Aquestive Therapeutics Inc Reports Full Year 2023 Financial Results
Revenue: Full year 2023 revenue increased to $50.6 million, up 26% from 2022 excluding Sympazan sales.
Net Loss: Net loss improved to $7.9 million, or $0.13 loss per share, compared to a net loss of $54.4 million, or $1.12 loss per share in 2022.
Adjusted EBITDA: Non-GAAP adjusted EBITDA loss narrowed to $11.6 million for the full year 2023 from a loss of $35.3 million in 2022.
Cash Position: Cash and cash equivalents stood at $23.9 million as of December 31, 2023.
2024 Financial Outlook: Aquestive Therapeutics expects total revenue between $48 to $51 million and a non-GAAP adjusted EBITDA loss of $22 to $26 million.
On March 5, 2024, Aquestive Therapeutics Inc (NASDAQ:AQST) released its 8-K filing, detailing the financial results for the fourth quarter and full year ended December 31, 2023. The specialty pharmaceutical company, known for developing and commercializing differentiated products to address medical needs, particularly in the Central Nervous System (CNS) and severe allergic reactions, reported a year of revenue growth and reduced losses.
Aquestive Therapeutics Inc (NASDAQ:AQST) ended the year with a strong financial performance, reflecting a 26% increase in revenue to $50.6 million, excluding the prior year's proprietary sales of Sympazan. The company's net loss saw a significant improvement, decreasing to $7.9 million, or $0.13 loss per share, from a net loss of $54.4 million, or $1.12 loss per share in the previous year. This reduction in net loss was attributed to a combination of increased revenue, decreased selling, general and administrative expenses, and a decrease in research and development costs.
Financial Highlights and Challenges
The company's financial achievements are particularly noteworthy given the challenges it faces in the competitive drug manufacturing industry. The ability to increase revenue and reduce net loss is crucial for Aquestive Therapeutics as it continues to invest in research and development for its product pipeline, including the anticipated FDA decision on Libervant (diazepam) Buccal Film and the expected release of topline pivotal clinical data for Anaphylm (epinephrine) Sublingual Film.
The balance sheet shows an increase in cash and cash equivalents to $23.9 million, providing the company with a solid financial foundation to support its operations and development projects. The company's total assets remained relatively stable year-over-year, with a slight increase from $57.07 million in 2022 to $57.418 million in 2023.
Operational and Strategic Developments
Aquestive Therapeutics' operational strategy includes a focus on advancing its proprietary product pipeline, maintaining commercial collaborations, and preparing for potential FDA approvals. The company's commercial collaborations have been productive, with approximately 45 million doses manufactured in Q4 2023, up from 37 million doses in the same period of the previous year.
The company's outlook for 2024 includes expected total revenue between $48 to $51 million and a non-GAAP adjusted EBITDA loss of $22 to $26 million. This guidance reflects Aquestive's commitment to continued R&D investments, particularly for the development and planned NDA filing of Anaphylm.
Aquestive Therapeutics will host a conference call on March 6, 2024, to discuss these financial results and provide updates on the company's progress and objectives for the coming year.
Value investors and potential GuruFocus.com members may find Aquestive Therapeutics Inc (NASDAQ:AQST)'s financial resilience and strategic focus on advancing its product pipeline to be of particular interest. The company's efforts to innovate and deliver meaningful improvements to patients' lives through its differentiated products and delivery technologies are central to its growth strategy and long-term success.
For a more detailed analysis of Aquestive Therapeutics Inc (NASDAQ:AQST)'s financial results and strategic outlook, please visit GuruFocus.com.
Explore the complete 8-K earnings release (here) from Aquestive Therapeutics Inc for further details.
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