Benzinga | Jan 11, 2022 08:10AM EST

Esperion Sees Q4 2021 Product Revenue $12M-$12.5M

Esperion (NASDAQ:ESPR) today announced preliminary, unaudited fourth-quarter 2021 financial results and reiterated full-year 2022 operating expense guidance.

"2021 was a transitional year for Esperion, as we ushered in a new leadership team, stabilized prescription demand with innovative selling approaches, and began to build the foundation for our next phase of growth and pipeline expansion ahead of the read-out of the CLEAR Outcomes trial in Q1 2023," said Sheldon Koenig, president and CEO of Esperion. "Most notably, we announced a transformative restructuring and reduced our expense structure in the fourth quarter, while strengthening our balance sheet with proceeds from our recent public offering. We have secured the appropriate resources to complete our unprecedented CLEAR Outcomes trial, a significant and differentiated study we expect to substantially accelerate adoption of our novel LDL-C lowering therapies, NEXLETOL and NEXLIZET."

Preliminary Q4 2021 Financial Results and FY 2022 Operating Expense Guidance

Preliminary, unaudited fourth-quarter 2021 net U.S. product sales are expected to be between $12.0 to $12.5 million.

As of December 31, 2021, cash, cash equivalents, restricted cash and investment securities available-for-sale totaled approximately $309.3 million and there were approximately 60.9 million shares of common stock outstanding, after accounting for 2.0 million treasury shares to be purchased in the prepaid forward transaction as part of the convertible debt financing.

The Company expects full-year 2022 operating expenses to be approximately $220 million to $240 million, including $25 million in non-cash expense related to stock-compensation.

The preliminary unaudited results described in this press release are estimates only and are subject to revision until the Company reports its full financial results for the fourth quarter and full year 2021 in late February.