Q2 2024 Ardelyx Inc Earnings Call Transcript
Key Points
- Ardelyx Inc (ARDX) reported significant year-over-year revenue growth, with total revenue reaching $73.2 million in Q2 2024, compared to $22.3 million in the same period in 2023.
- IBSRELA's revenue nearly doubled compared to the second quarter of last year, demonstrating strong market demand and effective commercial strategies.
- XPHOZAH showed remarkable growth, with $37.1 million in net product sales revenue in Q2 2024, up from $15.2 million in Q1 2024.
- The company maintains a strong cash position with $186 million in cash, cash equivalents, and short-term investments as of June 30, 2024.
- Ardelyx Inc (ARDX) is actively advocating for patient access to XPHOZAH, including filing a lawsuit against CMS to prevent the inclusion of oral-only phosphate lowering therapies in the Medicare bundle.
- The company is facing challenges with CMS regarding the inclusion of XPHOZAH in the Medicare bundle, which could restrict patient access.
- Selling, general, and administrative expenses increased significantly to $64.7 million in Q2 2024 from $27.2 million in the same period of 2023, primarily due to commercial launch activities.
- Ardelyx Inc (ARDX) reported a net loss of approximately $16.5 million for Q2 2024, although slightly improved from the $17.1 million loss in Q2 2023.
- The gross-to-net deduction for XPHOZAH and IBSRELA remains a variable factor, potentially causing revenue volatility.
- The company has not yet provided specific guidance for XPHOZAH due to ongoing learning about the product's market dynamics and payer mix.
Good afternoon and welcome to the Ardelyx second quarter 2024 conference call.
(Operator Instructions)
Please note today's event is being recorded. I would now like to turn the conference over to Caitlin Lowie, Vice President of Corporate Communications and Investor Relations at Ardelyx. Please go ahead.
Thank you. Good afternoon and welcome our second quarter 2024 financial results call. During the call, we'll refer to the press release issued earlier today, which is available on the Investors section of the company's website at Ardelyx.com.
During this call, we'll be making forward-looking statements that are subject to risks and uncertainties. Our actual results may differ materially from those described. We encourage you to review that risk factor in our most recent quarterly report on 10-Q that was filed today and can be found on our website Ardelyx.com. While we may elect to update these forward-looking statements in the future, we specifically disclaim any
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