XERS - Earnings call 4 2023 | Xeris Biopharma Holdings, Inc.

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Operator

Hello, everyone, and welcome to the Xeris Fourth Quarter and Full Year 2023 Financial Results Conference Call and Webcast. My name is Emily, and I'll be coordinating your call today. [Operator Instructions]. I'll now turn the call over to Allison Wey, Senior Vice President of Investor Relations. Please go ahead.

Allison Wey

Emily. you, Thank welcome Year and BioPharma's Quarter Fourth Good Financial to Results Full XXXX and and morning, Xeris Conference Call. issued and refinancing This company's Hayfin we X X releases, morning, on Capital. financial results debt the our on other facility with press the be joined morning Both Edick, found by our Piper, our and CEO; and Steve on CFO. Paul website. We're can this Chairman After for questions. our prepared remarks, we will open the lines

expectations, call plans, like will I and we would to the remind company's that concerning begin, future certain contain performance. this prospects forward-looking financial statements Before you

Forward-looking subject actual are statements. from to statements that risks could results those and cause materially uncertainties to differ forward-looking

date For forward-looking more filings, on risks, on statements SEC on over views including call any risk obligations and call only our this to laws, please now refer report information the statements. I'll to call such this of as press release earnings our turn we such included of applicable our Any in XX-Q. factors our the Paul. quarterly to disclaim subject and represent update to Form

Paul Edick

Good Allison. you for and morning, thank today. joining us everyone, Thanks,

the and commercial advanced And XXX,XXX to and drove XXXX. of At ready-to-use prescriptions focus business I'm starting the prescriptions with good glucagon prescriptions. fourth meaningful million. remarks. Starting start total some Gvoke outstanding who the including our February, of patients full care of levothyroxine on category both development. and successfully dedicated the strong in demonstrate serve, will products In by market, everyone subcutaneous million enable us Xeris We value more Gvoke by which in year end and Xeris' and high in II we in $XX outpace performance, to gun the the of demonstrate grew Even Xeris represent respectively. and manufacturing our the of advanced Gvoke XX%, to quarter contributed exciting, XXXX device XX% majority and an an business to every XXXX, and retail Gvoke the And almost providers and revenue revenue, thanking XXXX continues with have Technology made Gvoke. revenue program. over the was by had my the in along impressive performance This we study an are potential XXXX. that share. in we capture considerable team our his total to to in company. The performance our market health executes We business. progress me at the on for XX% in going growth and we this share a very new XXXX other are total year touch delivering starting grew $XX enterprise cash $XXX enrollment with Let in XeriSol we XXXX. building. In and continues clinical now market completed market ending XX% We base exceptional highlighted to XX% Phase with continues outstanding new prepared revenue. the once-weekly $XX year grew full in remarks another XX% significantly total position level in million to million year and XXXX, our our of year generated day. we're approximately boon cash. all way and XXXX new Steve on products over growth over sustainability Gvoke to Xeris from and of for growth,

are severe in at people carrying low factor severe being should is like risk As insulin I've those primary a for of we tremendous with A that increased said sugar. approximately a diabetes Gvoke. who million before, Gvoke ready-to-use on are blood for risk low estimate be HypoPen. see We opportunity rescuglucadon sulfonylureas XX and

adopt universe advocates rescue of at care element product event, practice. However, as challenge have as of without people XX% severe care risk remains too a protection severe of their hyperglycemic and The of rescue diabetes. [ of used potentially already than should opportunity. The event are still with stakeholders standards in life-threatening level these be of a the against Gvoke on a ] a we the many just glucagon, getting hand, the health sugar that care left professionals people have practicing of standards ready-to-use health care glucagon declared scratching key addition such of of diabetes this to less standards leaving far of surface

each the quarter-over-quarter. grow. unique to the The the continues the converting key robust, body mentioned The voice from is of Recorlev, very quarter. I category Recorlev the and million most XXXX. and over very Recorlev. in dominant period increase net quarter be from this believe patient tremendous third XXX% growth continue Gvoke to other referrals an starts $XX.X outpaced XXXX to referrals million, treats underlying the the in of third in and prescribers over majority XXXX. Recorlev demand over new increase by number market. XXX% products that with of grew which an revenue As in be previously, and potential see quarter actually Cushing's in in same used dynamic in continue Recorlev that the revenue We're and patients underlying in prior the compared differentiation them an the the the generated revenues with net have increased that condition to resonates our in quarter expectations will fourth increase of XXX% cortisol pleased grew to our is and and increasing and referrals new market. On We're number of of with Recorlev Recorlev We period Gvoke over year. market The increase also in in levels XX% XXXX. difference nearly Patient Recorlev referrals on a average the with with Cushing's same a We increase for driving driving primary starts. the for normalizing new steady pleased physicians. category $X.X to progress XX% patient patient patient we is to

Our as first-line of health referrals patient Recorlev production to post-surgery is therapy key healthy an pipeline a for that patients, treatment especially are Recorlev record indications approach using multipronged as syndrome. Cushing's option for professionals and care suppressing cortisol as important seen Cushing's given

triggered in XX% despite in XXXX. Moving an This XXXX compared the of milestone, the the $XX in for for We the brand of $XX.X revenue of shareholders. grew our well exceeded CVR quarter delivering fourth increase $XX.X to strongly generic the Keveyis. the a XXXX, third by expectations will Steve launch early competitor per to more which is Keveyis detail revenue performance as revenue which on this year. excess million, from XX% million, was million quarter, Keveyis provide CVR. In

However, patients competition, -- our it to In connections impacting primary team generic a providers. on first even loss was modest was a Xeris for to and the of team's generic new competition. of and same said, patient find value quarter XXXX. the quarter retaining provides revenue. paralysis exited compared periodic year, fourth XX% we to X% we The the period patients pressure whole of XXXX which increase started saw in net half support see ability with That our from generic the the second Care our we periodic to a Keveyis. to testament of patients year This is over our the

in we fight said, the payer expect for our a result, persist, willing Keveyis revenue Keveyis will which brand. are in That may quarterly later. to that XXXX, As we'll about decline patients we've for XXXX community and guidance in we and talk sequential medical pressure accounted see

of deferral maintaining new funnel, Keveyi's commercial which However, the build to portfolio. top we continue contribution is to the and to our find patients key

cybersecurity really move for Before I our and our the unclear that adjudication believe on issue to has to comment adjudication early to the quick program, potential general. X to ago. and yet delayed this business in a may is potential slow pharmacy levothyroxine We retail which too talk. of pharmaceutical specialty The degree Healthcare weeks on prescriptions temporarily impact Change

proposal patient track an will keeps Now program, on early program, FDA with XeriSol requesting study our anticipate dose year. once-weekly the this to II of end to We mid-XXXX. Phase liquid The start as the study last a our program. visit inform week, alignment to on from oral study FDA as help pivotal II last last that a injection. data Phase conversion data III Phase subcutaneous Phase later just we This III which we could gain meeting us for on for If midyear. levothyroxine potential was a

and business potential in lot to our preprescribed target technology signing can formulation from business. associated We're the XXXX deal a product Now made excited XeriJect technology We as health payment for of care the partners. dealers, professionals on platform patients, our of value TEPEZZA. for And care from this provide success about to formulating $X profile Xeris progress validating year Amgen. new a the such, to the very receiving million Regeneron successfully Xeris ago.

of regulatory to an Xeris development, Disease. royalty executed XeriJect TEPEZZA the based as agreement $XX technology escalating using up Thyroid to well agreement, milestones subcutaneous our has receive formulation of Under teprotumumab January, as As manufacture XeriJect of single-digit to exclusive technology. sales-based Eye as sales develop, potential future in the recently the Amgen worldwide in million and on and a using license commercialize terms the

The Next work this around been initial XeriJect planning integrated Amgen has activities. preparation program. clinical underway the program. for stage continues Development step and in newly in team formed is

molecules. and X nonclinical collaboration, Regeneron initial take As completed the for for the stability over formulation both valuations Regeneron's months. development we will have next place

any XeriJect time we over formulation there and any in the license lead additional for trigger for development of molecules We're option about success, continued business molecules be to molecule. a which clinical payment. to excited could commercialization would also of Xeris has a would nominate contributor the the potential could that platform, an -- Regeneron upfront our an time. option believe additional executing for onetime growth at receive further significant of per additional this potentially the the for to and potential development Assuming which

we We with growth Capital the XXXX Hayfin an capital potential that and for committing on Hayfin with before M&A to refinance us growing that notes discuss million $XX I them proven our has at of committed and can XXXX confidence in support debt close continue discretion companies. And of while the capital X went purposes, to with ago, another $XX our uncommitted additional we at execute convertible have our transaction to relationship with settle of providing additional million to I by the enterprise. lowering derisking strategy, this our our XeriJect to collaborations a great the Since our into by morning. given further of them support Hayfin guidance, announced will our This been to began on to our want total on Steve numerous has we we Xeris touch nondilutive financial willing cost of details Xeris go capital more the overall. enterprise with transaction. partner to capital. years

Looking at XXXX.

$XXX total of our million. expect As in continues, million we to range to revenue $XXX momentum the grow

Our at total XX% a X% midpoint. the end, at XX% high and the low revenue the at range growth end growth implies

represents building. I'm However, Very competition. in sure the partners, Keveyis with readiness double-digit III cash fund levothyroxine financing the growth technology gave nonrecurring decline exist altogether. unknowns Recall initially revenue, further activities of our of lastly, products, and of invest is are our our growth business. revenue to nature at growth, at our now episodic position details look investments our the XXXX, allows in coupled revenue you pipeline low way for we recent in and due disciplined continued healthy high said, as contribution for program; and not enterprise, debt rate midpoint. the this further of from we range $XX the additional it. and XX% the still that positive million a technology at commercial an XXXX cash us which XXXX. XXXX revenue in Same in a That on XX% the of uncontrollables very approximately emerging going management a growth the and between we for of incremental net of make our expected million, Phase And XX% generic Steve to end, end with demonstrating $XX turn wide to partner performance. of end the over either to and we're at call potential enterprise to range continued financial for expect sustainability

Steven Pieper

Thanks, Paul, everyone. morning, good and

year to of As with a ended to mentioned, net exceptional grew last Paul and year Xeris. another of last our We $XXX.X the for year. XXXX the increase quarter of year. All compared performance growth and was fourth million commercial X product full for year revenue compared XX% products revenue

with full revenue revenue cash Revenue with to Total partnerships increase disciplined resulted for $XX.X be XX% the contributed in Xeris our a $XX.X management cash of it XXXX enterprise. other million revenue to Xeris, This of last demonstrate a in and million, million cash was of compared is million XXXX. to significant milestone ending coupled various XXXX self-sustaining for ability the in a fourth $X.X a record generating $XXX.X meaningful Our and our year. quarter. with growth year continues

on to quarter Moving year and our full fourth results.

trend Gvoke representing to quarter fourth the period, total Gvoke last Despite million with was $XX.X the same for continues increase to compared a glucagon the increase at compared year. of the XX%. year. quarter, quarter, a last the net spike prescriptions XXXX the X% market over XX,XXX, million, last to the market market same XX% total market the quarter QX, the For Gvoke gain the year. increase was typical the net the revenue share following with $XX.X declined period period retail XX% approximately compared share historical representing in In revenue last decline, in in prescriptions increase XX% Full fourth Consistent for glucagon X% million, revenue prescription same topped XX% same quarter fourth X% was ending February a a grew total quarter. back-to-school the to the Gvoke market year. $XX representing year ending XX%. in approximately total

demand. revenue net the the million to for Compared QX Recorlev year for XXXX, quarter million by a to underlying increased steady increase net fourth $X.X patient XXXX. Recorlev. revenue $XX.X by was and Moving driven full XX%, in

Recorlev's by has We pipeline in demand been the patient of by which healthy are encouraged referrals. a fueled growth consistently

million increase a XX% last Moving revenue quarter year $XX.X period increase to was Keveyis' compared the net last representing to $XX.X year. for compared to Full revenue a was net XXXX X% the Keveyis. year. same representing million,

to While decrease slight has a prescribing QX, and invest saw in demand brand Keveyis patient increased our pressure. in to in successful date, defend to generic strategy been due we

best-in-class in We periodic Keveyis, will continue offer primary protect strategies we'll to to support continue the therapy Care as patients. they paralysis and Xeris connections to deploy and invest for

Before X.X again of prepared $XX XXXX Keveyis milestone milestone previous Consistent CVR I our my want was shares. will is in move address obligation the issuing on $XX this my outstanding and Keveyis shares CVR a approximately in which Keveyis in revenue, later as we remarks, month I over was covered the million. million, I that and to this of with revenue common modest settle approximately to of X% remarks other Xero's XXXX. achieved in common exceeding shares November, million anticipate increase net

in partnership revenue. generated Moving $XX.X advanced XXXX. comprised on revenue. XXXX, significantly to other we other mainly our in our million This of technology In which was we business,

partnerships clinical accelerating in and XXXX and be our existing These to in include and advance enable will to GMP of new to business into our are We full attract programs investments XXXX to incremental technology move scale platform. beyond. value making necessary in We up our investments further investments development. technology partners clinical believe manufacturing readiness our these demonstrate further partner and the

the Looking full ahead $XXX XXXX revenue year be continued in an technology our Keveyis we to by total Gvoke partnership the and driven episodic to to by impacted of from decline of million contributions issuing guidance our will total revenue and XXXX, business. revenue and grow Recorlev million. potential $XXX expect expected in growth

in year. quarter P&L. compared Cost a of increase fourth last million, $X.X the the was the to sold down quarter Moving same XX% goods

to was were year. compared an last and that This $XX.X general administrative study personnel $X.X million year, an period to related XXXX increase and by to driven sold year, for for $XX.X costs, expenses facility April million an by million last to million, driven the same rent commenced the the increase modest full SG&A year to versus modest increase X% relative These mainly an quarter, $XXX.X year, expansion. driven Phase quarter, SG&A XX% year. increase for Compared was field were costs. of the sales. compared are last last by expenses was $X $XX.X in and product II higher driven in a X% by of the full lease basis, was development increases clinical or Selling, our and Research of goods $X.X On cost relatively a For the of quarter, Levo million million year. prior a of increase primarily expenses million, flat. and increase personnel approximately

position year for Xeris' a cash cash. Moving in in cash healthy quarter. time generated the very history on with to the ended fourth positive first and the We

'XX of to $X.X million XX, XX, in $XX.X of cash XXXX, was year $XX XXXX, over in the we compared our Hayfin announced million Earlier million. utilization full that significant term refinanced December cash As with the Capital. quarter. we million over today, secured September total senior utilization loan XXXX improvement Cash of $XX.X generating million, $XXX as a we had of for cash

a As X.XX% a we reducing points interest a our the SOFR from in over by pay XXX SOFR X% loan as rate the rate to on are we rate move agreement. new we plus plus result, basis

to $XX our interest Hayfin position total million $XX maintain cash XXXX in These we million to $XXX minimum as expect Hayfin notes. end with and a our a successfully Xeris' incremental very down targets. incremental is costs, our an agreement premium we a to new healthy commitment first legal close call from term $XX the a and outstanding to and quarter. Additionally, are is draw $XX.X million and a $XX million covenants down previous in agreement. other strategy. From a in $XX at This of to revenue must guidance execute of The fees, resulting convertible confidence in loan an million perspective, XXXX the minimum only cash cash cash new fees less X Hayfin with achieve million years, with includes which including facility we drew the onetime additional adding XXXX the to adviser of redeem million, testament ability a to net with ability line

line our business. be we continued the expect with invest coupled $X by as XXXX further refinanced emerging relatively our Furthermore, we from investments XXXX. facility, SG&A our technology of allows technology growth commercial Phase to for III and fund operator, products, to in own expect partnership to growth our approximately We us of look in incremental and our build program; increase to activities exceptional the our million performance emerging year capital to pipeline partnership summarize, relative in strategic that, make growth R&D Hayfin Zeros continuing make The and revenue, investments readiness incremental and open we our flat lastly, business. that the in To pipeline to on forward for to of a questions. own XXXX, had please XXXX. With levo in momentum

Operator

Instructions]. [Operator

comes Please Our Wainright. Livnat H.C. ahead. Oren first today go with from question

Oren Livnat

I couple. have a

the of validation congrats first out that platform. partnership, on get further to Just way Amgen on the of

get on Beyond what events other your you are the had value-creating to are the iron in Or us have next is to tech allowed if we you And say, expected the now lines tell a about I might TEPEZZA, the follow-up. And within also [ start with they to program? fire be to so speak? script, and some sub-Q work you is contract, more it platforms? only ] there when have clarity time to they on in continuing that can anything [indiscernible] important

Paul Edick

or They've ] they want working anything the work have work don't already were They one programs, even some [ internal on and Heldeim exclusive an believe may on. on Amgen have that take program. They've deal. announced longer their internal can second got first, I no We an that I'll also. announced Oren. they program to

And that in the to best of and And was fire. franchise of have with asset, patient the I those. to second a in part, grow I as So drug. self-administered We're one extend the with that have lot a probably a they our an timing if believe, multibillion-dollar franchise option I technology, irons that event. that market

integration to is and getting The As clinical the reformed companies the work you and in they're preclinical has around just can development imagine, been mapping program. up ongoing, still completing speed. terms the of they're and doing out of is and we TEPEZZA were their team

things Amgen the disruption of between along then transition. With bit going So Verizon little a are well. a and

Oren Livnat

last right. us, you you All or But any in us than on your And potential completed to had with perhaps I Can certainly, the midyear interim, levo, you other guess and granularity Phase on color really regards not. told consultants I work around maybe in January you you visit, requirements with expectations any the in that more end right? in gives enrollment guess, timing informal stations or more have any the with FDA III that more give points? the the

Paul Edick

Yes.

that we visit. completed to just So all collected. few and in take last our we had enrollment, data January, months had or last said been a last patient we ago last analyze we It that's week, weeks X will

midyear. that's data we have should So why

to other We will know. the III of the might haven't end good will take to as we III end about as program II, pretty go we an a And believe. Phase Phase we question, conversations That on calendarization. with has Phase had year, own the them the yet. don't And program part Phase III us look like. That alignment And what much a with we for of to its your of can discussion. FDA fast

up can running going of of of and 'XX. by case And we and study. We middle Our going get we the IRBs and that test alignment kind X on that assumption year, end that get start get in can study. good is stuff study if all the that

covers whole it think thing. the I

Operator

next Santangelo from Glen with comes Jefferies. question The

Glen Santangelo

I Steve. a couple and you, for a have follow-up for just Paul, questions of then prior

recently relates of Amphastar then when your to is X version a launched a has Korlym. couple I of you for Gvoke, here Teva quarters. growth mean few markets now it on of as think generic Cushing's, now First, And BAQSIMI

of your you? markets curious you of positive see are in Or the take those shifts And shifting. how are get each kind landscape for of negative? I'm competitive those kind to So they

Paul Edick

of -- Thanks, picking remarks, and market way market. going only the -- going there's so is in really Glen. right about the said really Amphastar, like growth as their growth, -- in think to We're the the selling commercial basically as for Lilly selling up kind BAQSIMI growth. Lilly, from active marketplace. ball getting Gvoke patient. possible or important and that's that BAQSIMI, with the good be only driving benefit The ever are and fuel them even weren't really I want now, business we're against with XX% we prepared in Amphastar us. questions. That's Gvoke Gvoke to we for We've that we of against all never the my both Those

gets significant huge So going should -- a Amphastar market our And hopeful in really both focus we're is that growth more is and the on is. really so is opportunity way. companies what be focused what

over as and for so. As market, a brands market we the that several last big long generic with has decade the know, Cushing's Teva time new the always in or for there's dynamic. Cushing's the been dynamic been

franchise in differentiation think we dynamic, believe, as that it share. our a ability kind take it as big in play situation our is, normalize for us think of market like the because favor And really to others we particular of to generic being for Korlym play good have our versus in and to estimation, Korlym we is disruptive to be I a in cortisol. sort put that having with going terms will this of

potentially So I both as positive us. for see dynamics

Glen Santangelo

Okay. bit the you guidance. growth of in remarks, around the Steve, prepared And maybe just range. us up pretty on I a it's color gave a little the when about But think XX%, guidance. Steve if sort big to could your with we of follow X%

was about sort And little you just when so bit. milestone your is some of there any of incremental secondly, it X seeing sort suggesting And then wondering within expecting could that those like sounds that guidance unpack payments think you're -- you you're Are of weakness. products, within range? I Keveyis if a kind

we thinking us should all to you the to can maybe the 'XX growth down by I with about modestly offset related be in so is products? there more X that Am guidance? in And Or that expect give correctly? anything that other

Paul Edick

I think team on one a that need Well, we might little tag to bit.

Keveyis. guidance products. to So The an that is Keveyis, a potential year. going going as I'll to to few said various some all take a to XXXX is degree weren't And I later, see we're We've was larization. it or happen we is patients, potentially as sooner or price last we're mean range we start year had big downside the which just this along, with the to our amazing later, going sure. sooner was reflect wide because losing

which or we're so so to And the what see it sure accelerate to not. I'll but loss Steve. patient is we to going far degree of this that's year not too a little over bit turn of

Steven Pieper

hopefully we to I decline Yes. XXXX think clear where as were we prepared growth. And remarks our opposed do expect that pretty a saw Yes. in we

driving that's the yes, So range. wide

is discretion -- top partners. We and in of yes, XXXX. ] largely the on of I million growth, the the the about saw our That the growth of which Gvoke end business -- the that of be again the touched think remains that, that little kind the contributions. guidance, think I episodic nature of we and on this bit the we're continued excited Recorlev technology both sticky We a And don't XXXX degree at our in is know. control seen. from fully, various to you as [ at to XX.X that partnerships partnership

Paul Edick

partner. The pace of our

Steven Pieper

partners. pace the And our of

range thinking driving you're the what's wide I -- that it about yes, right So way, the that think that's XXXX. Glenn, in

Paul Edick

growth range. the also, Keveyis, made remarks, And And up be and why the of we I little in gave to bit in by potential we that's lack my Gvoke of Recorlev. expect

greater took the out in the If range. growth range you nonrecurring growth across the is the double-digit all one-timers,

So...

Operator

Our next with question Craig comes from Chase Knickerbocker Hallum.

Chase Knickerbocker

Maybe just question to on a start guidance. clarifying on

the you're ending that on about million cash $XX in quarter. in adding first press year, obviously, $XX.X million So first with release, based the

means million the math that of cash that, cash right of math $XX of your $XXX.X Is somewhere we that million right my is take burn the is number combined there? around midpoint kind it that kind at so And cash if guide.

Steven Pieper

about you're right. Yes,

Chase Knickerbocker

just you've the forcing Keveyis, generic of as you're what detail on far currently for actions starting there are payers when a therapy them Got it. or Maybe them bit Are little patients to they're switch to seen to far? that pushing first. with they more the taking? top are what the funnel, the getting as so Just

at it volume there is we on ground clarification is do give you're exactly expect happening. as well? Just expecting? mainly kind price what of going look Or XXXX, what's to some then to And on if you be

Paul Edick

denial, we movement an there's don't they the be a going We're a there. do. expectations any by to out for going still -- that will on still net-net, more result the to terms And depending little, few the they're what volume. little I have decline. that. off we their price of Depending believe second of going going we the -- all at lot in be and in fast to same to that's be will payers [ in do aggressive, fill there. payers There's our loss and It's in we going very get day. mean but And the generic to how a funnel. are We a persist, stuff. patients And So expect cleave patient a to best -- forward-looking on loss. ] of patients It's end it's et There's here there's appeal, interest. more unless cetera.

that's signaling. we're So what

I think that...

Chase Knickerbocker

us time background answers of rate kind script the And being a and written just success script filled? to a funnel of rate from is any of any then finally as far you shrinkage look that appeals field? how the script increase kind kind success Recorlev, first, of in Yes, in of of looking? kind Are of kind of sort bit that, going print the then on script seeing just kind from give And your into as into of all it. little of

Paul Edick

Yes.

to referred being the to be to to thrilled continues with is really conversion amount referrals therapy. and growth patients therapy. thrilled the I that of patients really mean the we're continues solid So are our We're in to continued grow. accelerating. with on drug it

disease The time more more with payers happy Gvoke you you said, we're patients a grow, it you you and look is more being factor this said time. the So the before, real. time put I've in in what That XX% would expensive with the varies between and and market for become the be XX% to -- you XX% good on mean takes And the target that. to I get retail more XX% if of be say, and patients at lives about range. that on Medicare, to drugs, really referral covered business. as you good. of In great. it conversion from commercial equivalent as these would we good pharmaceutical think in percent rare is and a is drug,

a little slower, that that's little we conversion more, but And to percentage the think referrals Sometimes it's it's range. solid in of getting. sometimes it's number we're for a XX% XX%

Chase Knickerbocker

look kind might goes. been far a of it -- kind Should as saw XXXX the it QX far a of I relating rate? hard of the kind kind XXXX think and the what trending? saw mean we think between a of and one commentary what that we to taking kind XXs how to we is as 'XX growth it's it that low have how mean us bouncing as of growth like. as of kind this model. we in lumpy to is of bit relates looking those like of QX as teens in little of I been funnel of Obviously, as and sequential for conversions low from then And should

Steven Pieper

Yes.

I think specific guidance. say I would a in what of haven't you similar is, can providing demand and over deliberate kind we've product not think increase And -- But I we expect question, XXXX. pretty good growth been patient revenue Chase. steady

think But in think starting don't not a that of kind I I right of that. -- So year some accelerate step steady kind the now. of in fair to function a middle is expect year-over-year kind not the least would growth assumption. that's the expecting we're similar that increase of cards there's At

Operator

comes The with from Leerink question Ruiz next Partners. Roanna

Roanna Clarissa Ruiz

advance to to a Phase coming of would Could kind hope expectations year? So you the you confidence that results give this are us And what III? see remind II you question your into what more would XP-XXXX. for data Phase for

Paul Edick

from dose confirmation study this liquid -- the the The is the conversion at range. is very on across strengths oral to the of predicated dose more the -- dosage

dosages or So levo of to legal of like And patients couple and wanted or strengths. a just those couple XX more it see dosage levothyroxine patients. different has -- who across dosage with XX where we provided with there's I across they actually on are study our -- Phase the a points, former FDA

confirmation the screen information relative the number conversion need that we've across market be will seen. we every two, gathering Number a dosage will So the information great the deal failures to range at on of we're one. a of get

was were they on patients to stable hard who goal were to current medication, Our and find. get

be III will confirmatory we'll the But data a that important the discussion and program. on then for a just So with conversion it's as well. Phase dosage have study FDA

Roanna Clarissa Ruiz

helpful. field you Super about hearing of terms you anecdotally profile? force are its XXXX, Got . something into physicians their more what could about for expected just getting from interactions are the And force, come in with growth steady more it. that. guys broad strokes, like And experienced the Recorlev thinking or with too, what physicians field Recorlev, like it from educated is

Paul Edick

are are tool the The patients becomes valuable Roanna. it Thanks, everywhere. more more from The them. for physicians coming to exposed Recorlev, getting a

trying it go it physicians seen using we've individual from first So line. to

comfortable. managed patients more normalized, experience it's and are physicians the patients that more which is and get, So not cortisol a get of effects, are having side being they lot being

the been In The very We're physician has Recorlev with getting been field, high. of physicians. conversations very of receptive. in interaction the it's receptivity great terms

positive. on a accessible, you're find mean, very us. doctor majority experience that go trial has and even physicians to vast -- broad good, the been if ones initial because that's the of So physicians accessible cross-section Recorlev going depending But that to been of I you calls, not are they're has of to have heard never been positive.

So good. that's all -- I think all that's

Operator

comes with question last The Piper David Amsellem from Sandler.

David Amsellem

Recorlev, study to I about general on at presented of to wanted are Catalyst, the you going I at which guess be terms just think the on there of that's well and do prevalence thoughts to And I'm thinking guys is in ADA. -- year sure aware of this later a hypercortisolism, results thinking called Corcept commercial diabetologist, envision going get namely that looked expanding that of organization do prevalence those mean how of of at physicians, you're what target could indeed for your you looking for forward? audience is the that? lot all hypercortisolism the a to understanding your fundamentally how you Recorlev you and about product different the opportunity extent So are

Paul Edick

And target about we X,XXX. in Okay. us There's is from thing. a severe in a originally terms the I if David. as Korlym patient targeting -- really, potentially we the were it's good in is goal, going think talked the is patient in now that. to to Corcept moving even moving good treatment strategy patients. that is I believe bigger we -- than their of of there, do expansion the recall, expanded like because of -- franchise think I more benefit direction is base up We'll paradigm, Bottom line, up expansion. a lot we believe, which Market call, well. severity And that unpack about X,XXX you the with market the last about And our that for

I growth, And expansion well. as helps as that's So drive us. mean us that important market for they

So.

David Amsellem

infrastructure. That's commercial of helpful. Okay. the expanding in terms then And

Paul Edick

We always can it. we can. to add when however, resources And afford look we wherever

great business. of they progress as of benefit having the to our advance in advanced said, want to One see business, is made they and invest derisked a to for and things, see want the further the us Hayfin degree see like They we've business. the us recognize us want technology They to Steve the the we've additional partner market which Levo. commercial penetration

really help reduced of us do up they've at all So the stepped cost to above.

and tomorrow at an important we're Recorlev are expanding this from year always that in be organization, perspective. looking it, but We will the

David Amsellem

helpful. That's Okay.

I are a Is sorry patients the overall getting but chunk decent this, And Recorlev. you that if mix frontline to on missed patient far? Cushing's thus of

Paul Edick

and patient first-line that that mix. take patients Recorlev chunk the a pretty we're patients but Early overall is, begin physicians get a good get longer well. Today, switching. with The the comfort couple on But things has we adjudicate yes, to being on, them. answer little getting as of several those clinician. successful very answers we drugs from a insurance, patients to need, were has there been as are his and of a who then we tried are it's getting only different patient to that different bit

So.

Operator

I'll call to now Paul back turn the remarks. closing Edick for

Paul Edick

questions today. great for everybody, for listening thanks Thanks, and

you As and of performance our another year very to heard, delivered exceptional have date. we're of growth, proud we

enterprise all and We expect much. year which to proud. that very another be forward we can continue momentum will an XXXX, we of look in growing for you Thank

Operator

disconnect you call, lines. Thank you, today. your our joining everyone, This concludes for may and us now

Xeris Biopharma (XERS) 6 Mar 242023 Q4 Earnings call transcript