BURLINGTON, Mass. - scPharmaceuticals Inc. (NASDAQ:SCPH), a pharmaceutical company focused on cardiorenal healthcare, has announced its preliminary financial results for the fourth quarter and full year of 2024. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 8.08, indicating robust short-term financial health despite being in a growth phase. The company expects its fourth quarter net revenue to reach between $12 million to $12.3 million, marking a significant 99% increase compared to the same period in 2023.
For the full year, scPharmaceuticals anticipates net revenue to fall between $36.2 million and $36.5 million, a substantial gain of 167% over the $13.6 million reported for the full year 2023. This growth aligns with the company's impressive trailing twelve-month revenue growth of 303.87% and healthy gross profit margin of 69.72%, as reported by InvestingPro. The growth is attributed to the company's expansion efforts, including partnerships with top Integrated Delivery Networks and hospital systems, as well as the initial impact of an expanded field sales force.
The gross-to-net discount for the fourth quarter is expected to be between 18% to 19%, up from 15.7% in the third quarter of 2024. The company also reported shipping approximately 13,300 doses of FUROSCIX in the fourth quarter, a 23% increase from the previous quarter.
President and CEO John Tucker expressed optimism about the company's trajectory, noting the potential for further growth with the upcoming PDUFA date in March to expand FUROSCIX indication to chronic kidney disease patients and a mid-year submission of the sNDA for their Autoinjector product candidate.
scPharmaceuticals reported unaudited cash and cash equivalents of approximately $75.7 million as of December 31, 2024. This figure does not include the approximate 27% increase in accounts receivable over the balance as of September 30, 2024. While the company holds more cash than its $52.5 million debt, InvestingPro analysis indicates the company is quickly burning through cash, making this metric particularly important for investors to monitor. InvestingPro's comprehensive analysis, available through its Pro Research Report, suggests the stock is currently trading below its Fair Value, presenting a potential opportunity for investors interested in the biotech sector.
The company has yet to complete its financial closing procedures for the quarter and year ended December 31, 2024, and cautions that the actual results could materially differ from these preliminary results. The final and complete financial results for the fourth quarter and full year 2024 are expected to be reported in March 2025.
The information in this article is based on a press release statement from scPharmaceuticals Inc.
In other recent news, scPharmaceuticals experienced a 24% increase in net revenue for the third quarter of 2024, reaching $10 million, primarily due to the expansion of the sales force and a broader indication for FUROSCIX, now including Class IV heart failure patients. Despite a net loss of $35.1 million for the quarter, the company's cash reserves rose to $91.5 million, following a significant financing round completed in August 2024. Jefferies, a financial services company, adjusted its stock price target for scPharmaceuticals, reducing it to $13 from the previous $16, but maintained its Buy rating on the stock, suggesting continued confidence in the company's long-term prospects. The analyst from Jefferies indicated that scPharmaceuticals is making progress in several key areas, including the launch of Furoscix, its product pipeline, and its financial positioning. The company is also anticipating FDA approval for FUROSCIX to treat edema in chronic kidney disease patients, with a Prescription Drug User Fee Act (PDUFA) date set for March 6, 2025. Despite the price target reduction, Jefferies anticipates that scPharmaceuticals will demonstrate effective execution in the upcoming quarters, particularly as Furoscix continues to gain market acceptance. The firm expects that the current undervaluation of scPharmaceuticals' shares will correct over time as the company continues to deliver on its strategic initiatives. These are recent developments in the company's journey.
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