Ardelyx Inc (ARDX) Reports Q3 2023 Financial Results and Raises IBSRELA® Net Sales Revenue Guidance

Q3 net sales revenue of $22.3 million; Full year 2023 IBSRELA U.S. net sales revenue expected to be $76 to $78 million

Oct 31, 2023

Summary

Ardelyx Inc (ARDX) reports Q3 2023 net sales revenue of $22.3 million, a 22% increase quarter-over-quarter.
The company raises its full year 2023 U.S. net sales revenue guidance for IBSRELA to $76 to $78 million.
Ardelyx ends Q3 with $165.1 million in cash, cash equivalents and short-term investments.
The company's second product, XPHOZAH®, received FDA approval on October 17, 2023.

On October 31, 2023, Ardelyx Inc (ARDX, Financial), a biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2023. The company reported a 22% increase in net sales revenue, driven by the continued strong performance of IBSRELA and the approval and commercial launch of XPHOZAH.

Financial Highlights

Ardelyx reported net sales revenue of $22.3 million in Q3 2023, a 22% quarter-over-quarter growth compared to the second quarter of 2023. The company also raised its full year U.S. net sales revenue guidance for IBSRELA, reflecting the product's significant benefit to patients.

On October 17, 2023, Ardelyx received FDA approval for XPHOZAH, and the company expects to have the product available in early November. The company ended Q3 with $165.1 million in cash, cash equivalents and short-term investments.

Other Corporate Developments

Ardelyx announced several corporate developments, including an amendment to its February 2022 loan agreement with investment affiliates managed by SLR Capital Partners (SLR), which includes access to an additional $50 million in committed debt financing. The company also announced that its collaboration partner in Japan, Kyowa Kirin Co., Ltd., received approval for the New Drug Application (NDA) for tenapanor for the improvement of hyperphosphatemia in adult patients with CKD on dialysis.

Third Quarter 2023 Financial Results

As of September 30, 2023, Ardelyx had total cash, cash equivalents and short-term investments of $165.1 million. Total revenues for the quarter ended September 30, 2023 were $56.4 million, compared to $5.0 million in total revenues in the third quarter of 2022. Net income for the quarter ended September 30, 2023 was $6.6 million, or $0.03 per share, compared to net loss of $22.9 million, or $(0.14) per share, for the quarter ended September 30, 2022.

Financial Guidance

Ardelyx currently expects full-year 2023 U.S. net product revenue for IBSRELA to be between $76.0 and $78.0 million.

The company will host a conference call today, October 31, 2023, at 8:00 AM ET to discuss these results.

Explore the complete 8-K earnings release (here) from Ardelyx Inc for further details.

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