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We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx.
The business is unprofitable at the operating level (-10.06% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 22.1%, still solid.
Negative free cash flow of -$44M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$428M
▲ +22.1% YoY
Net Income (TTM)
-$58M
▼ -57.4% YoY
Op. Margin
-8.75%
▼ -1.7pp YoY
ROIC
-8.21%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$37M
▲ +4.0% YoY
Op. Cash Flow (TTM)
-$36M
▲ +5.2% YoY
Net Debt
-$30M
Net Cash Position
Cash & Equiv.
$238M
5Y CAGR: +121.9%
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