Journey Medical (DERM) - 2023 Q4 - Annual Results

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]