Core Insights - Xeris Biopharma reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.07, and improved from a loss of $0.14 per share a year ago, representing an earnings surprise of 14.29% [1] - The company achieved revenues of $60.12 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 4.76% and up from $40.64 million year-over-year [2] - Xeris Biopharma's stock has increased by approximately 32.2% since the beginning of the year, contrasting with a decline of -4.3% in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $63.36 million, and for the current fiscal year, it is -$0.11 on revenues of $264.52 million [7] - The estimate revisions trend for Xeris Biopharma is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Medical - Drugs industry, to which Xeris Biopharma belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Another company in the same industry, Zevra Therapeutics, is expected to report a quarterly loss of $0.21 per share, with revenues anticipated to be $15.8 million, reflecting a significant year-over-year increase of 360.6% [9][10]

Revenue Performance - Total revenue for Q1 2025 increased by 48% year-over-year to over $60 million, reaching $60.1 million compared to $40.6 million in Q1 2024[1][19] - Recorlev® revenue grew by approximately 141% year-over-year, with Q1 2025 net revenue at $25.5 million, up from $10.6 million in Q1 2024[3][4] - Gvoke® revenue increased by approximately 26% year-over-year, with Q1 2025 net revenue at $20.8 million compared to $16.6 million in Q1 2024[4] Financial Guidance - The company tightened its full-year 2025 total revenue guidance to a range of $260 million to $275 million, up from the previous range of $255 million to $275 million[2] Profitability Metrics - Adjusted EBITDA for Q1 2025 was positive at $4.4 million, an improvement of $8.4 million compared to a loss of $4.0 million in Q1 2024[7][21] - The net loss for Q1 2025 was $9.2 million, or ($0.06) per share, compared to a net loss of $18.0 million, or ($0.14) per share, in Q1 2024[7][19] Cost and Expense Analysis - Cost of goods sold (COGS) increased by $2.8 million, or 46%, in Q1 2025 compared to Q1 2024, primarily due to increased product revenue[5] - Selling, general and administrative (SG&A) expenses rose by $5.6 million, or 15%, in Q1 2025 compared to the same period last year, driven by investments in the Recorlev commercial organization[6] Patient Metrics - The average number of patients on Recorlev increased by 124% year-over-year, contributing to its revenue growth[3] Regulatory Developments - Xeris obtained FDA approval for Gvoke VialDx in Q1 2025, which contributed significantly to other revenue[10] Asset and Liability Overview - Total assets decreased from $323,060 million as of December 31, 2024, to $315,453 million as of March 31, 2025, a decline of approximately 2.0%[24] - Current assets decreased from $167,662 million to $163,494 million, representing a decrease of about 2.6%[24] - Cash and cash equivalents decreased significantly from $71,621 million to $58,440 million, a drop of approximately 18.3%[24] - Total current liabilities decreased from $100,443 million to $95,072 million, a reduction of about 5.0%[24] - Accounts payable increased from $2,290 million to $6,352 million, an increase of approximately 177.5%[24] - Total liabilities slightly decreased from $352,675 million to $350,581 million, a decrease of about 0.6%[24] - Total stockholders' equity showed a deficit of $(35,128) million as of March 31, 2025, compared to a deficit of $(29,615) million as of December 31, 2024[24] - Long-term debt remained relatively stable, increasing slightly from $217,006 million to $217,805 million[24] - Inventory increased from $48,175 million to $52,690 million, an increase of approximately 9.4%[24] - Other liabilities increased from $1,967 million to $4,834 million, an increase of approximately 145.5%[24]

Group 1 - The article discusses the potential for Xeris Biopharma Holdings, Inc. (NASDAQ: XERS) to make significant upward movements in its stock price, indicating a positive outlook for the company [1] - The author has a long position in XERS shares, suggesting confidence in the company's future performance [2] - The author emphasizes a focus on innovative companies in the biotech sector that are developing breakthrough therapies and pharmaceuticals, which aligns with Xeris Biopharma's business model [1]

Company Overview - Xeris Biopharma (XERS) shares increased by 5.6% to $5.51 in the last trading session, with a notable trading volume, contributing to a total gain of 34.9% over the past four weeks [1][2] Recent Developments - The FDA approved Xeris' supplemental new drug application for Gvoke VialDx, which is intended to temporarily inhibit gastrointestinal movement during radiologic procedures in adults [2] - Xeris entered a partnership with American Regent to commercialize Gvoke VialDx in the United States, which has likely contributed to the recent optimism and share price increase [2] Financial Expectations - Xeris is projected to report a quarterly loss of $0.07 per share, reflecting a year-over-year improvement of 50% [3] - Expected revenues for the upcoming quarter are $57.75 million, representing a 42.1% increase compared to the same quarter last year [3] Earnings Estimate Revisions - The consensus EPS estimate for Xeris has been revised 10% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting favorable market sentiment [4] Industry Context - Xeris Biopharma is part of the Zacks Medical - Drugs industry, where another company, Aurinia Pharmaceuticals (AUPH), saw a 1.7% increase in its last trading session and has returned 3% over the past month [4] - Aurinia's consensus EPS estimate has decreased by 17.5% over the past month, although it reflects a significant year-over-year change of 400% [5]

Financial Performance - Xeris Biopharma Holdings, Inc. reported total revenue of $203.07 million for the year ended December 31, 2024, an increase of 24% compared to $163.91 million in 2023 [521]. - Product revenue, net for 2024 was $196.64 million, up 28% from $153.36 million in 2023 [521]. - The company incurred a net loss of $54.84 million in 2024, compared to a net loss of $62.26 million in 2023, reflecting a 12% improvement [521]. - Total costs and expenses increased to $236.72 million in 2024, up from $207.92 million in 2023, primarily driven by higher selling, general, and administrative expenses [521]. - The company reported a net loss of $54.8 million for the year ended December 31, 2024, compared to a net loss of $62.3 million in 2023 and $94.7 million in 2022, indicating a 12% improvement year-over-year [527]. Cash Flow and Liquidity - Net cash used in operating activities decreased to $37.0 million for the year ended December 31, 2024, from $47.0 million in 2023, primarily due to reduced working capital usage [462]. - Cash and cash equivalents as of December 31, 2024, were $71.62 million, an increase from $67.45 million in 2023 [518]. - The company had cash, cash equivalents, and restricted cash of $75.7 million at the end of 2024, up from $71.7 million in 2023 [529]. - The company expects to continue incurring net losses for at least the next 12 months, but believes current cash resources are sufficient to sustain operations during this period [535]. Debt and Financing - Long-term debt, net of current portion, rose to $217.01 million in 2024, compared to $190.93 million in 2023 [518]. - Total debt increased to $232,108,000 as of December 31, 2024, compared to $190,932,000 in 2023, reflecting a growth of 21.5% [608]. - The Amended and Restated Credit Agreement provided for $200 million in term loans, with an effective interest rate of approximately 11.4% [625]. - The company may finance operations through equity or debt financing, but there is no assurance that such funding will be available on acceptable terms, which could negatively impact financial condition and business strategies [536]. Revenue Recognition and Accounting Policies - The company recognizes revenue when customers obtain control of promised goods, with revenues recorded at the net product sales price after accounting for various allowances [471]. - The company applies significant judgments and estimates in determining allowances for patient copay assistance, commercial rebates, and government rebates, impacting reported revenues [471]. - If the company were to increase or decrease the returns reserve rate by 1%, it would have a $1.8 million impact on revenue for the year ended December 31, 2024 [552]. - The company offers savings programs to commercially insured patients, which are recorded as a reduction of product revenue [546]. Assets and Inventory - The company's total assets slightly increased to $323.06 million in 2024 from $322.60 million in 2023 [518]. - Total inventory as of December 31, 2024, was $48.18 million, compared to $38.84 million in 2023, reflecting a 24% increase [603]. - Inventory reserves increased to $7.7 million at December 31, 2024, from $2.4 million in 2023 [603]. Stock-Based Compensation - Stock-based compensation expenses increased to $18.4 million in 2024 from $10.7 million in 2023, reflecting higher employee incentives [527]. - The total fair value of RSUs vested during 2024 was $10.7 million, compared to $2.8 million in 2023 [656]. - The company recognized total stock-based compensation expense of $18.4 million in 2024, significantly higher than $10.7 million in 2023 [657]. Market Risks - The company is subject to market risks, including interest rate and foreign currency exchange rate fluctuations, but net foreign currency gains and losses did not materially affect operations for the year ended December 31, 2024 [480]. - A hypothetical one-percentage point increase or decrease in interest rates would impact interest income by approximately $0.8 million annually based on cash and investments outstanding as of December 31, 2024 [481]. Internal Controls and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the auditor's opinion [505]. - The company adopted several new accounting standards, including ASU 2023-03, with no material impact on financial statements [586].

Xeris Biopharma Holdings (XERS) Q4 2024 Earnings Call March 06, 2025 04:35 PM ET Company Participants Allison Wey - Senior Vice President of Investor Relations & Corporate CommunicationsJohn Shannon - CEOSteve Pieper - Chief Financial OfficerGlen Santangelo - Managing DirectorMazahir Alimohamed - Biotech Equity Research Associate Conference Call Participants Chase Knickerbocker - Senior Equity Research Analyst - HealthcareOren Livnat - MD - Senior Healthcare AnalystDavid Amsellem - Sr. Research AnalystLelan ...

Financial Data and Key Metrics Changes - Total revenue for 2024 was over $203 million, growing 24% year-over-year, driven by strong demand for Recorlev and Gvoke [8][14] - Net product revenue for Q4 2024 was $57 million, marking a 34% increase compared to the prior year [28] - Adjusted EBITDA turned positive in Q4 2024, with expectations to remain positive going forward [15][43] Business Line Data and Key Metrics Changes - Recorlev achieved $64.3 million in revenue for 2024, a 118% increase compared to 2023, with Q4 revenue of $22.6 million, up 131% year-over-year [9][28] - Gvoke generated nearly $83 million in revenue for 2024, a 24% increase, with Q4 revenue of $23.3 million, also a 25% increase [10][30] - Keveyis ended 2024 with approximately $50 million in revenue, a 13% decline year-over-year, but maintained a steady patient base [11][36] Market Data and Key Metrics Changes - The market for hypercortisolemia is expanding, with increasing diagnoses leading to more patients being treated [16][17] - Gvoke targets a large untapped market, with an estimated 14 million patients unprotected by life-saving therapies [18][19] Company Strategy and Development Direction - The company aims for total revenue between $255 million and $275 million in 2025, representing over 30% year-over-year growth at the midpoint [14][36] - Strategic priorities include driving growth of commercial products, maintaining financial discipline, and enhancing communication with stakeholders [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, particularly for Recorlev and Gvoke, while anticipating steady demand for Keveyis [36][38] - The company is focused on leveraging its existing commercial capabilities for the development of XP-8121, a new product for hypothyroidism [25][102] Other Important Information - The company reported a gross margin of 84% in Q4 2024, a 1% improvement year-over-year, driven by a favorable product mix [32] - The company ended 2024 with a healthy cash position of $71.6 million [35] Q&A Session Summary Question: Recorlev strength and prescriber growth - Management noted both expansion of the writer base and increased prescriptions from existing prescribers contributing to Recorlev's growth [47] Question: Year-over-year prescription growth in hypercortisolism - Management indicated a lack of specific data on market growth but emphasized the importance of field efforts to identify patients [49] Question: Expectations for Keveyis in 2025 - Management suggested Keveyis may have found its bottom, with expectations to hold steady despite potential pressures on reimbursement [54] Question: Long-term spend to support Recorlev - Management acknowledged the need for continued investment in Recorlev, with a focus on expanding awareness and treatment [81][88] Question: Durability and exclusivity runway for Recorlev - Patents for Recorlev extend to 2040, with orphan exclusivity through 2028, providing a significant runway for growth [84][86] Question: Gvoke and updated guidelines - Management is focused on raising awareness of new guidelines to protect unprotected patients, viewing it as a long-term opportunity [94] Question: Phase 3 readiness for XP-8121 - Management confirmed plans for Phase 3 readiness, with potential clinical trials starting in 2026 [95]

Group 1 - Xeris Biopharma reported $60.1 million in revenue for Q4 2024, a year-over-year increase of 35.4% [1] - The EPS for the same period was -$0.03, improving from -$0.10 a year ago, with a surprise of +57.14% compared to the consensus estimate of -$0.07 [1][3] - The revenue reported was a slight miss of -0.81% against the Zacks Consensus Estimate of $60.59 million [1] Group 2 - Key product revenues included Gvoke at $23.26 million, Keveyis at $11.12 million, and Recorlev at $22.61 million, with Recorlev significantly outperforming its estimate of $11.19 million [4] - Royalty, contract, and other revenues were reported at $3.10 million, exceeding the average estimate of $1.30 million [4] - Overall product revenue, net, was $57 million, slightly above the estimated $56.26 million [4] Group 3 - Xeris Biopharma's shares returned +2.7% over the past month, contrasting with the Zacks S&P 500 composite's -3.5% change [3] - The company currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near term [3]

Group 1 - Xeris Biopharma reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.07, and an improvement from a loss of $0.10 per share a year ago, representing an earnings surprise of 57.14% [1] - The company posted revenues of $60.1 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 0.81%, but showing an increase from year-ago revenues of $44.39 million [2] - Xeris Biopharma shares have increased by approximately 11.2% since the beginning of the year, contrasting with a decline of -0.7% in the S&P 500 [3] Group 2 - The earnings outlook for Xeris Biopharma is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend for estimate revisions for Xeris Biopharma is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $54.1 million, and -$0.22 on revenues of $240.93 million for the current fiscal year [7] Group 3 - The Medical - Drugs industry, to which Xeris Biopharma belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, which may impact stock performance [8] - VAXART, INC., another company in the same industry, is expected to report a quarterly loss of $0.10 per share, reflecting a year-over-year change of +16.7%, with revenues projected at $31.17 million, up 859.1% from the year-ago quarter [9]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Xeris Biopharma, driven by higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Financial Expectations - Xeris Biopharma is expected to report a quarterly loss of $0.07 per share, reflecting a year-over-year change of +30% [3]. - Revenues are projected to be $60.59 million, representing a 36.5% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Xeris Biopharma is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +2.78%, suggesting a bullish outlook from analysts [10]. Earnings Surprise Prediction - A positive Earnings ESP reading is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 2 (Buy) [8][11]. - Xeris Biopharma's current Zacks Rank of 2 enhances the likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Xeris Biopharma was expected to post a loss of $0.09 per share but actually reported a loss of $0.06, achieving a surprise of +33.33% [12]. - Over the past four quarters, the company has surpassed consensus EPS estimates two times [13]. Industry Context - Esperion Therapeutics, another player in the Zacks Medical - Drugs industry, is expected to report a loss of $0.14 per share, with a year-over-year change of +72% and projected revenues of $70.01 million, up 117.1% from the previous year [17]. - Esperion's consensus EPS estimate has remained unchanged, but a lower Most Accurate Estimate has resulted in an Earnings ESP of -8.70%, combined with a Zacks Rank of 4 (Sell), making it difficult to predict an earnings beat [18].