Journey Medical (US:DERM) Globenewswire·2025-03-26 20:01Core Insights - Journey Medical Corporation achieved total revenues of $56.1 million for the full year ended December 31, 2024, meeting all financial guidance for the year [4][3] - The company received FDA approval for Emrosi™ in November 2024, with initial distribution ongoing and first prescriptions filled [2][1] - Emrosi's Phase 3 clinical trial results were published in JAMA Dermatology, demonstrating its best-in-class profile [2][5] Financial Performance - Total revenues decreased by 29% from $79.2 million in 2023 to $56.1 million in 2024 [4][5] - Product revenue, net fell by 8% to $55.1 million in 2024 from $59.7 million in 2023, attributed to higher rebate costs and lower unit sales volumes [5][4] - Other revenue dropped significantly by 95% to $1.0 million in 2024, down from $19.5 million in 2023, which included a one-time license payment [5][7] Expense Overview - Cost of goods sold decreased by 9% to $20.9 million in 2024 from $22.9 million in 2023 [7] - Selling, general and administrative expenses decreased by 8% to $40.2 million in 2024, primarily due to expense reduction efforts [7] - Research and development expenses increased to $9.9 million in 2024 from $7.5 million in 2023, including significant costs related to Emrosi [7] Net Loss and Adjusted EBITDA - The company reported a net loss of $(14.7) million, or $(0.72) per share, for 2024, compared to a net loss of $(3.9) million, or $(0.21) per share, in 2023 [6][20] - Adjusted EBITDA for 2024 was $0.8 million, a significant decrease from $15.6 million in 2023 [6][26] Cash Position - As of December 31, 2024, Journey Medical's cash and cash equivalents totaled $20.3 million, down from $27.4 million at the end of 2023 [6][16] Recent Developments - The company began distribution of Emrosi and expects full promotion to commence in April 2025 [2][1] - Journey Medical hosted a conference call to discuss its U.S. commercial launch plan for Emrosi [6][9]