Ardelyx Reports Mixed Q4 Results: Earnings Miss, Revenue Beat
Portfolio Pulse from Erica Kollmann
Ardelyx, Inc. (NASDAQ:ARDX) reported mixed Q4 results with earnings missing and revenue beating analyst estimates. The company reported a quarterly loss of 12 cents per share, missing the consensus estimate of a 10 cent loss. However, quarterly sales of $34.36 million exceeded estimates by 0.39% and showed a 22.22% decrease from the previous year. Ardelyx ended 2023 with $184.3 million in cash and investments. The company anticipates 2024 U.S. net product sales revenue for IBSRELA to be between $140 million and $150 million. After-hours, ARDX shares dropped 6.46% to $8.25.
February 22, 2024 | 9:53 pm
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Ardelyx reported mixed Q4 results with a larger-than-expected loss but higher-than-expected revenue. The company ended 2023 with strong cash reserves and provided a positive outlook for 2024, focusing on expanding market share for IBSRELA and XPHOZAH.
The mixed Q4 results, with a miss on earnings but a beat on revenue, could lead to short-term negative sentiment among investors, as evidenced by the after-hours stock price decline. However, the company's strong cash position and optimistic outlook for 2024 may mitigate some of the negative impact over time.
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