”) (Nasdaq: DERM), a commercial-stage pharmaceutical company that focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced the Company will release its year end 2023 financial results after the U.S. financial markets close on Thursday, March 21, 2024. Journey Medical management will conduct a confe ...

SCOTTSDALE, Ariz., March 13, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation ("Journey Medical") (NASDAQ:DERM), a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced that management will participate in the 36th Annual ROTH Conference, which is being held March 17-19, 2024 in Dana Point, California. Claude Maraoui, President and Chief Executive Offi ...

Clinical trial achieved all three primary objectives and subjects completed 16-week treatment with no significant safety issues Results indicate that DFD-29 can be safely used for up to 16 weeks with no detectable effects on microbiota in the skin, GI tract, or vagina New Drug Application for DFD-29 currently under review by U.S. FDA SCOTTSDALE, Ariz., March 11, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ:DERM) ("Journey Medical"), a commercial-stage pharmaceutical company that primarily fo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ JOURNEY MEDICAL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...