Workflow
Journey Medical Corporation Reports First Quarter 2024 Financial Results and Recent Corporate Highlights
Journey Medical Journey Medical (US:DERM) Newsfilter·2024-05-13 20:01

Core Insights - Journey Medical Corporation reported a 7% year-over-year revenue growth in Q1 2024, totaling $13.0 million compared to $12.2 million in Q1 2023, driven by over 20% growth in flagship products Qbrexza® and Accutane® [2][3] - The FDA accepted the New Drug Application for DFD-29, with a PDUFA goal date set for November 4, 2024, marking a significant milestone for the company [2][5] - The company experienced a net loss of $10.4 million in Q1 2024, slightly higher than the net loss of $10.1 million in Q1 2023 [3][16] Financial Performance - Total net product revenues for Q1 2024 were $13.0 million, a 7% increase from $12.2 million in Q1 2023, primarily due to increased sales of Qbrexza and Accutane, partially offset by declines in Amzeeq® and Zilxi® [3][15] - Cost of goods sold rose to $6.8 million in Q1 2024 from $6.4 million in Q1 2023, reflecting the increase in net product revenues [3] - Research and development costs surged to $7.9 million in Q1 2024 from $2.0 million in Q1 2023, driven by a $4.0 million FDA filing fee for DFD-29 and a $3.0 million milestone payment to Dr. Reddy's Laboratories [3][20] Cash Position - As of March 31, 2024, the company had $24.1 million in cash and cash equivalents, down from $27.4 million at the end of 2023 [4][12] Corporate Developments - The company is focused on launching DFD-29, which, if approved, could be the only oral therapy for treating rosacea, presenting a significant commercial opportunity [2][5] - A conference call was scheduled for May 13, 2024, to discuss financial results and provide business updates [6][8]