Xeris Biopharma Holdings, Inc. announced record total revenue of $54.3 million for the third quarter ended September 30, 2024. Product revenue also reached a record $52.9 million, marking a 27% increase year-over-year and a 14% increase over the prior quarter. This represents the twelfth consecutive quarter of over 20% product revenue growth for the company.
The growth was primarily driven by strong demand for Recorlev and Gvoke. Recorlev net revenue surged by 118.9% year-over-year to $17.726 million, while Gvoke net revenue increased by 29.4% year-over-year to $22.942 million. Keveyis net revenue, however, decreased by 23.1% year-over-year to $12.193 million.
The company reported a net loss of $15.7 million, or ($0.11) per share, for the quarter. Despite this, Xeris raised its full-year 2024 total net revenue guidance to $198 million to $202 million, up from the previous range of $190 million to $200 million, and tightened its year-end cash guidance to $68 million to $72 million.
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