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| Statement |
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| We are determined to increase the value for the HIV community while also enabling Trogarzo to be more profitable |
| I'm happy to report again in the fourth quarter through rigorous management of spending that R&D, selling, and G&A expense were all lower this year when compared to the fourth quarter of 2022, helping us achieve our second straight quarter of positive adjusted EBITDA as established and as an objective early in the 2023 fiscal year |
| Higher net sales of EGRIFTA SV were a result of higher unit sales fueled by strong year-over-year growth in new prescriptions and a higher net selling price |
| Christian is confident that we're going to have some effective data coming out of the dosing that we're doing at the moment with the new protocol and that we will actually have better side effect profile than what we saw with the previous dosage that we had |
| We ended the year with strong fourth quarter results and are well on our way to achieving a solid adjusted EBITDA number in 2024 |
| Q4 2023 was the highest quarterly revenue we've ever recorded in the company's history |
| By achieving positive adjusted EBITDA in the two consecutive quarters, the last quarters, we are demonstrating to investors that we're poised to deliver on our commitments in 2024 and over the long run |
| We also demonstrated strength on the bottom line in Q4 with a positive adjusted EBITDA of $5 million |
| We remain confident that our peptide drug conjugate platform will attract the attention of oncology players in the near future |
| With these milestones behind us, we're well on our way to generating new evidence for this asset in the treatment of advanced ovarian cancer |
| In addition to revenue expansion opportunities through our current commercial business and the growth potential that exists via acquisitions and partnerships, we are encouraged by the continued interest in our oncology program |
| With the year already well underway, we are seeing a solid trend on key performance metrics such as enrollments and unique patients, signaling that our objectives can be achieved and even surpassed |
| This being said, we are confident in delivering growth over full year 2024 as evidenced by today's revenue and adjusted EBITDA guidance announcement |
| These line extension efforts exemplify our commitment to innovate, further improve adherence, and simplify the treatment experience for people with HIV |
| Over the past six and eight months, our team has demonstrated capacity to capture new patients in the ever-evolving competitive environment |
| We are steadfast in realizing our strategic goal to reach more patients with new and improved products through organic but also inorganic opportunities |
| We will accelerate the profitability of the company by leveraging our commercial capabilities and acquiring immediately accretive products that are aligned to our expertise |
| Third quarter momentum in new prescription growth continued through the fourth quarter, translating into $23.5 million in sales, ending 2023 with total annual revenue of $81.8 million |
| Keep in mind that we have allocated 4.8 million of our spending for our oncology program this year and these are included in our adjusted EBITDA guidance pointing to the strong performance of our commercial operations |
| They just want to see a more clinical data and we're confident that by the end of the year we could have some value creation for our shoulders |
| In the meantime, I want to emphasize that this delay in no way impacts our successful commercialization of a EGRIFTA SV, which as I mentioned earlier, generated record sales in 2023 |
| We are proud to be setting the bar high with our goals in 2024 |
| As a result of this, we are pleased to report adjusted EBITDA in the fourth quarter of 2023 of nearly $5 million versus negative $2.4 million in the same period last year and up from $2.2 million in the third quarter of fiscal 2023 |
| We are also encouraged by the results shared in the recent publications in frontiers in immunology, showing significant infiltration of tumor lymphocytes following the treatment of sudocetaxel zendusortide in a cold animal model |
| With growth and profitability as cornerstone of our operating plan, we have set ourselves up for a promising year with four clear and focused strategic imperatives |
| We ended the 2023 fiscal year on solid financial footing, thanks to the public offering and concurrent private placement completed in October 2023 with net debt of $20 million |
| As you can see from our reduction in expenses in R&D, selling, and G&A in both Q3 and Q4 of 2023, we now have right-sized the organization to ensure that we are well on our way in our journey towards becoming adjusted EBITDA positive |
| This was our second consecutive quarter delivering on the strategic imperative more than doubling adjusted EBITDA from Q3 to Q4 and ending the year with an adjusted EBITDA loss of only $2.9 million |
| What began as a challenging year for the company shifted in the second half to end 2023 on a high note with record quarterly sales, a dramatic turnaround in adjusted EBITDA, and a financing that strengthened our balance sheet with new high-quality institutional investors |
| What a remarkable pivot in our corporate strategy in less than a year and a testament to Theratechnologies resolved |
| Statement |
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| Lower sales in the fourth quarter of 2023 were also the result of higher inventory build-up in 2022, a situation which continued into Q1 of this year but has resolved itself in 2023 |
| Trogarzo net sales in the fourth quarter of fiscal 2023 amounted to $6.5 million compared to $7 million in the same quarter of 2022, representing a decrease of 6.7% year-over-year |
| We are seeing some competitive pressure from that |
| Growth in sales of EGRIFTA SV for the full year is lower at 6.4%, mostly due to the inventory situation described in our second quarter earnings call and higher rebates |
| The decrease was mainly due to lower unit sales in the quarter compared to last year |
| For the full year of 2023, we recorded adjusted EBITDA of negative 2.9 million compared to negative 21.4 million in fiscal 2022 |
| With the stunning investment made by industry in antibody drug conjugates in the past year |
| Paul Levesque Well, on the NASH, we're still active on NASH, as you can imagine, but the NASH category continues to be uncertain |
| This is especially important people with HIV where muscle loss can be a serious issue |
| Furthermore, healthcare providers are increasingly recognizing that excess visceral abdominal fat is a medical condition that can lead to very serious health consequences if left untreated |
| However, based on the build-up and subsequent drawdown of inventories in the early part of fiscal year 2023, investors should expect some variability in revenue growth reporting in 2024, especially in the first half of the year |
| In Q4 2023, cost of goods decreased to $5.1 million from $5.9 million in the same quarter of fiscal 2022 |
| As you are aware, On January 22nd, we were notified by the FDA that they would not meet the PDUFA date |
| This is a dramatic turnaround in cooperation to year-end 2022 when we reported an adjusted EBITDA loss of $22 million |
| G&A expenses in the fourth quarter of 2023 amounted to $3.7 million, which includes approximately $290,000 in severance and other expenses related to the reorganization as compared to $4 million in the fourth quarter of 2022 or a 7.5% decrease, 14.8% excluding the expenses related to the reorganization |
| Selling expenses decreased to $6.8 million for the fourth quarter of 2023 compared to $7.8 million for the same three-month period last year or a decrease of $1 million |
| Andre, it is difficult to predict, as you know, because it depends on the results that we will see |
| I do not want to be overly optimistic, but at the same time, this market is developing |
| This is a significant accomplishment in light of the hurdles we faced in the first half of 2023, namely inventory drawdowns and unfavourable gross-to-net challenges |
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