Xeris Biopharma(US:XERS)2025-05-08 13:30Financial Data and Key Metrics Changes - Total revenue grew by 48% year-over-year to $60.1 million, while net product revenue increased by 44% to $57.8 million, marking the fourteenth consecutive quarter of over 20% product revenue growth [19][20] - Gross margin improved to 85%, up by 200 basis points sequentially due to a favorable product mix [21] - Adjusted EBITDA was positive at $4.4 million, supporting the commitment to deliver positive adjusted EBITDA going forward [22][24] Business Line Data and Key Metrics Changes - RECORLEV revenue surged by 141% to $25.5 million, with the average number of patients on therapy increasing by 124% compared to the same period last year [19][20] - Gvoke revenue reached nearly $21 million, reflecting an 8% increase in prescriptions year-over-year [9][20] - KEVEYIS revenue was over $11 million, showing slight growth compared to the previous quarter [11][20] Market Data and Key Metrics Changes - The glucagon market grew by approximately 5%, while Gvoke outperformed this growth with an 8% increase in prescriptions [50] - The company anticipates no material impact from potential sector-specific tariffs, as the majority of operations are U.S.-based [24][54] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving growth of commercial products, managing financial discipline, and enhancing communication with stakeholders [16] - A key achievement includes the FDA approval of Gvoke VialDx, which expands its use as an IV administration [12][13] - The company plans to provide a comprehensive update on XP-8121 at the upcoming Analyst and Investor Day scheduled for June 3 [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum, particularly with RECORLEV and Gvoke, and highlighted the importance of strategic investments made in the previous year [6][8] - The company raised the bottom end of its revenue guidance for the year from $255 million to $260 million, indicating an expected total revenue growth of nearly 32% [24][25] Other Important Information - The company has accelerated the redemption of its 2025 convertible notes, reducing total debt by $15 million [23] - The upcoming Analyst and Investor Day is expected to provide deeper insights into the company's strategic vision and initiatives [17][58] Q&A Session Summary Question: What is the peak sales potential for RECORLEV given market expansion? - Management indicated that they will provide more guidance on peak sales potential at the Analyst and Investor Day in June, acknowledging significant market expansion opportunities [28][32] Question: What are the primary drivers behind operational efficiency and profitability improvement? - Management attributed operational efficiency to top-line growth, particularly from RECORLEV, and disciplined expense management [36][38] Question: Can you provide details on the pivotal study design for XP-8121? - Management declined to provide details at this time, preferring to wait for the Analyst and Investor Day to present a comprehensive overview [44][45] Question: What is the competitive landscape in the glucagon market? - Management noted that they are driving market growth, with Gvoke prescriptions growing faster than the overall market [50] Question: Any updates on KEVEYIS and its competitive position? - Management reported no significant changes in formulary or competitive landscape for KEVEYIS, maintaining a steady performance [51][52] Question: How are potential sector-specific tariffs expected to impact operations? - Management stated that most manufacturing operations are U.S.-based, and they do not expect any material impact from tariffs [54][56]