Ardelyx Reports Positive Q4 Earnings, Exceeding Expectations
WALTHAM, Mass. -- Ardelyx Inc. (ARDX) announced its financial results for the fourth quarter of 2023, posting a net income of $4.6 million, a significant improvement from the loss reported in the same period last year.
Diluted earnings per share reached 2 cents, in line with the average estimate of seven analysts surveyed by Zacks Investment Research.
Ardelyx's revenue for the quarter reached $116.1 million, surpassing the Street forecast of $111.2 million. This strong performance was driven by positive results from its lead drug candidate, tenapanor.
For the full year, the company's loss narrowed to $39.1 million, or 17 cents per share. Revenue totaled $333.6 million.
Ardelyx's share price has shown a positive trend since the beginning of the year, rising by 25%. However, it has declined by 26% over the past 12 months.
This report provides valuable insights into Ardelyx's financial health and the progress of its key products in the biotechnology industry.