Heron Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable improvements in revenue and reduced losses compared to the same periods in 2023. The company achieved net product sales of $32.8 million for the third quarter of 2024, up from $31.4 million in the same quarter of 2023. For the nine months ended September 30, 2024, net product sales reached $103.5 million, compared to $92.8 million in the prior year.
The gross profit for the third quarter of 2024 was $23.4 million, significantly higher than $13.2 million reported in the third quarter of 2023. For the nine-month period, gross profit increased to $75.1 million from $37.6 million year-over-year. The company reported a loss from operations of $(4.5 million) for the third quarter of 2024, a substantial improvement from $(24.9 million) in the same quarter of 2023. The net loss for the third quarter of 2024 was $(4.8 million), compared to $(25.0 million) in the prior year, resulting in a basic and diluted net loss per share of $(0.03) versus $(0.17).
Heron’s total current assets increased to $195.2 million as of September 30, 2024, from $188.8 million at the end of 2023, although total assets slightly decreased to $220.8 million. Cash and cash equivalents decreased to $25.7 million from $28.7 million, while accounts receivable rose to $67.0 million from $60.1 million. The company’s total current liabilities increased to $85.5 million from $79.7 million.
The company’s product portfolio includes ZYNRELEF, APONVIE, CINVANTI, and SUSTOL, with ZYNRELEF showing strong sales growth, generating $6.3 million in the third quarter of 2024 compared to $4.4 million in 2023. APONVIE also saw increased sales, reaching $1.1 million in the third quarter of 2024, up from $0.3 million in the same period last year.
Heron has made strategic moves, including a working capital facility agreement with Hercules Capital, providing up to $50 million, and a co-promotion agreement with CrossLink Life Sciences to enhance its sales network. The company has also faced challenges, including ongoing litigation regarding generic versions of its products, which may impact future operations.
Overall, Heron Therapeutics is focused on developing therapeutic innovations for acute care and oncology patients, with management expressing confidence that available cash resources will meet anticipated cash requirements for at least one year from the filing date.
About HERON THERAPEUTICS, INC. /DE/
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.