SCOTTSDALE, Ariz. - Journey Medical Corporation (NASDAQ:DERM), a pharmaceutical company specializing in dermatology treatments, announced Monday the promotion of Joseph M. Benesch to Chief Financial Officer effective April 26, 2024. Benesch, who has been serving as the Interim CFO since January 2023 and was the Corporate Controller since November 2021, brings over 25 years of financial and accounting experience to the role.
President and CEO Claude Maraoui expressed confidence in Benesch's ability to handle the company's financial strategy as it anticipates the potential approval of its rosacea treatment, DFD-29, later in the year. Maraoui highlighted Benesch's extensive background in the life sciences industry as a valuable asset to Journey Medical's objectives.
Prior to his tenure at Journey Medical, Benesch held various senior financial positions at Teligent (OTC:TLGTQ) Pharma Inc., Torrent Pharmaceuticals, Savient Pharmaceuticals, Adare Pharmaceuticals, and Edenbridge Pharmaceuticals. His early career was shaped by roles in public accounting at Baker Tilly Virchow Krause, LLP, and Ernst and Young. Benesch is also a Certified Public Accountant and holds a BA in accounting from Wilkes University.
In his statement, Benesch expressed his commitment to driving sustainable value for shareholders and supporting patients with the company's dermatology products.
Journey Medical, headquartered in Scottsdale, Arizona, and founded by Fortress Biotech, Inc. (NASDAQ:FBIO), markets a portfolio of branded and generic dermatological products. The company's stock is registered under the Securities Exchange Act of 1934 and reports periodically to the U.S. Securities and Exchange Commission.
This leadership change comes at a critical juncture for Journey Medical, as it prepares for potential milestones in its product pipeline. The information regarding the appointment is based on a press release statement from Journey Medical Corporation.
InvestingPro Insights
As Journey Medical Corporation (NASDAQ:DERM) welcomes Joseph M. Benesch as their new Chief Financial Officer, investors are closely monitoring the company's financial health and market performance. With a market capitalization of 73.7 million USD, Journey Medical's financial strategy will be crucial, especially as they anticipate the approval of their new rosacea treatment, DFD-29.
InvestingPro data indicates that the company's revenue for the last twelve months as of Q4 2023 stood at 79.18 million USD, with a gross profit margin of 66.33%. Despite this robust profit margin, the company is not profitable over the last twelve months, showcasing a negative P/E ratio of -17.41, which further adjusted to -44.98 for the same period. This suggests that while Journey Medical is generating significant revenue, it is also incurring substantial expenses that are impacting its profitability.
An InvestingPro Tip highlights that Journey Medical holds more cash than debt on its balance sheet, which is a promising sign for the company's financial stability. Moreover, the company has experienced a significant return over the last year, with a 135.03% total return, reflecting investor optimism about the company's future prospects.
For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 8 more tips available at: https://www.investing.com/pro/DERM. These tips could provide valuable insights, especially considering the company's current cash burn rate and the anticipation of a sales decline in the current year. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
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