Ardelyx Reports Mixed Q4 Results: Earnings Miss, Revenue Beat

Ardelyx, Inc. ARDX reported its fourth-quarter financial results after the bell Thursday. Here's a look at the details.

The Details:

Ardelyx reported quarterly losses of 12 cents per share which missed the analyst consensus estimate of losses of 10 cents by 20%.

The company reported quarterly sales of $34.36 million, beating the analyst consensus estimate of $34.23 million by 0.39% and representing a 22.22% decrease over sales of $44.18 million the same period last year.

Ardelyx reported ending 2023 with $184.3 million in cash and investments.

“Ardelyx enters 2024 with tremendous commercial and operational momentum. We finished 2023 with a strong revenue performance as both IBSRELA and XPHOZAH launches continue to exceed expectations. We will look to significantly expand our position within their respective markets in 2024,” said Mike Raab, CEO of Ardelyx.

“We have two first-in-class therapies with strong clinical profiles where patients continue to have unmet treatment needs. We will focus on executing our commercial approach, which has proven to be effective, increasing our investment in IBSRELA to help more patients and increase market share, while simultaneously advancing the launch of XPHOZAH,” Raab added.

Outlook: 

Ardelyx expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140 million and $150 million.

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ARDX Price Action: According to Benzinga Pro, Ardelyx shares are trading down 6.46% after-hours at $8.25 at the time of publication.

Image: Emilian Danaila from Pixabay