Corcept Therapeutics Inc (CORT) Reports 22% Revenue Increase in Q3 2023
Corcept Therapeutics Inc (NASDAQ:CORT) reports Q3 2023 revenue of $123.6 million, a 22% increase from Q3 2022.
Net income per common share stands at $0.28 (diluted), compared to $0.30 in Q3 2022.
The company raises its 2023 revenue guidance to $470 - $480 million, up from $455 - $470 million.
Cash and investments total $414.8 million as of September 30, 2023.
Corcept Therapeutics Inc (NASDAQ:CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrine, oncology, metabolism, and neurology disorders, announced its Q3 2023 financial results on November 1, 2023. The company reported a 22% increase in revenue, reaching $123.6 million, compared to $101.7 million in Q3 2022.
Financial Performance
Corcept's strong Q3 performance is attributed to its substantial investment in helping physicians recognize and treat hypercortisolism. The company's CEO, Joseph K. Belanoff, MD, stated,
Our strong results in the third quarter reflect returns on our substantial investment in helping physicians to better recognize and treat hypercortisolism. As screening for hypercortisolism (Cushings syndrome) becomes more common, the number of patients receiving medical therapy grows. We are confident this trend will continue."
Despite the increase in revenue, the company's net income per common share decreased slightly to $0.28 (diluted), compared to $0.30 in Q3 2022. The company's cash and investments stood at $414.8 million as of September 30, 2023, compared to $363.3 million at the end of the prior quarter.
Increased Revenue Guidance
Given the strong performance, Corcept has raised its 2023 revenue guidance to $470 - $480 million, up from the previous guidance of $455 - $470 million. This adjustment reflects the company's confidence in its continued growth and the increasing recognition and treatment of hypercortisolism.
Clinical Development
Corcept is also making significant strides in its clinical development programs. The company expects to report data from its trials in Cushings syndrome, ovarian cancer, and ALS in 2024. Additionally, the company plans to submit an NDA for relacorilant in Cushings syndrome and to complete enrollment of its Phase 2b MONARCH study in patients with NASH.
Balance Sheet and Income Statement Highlights
As of September 30, 2023, Corcept's total assets stood at $594.02 million, with cash and investments making up the largest portion at $414.8 million. The company's total liabilities and stockholders' equity also amounted to $594.02 million.
For the three months ended September 30, 2023, Corcept reported net product revenue of $123.6 million. The total operating expenses for the same period were $92.4 million, resulting in an income from operations of $31.2 million. After accounting for interest and other income, and income tax expense, the company reported a net income of $31.4 million.
Corcept Therapeutics Inc (NASDAQ:CORT) continues to demonstrate strong financial performance and robust clinical development, positioning it for sustained growth in the future.
Explore the complete 8-K earnings release (here) from Corcept Therapeutics Inc for further details.
This article first appeared on GuruFocus.
