Heron Therapeutics, Inc. (Nasdaq: HRTX) – a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care – announced its financial results for the three and twelve months ended December 31, 2022
Financial Results
— Net product sales for the three and twelve months ended December 31, 2022, were $30.0 million and $107.7 million, respectively, compared to $20.7 million and $86.3 million, respectively, for the same periods in 2021.
— Heron’s net loss for the three and twelve months ended December 31, 2022, was $19.9 million, or $0.17 per share, and $182.0 million, or $1.67 per share, respectively, compared to $54.6 million, or $0.54 per share, and $220.7 million, or $2.24 per share, respectively, for the same periods in 2021.
— Net loss for the three and twelve months ended December 31, 2022, included non-cash, stock-based compensation expenses of $10.5 million and $43.0 million, respectively, compared to $12.9 million and $46.9 million, respectively, for the same periods in 2021.
— As of December 31, 2022, Heron had cash, cash equivalents, and short-term investments of $84.9 million, compared to $157.6 million as of December 31, 2021. Net cash used for operating activities for the three and twelve months ended December 31, 2022 was $37.5 million and $146.9 million, respectively, compared to $45.3 million and $203.4 million, respectively, for the same periods in 2021. The decrease in our net cash used for operating activities was primarily due to the reduction in headcount implemented in June 2022 and changes in working capital, as well as a decrease in a net loss.
— Note: The Q4 EPS of ($0.17) was $0.15 higher than estimates of ($0.32). And the revenue for the quarter was $30.03 million compared to a consensus of $27.24 million.
