Release Date: March 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Xeris Biopharma Holdings Inc (NASDAQ:XERS) exceeded its full-year guidance with total revenue of over $203 million, marking a 24% growth compared to the previous year.
• The company reported a 28% product revenue growth for 2024, driven by strong demand for its products, particularly Recole, which saw a 118% increase in revenue.
• Xeris Biopharma Holdings Inc (NASDAQ:XERS) achieved positive adjusted EBITDA in the fourth quarter of 2024 and expects to maintain this positive trend moving forward.
• The company is guiding for a 30% year-over-year revenue growth in 2025, with expected total revenue between $255 and $275 million.
• Xeris Biopharma Holdings Inc (NASDAQ:XERS) successfully completed its phase 2 study for XP 8,121 and is preparing for phase 3, indicating progress in its pipeline development.

Negative Points

• Caveyas brand experienced a 13% decline in revenue for the full year, although the number of patients on therapy remained stable.
• The company anticipates continued pressure on reimbursement and net pricing for its products, similar to what was experienced in 2024.
• Research and development expenses increased by $3.2 million compared to the prior year, driven by investments in XP 8,121 and technology platforms.
• Selling, general, and administrative expenses rose by 12% for the year, partly due to a one-time charge related to CEO succession and corporate restructuring.
• Xeris Biopharma Holdings Inc (NASDAQ:XERS) faces challenges in identifying and reaching the full potential patient population for its products, particularly in the hypercortisolism market.

Q & A Highlights

• Warning! GuruFocus has detected 7 Warning Signs with XERS.

Q: Can you elaborate on the growth of Recole, specifically regarding prescriber expansion and prescription growth? A: John Shannon, CEO: We are seeing growth from both expanding our prescriber base and existing prescribers writing more prescriptions. As prescribers become more comfortable with Recole, they are adding more patients. The expansion of our sales force is also contributing to reaching new patients.

Q: What are your expectations for Cabayas in 2025, considering the decline in 2024? A: John Shannon, CEO: We believe Cabayas may have stabilized, and while we can't predict exact outcomes, we are holding our own by maintaining our patient base.

Q: Regarding the growth rates mentioned for Recole, are you referring to year-over-year patient addition rates or sequential revenue growth? A: Steve Piper, CFO: It's more about the absolute number of patient additions rather than a percentage growth rate. We expect the trajectory we saw in the latter part of 2024 to continue throughout 2025.

Q: Have there been any changes in market access or reimbursement for Recole? A: John Shannon, CEO: There have been no changes in reimbursement. We continue to focus on keeping patients on therapy and supporting their journey.

Q: Can you provide more details on the expected timeline for XP 8,121 and any updates before mid-year? A: John Shannon, CEO: We are in ongoing discussions with the agency regarding clinical and regulatory pathways. We plan to provide a comprehensive update by mid-year, detailing the unmet medical need, market opportunity, and phase 3 study design.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.