Benzinga - by Vandana Singh, Benzinga Editor.
Tuesday, Heron Therapeutics Inc (NASDAQ:HRTX) reported a fourth-quarter 2023 EPS of $(0.07), beating the consensus of $(0.16).
Sales increased 14% Y/Y to $34.23 million, beating the consensus of $30.98 million due to stronger upticks in Zynrelef, Cinvanti, and Sustol.
“In the fourth quarter of 2023, Heron saw continued positive momentum and an increased sales trajectory in both our acute care and oncology care franchises, illustrating how the strategic decisions made over the past year have positioned the Company for long-term success and profitability,” said Craig Collard, Chief Executive Officer of Heron.
Acute Care Franchise sales increased from $3.9 million to $6.1 million in the fourth quarter of 2023.
Oncology Care Franchise sales reached $28.1 million versus $26.1 million a year ago.
Guidance: Heron Therapeutics expects fiscal year 2024 product revenues of $138 million-$158 million, with adjusted EBITDA of $(22.0) million-$3.0 million.
The strong finish to 2023 is expected to bolster confidence in the company’s ability to achieve its revenue target of $138 million to $158 million and its target to achieve positive adjusted EBITDA.
Needham maintains its Buy rating on the company’s stock and revises the price target upward from $4 to $5 to reflect adjustments in financial models and recent sales trends.
The analysts anticipate that it may take several quarters of improved sales performance to demonstrate significant progress toward achieving the envisioned level of profitability.
Price Action: HRTX shares are up 30.1% at $3.07 on the last check Wednesday.
Latest Ratings for HRTX
| Dec 2020 | SVB Leerink | Maintains | Outperform | |
| May 2020 | Guggenheim | Initiates Coverage On | Buy | |
| Mar 2020 | Needham | Maintains | Buy |
View the Latest Analyst Ratings
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