Theratechnologies (TH) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $22.6 million, up 8.4% year-over-year, with net profit of $3.1 million and Adjusted EBITDA of $7.2 million, reflecting a successful strategic pivot and cost structure realignment.

• EGRIFTA SV drove growth with its best performance, showing double-digit increases in enrollments, unique patients, and units sold year-to-date.

• Trogarzo sales declined year-over-year due to competition but stabilized in recent quarters, with no further declines expected in 2025.

• Fiscal 2024 revenue guidance revised to $83–$85 million due to EGRIFTA SV supply constraints, while Adjusted EBITDA guidance was raised to $17–$19 million.

• Company anticipates making up for Q4 2024 sales shortfall in early 2025 as supply normalizes and remains focused on North American partnerships and pipeline progress.

Financial highlights

• Q3 2024 net sales: $22.6 million, up 8.4% year-over-year; nine-month revenue: $60.9 million, up 4.2%.

• EGRIFTA SV Q3 sales: $16.7 million, up 27% year-over-year; Trogarzo Q3 sales: $5.9 million, down 22.9% year-over-year but stabilizing sequentially.

• Adjusted EBITDA for Q3: $7.2 million (32% margin); net profit: $3.1 million ($0.06/share).

• Cash, bonds, and money market funds at quarter-end: $39 million; net debt: $20 million.

• Cost of sales for Q3 2024: $4.5 million (20% of revenue), down from $5.0 million (23.8%) in Q3 2023.

Outlook and guidance

• 2024 revenue guidance revised to $83–$85 million due to EGRIFTA SV supply constraints.

• Adjusted EBITDA guidance raised to $17–$19 million for 2024, reflecting strong expense control.

• Expect to make up for Q4 2024 sales shortfall in early 2025 as supply normalizes.

• Trogarzo sales expected to remain stable in 2025.

• Confident in long-term growth strategy and ongoing pipeline development.