The Palatin Technologies, Inc. (NYSEAMERICAN: PTN) stock price rose 6.13% after announcing the preliminary fiscal year 2024 first quarter ended September 30, 2023, results for Vyleesi® product revenue.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The company noted that the gross Vyleesi product revenue reached an impressive $4.6 million, demonstrating an 11% increase compared to the previous quarter. Moreover, this figure reflects a remarkable 100% growth compared to the previous year's quarter.
The net product revenue for the quarter amounted to $2.1 million, marking an 18% increase over the preceding quarter. When compared to the corresponding quarter from last year, this number soared by an impressive 137%, emphasising the robust growth in this metric.
There was a significant uptick in the number of prescriptions dispensed during the quarter, with a 14% increase over the previous quarter. This becomes even more striking when juxtaposed with the same quarter in the preceding year, showing an impressive 88% rise in prescriptions dispensed.
All critical operating and commercial metrics have displayed favourable trends and yielded positive outcomes. These include metrics such as new patient starts, refill rates, commercial insurance reimbursement, net revenue per prescription dispensed, and the inclusion of new healthcare prescribers.
The above metrics exhibited continued growth and improvement compared to the previous quarter and the same quarter in the previous year.
These encouraging results demonstrate the product's strong performance and emphasise its positive impact on the market. The consistent growth in key metrics highlights the effectiveness of Vyleesi and its growing acceptance within the healthcare community, indicating a promising trajectory for the future.
The provided financial and operating data for the first fiscal quarter of 2024 related to Vyleesi is considered preliminary and subject to potential revisions or changes. Please note that the figures presented are not finalised and may be adjusted as more accurate data becomes available.
Carl Spana, PhD, President and CEO of Palatin, stated: “We are pleased with Vyleesi's quarterly growth in all key operating and distribution metrics. We continue to successfully execute our commercial strategy, as evidenced by seven consecutive quarters of double-digit profitable growth. Importantly, net revenue per prescription dispensed continues to improve, and quarterly net product revenue for Vyleesi continues to grow and exceed Vyleesi quarterly operating expenses.”
Palatin Technologies (PTN) stock price.
The Palatin Technologies (PTN) stock price gapped up 6.13% to trade at $2.25, from Thursday’s closing price of $2.12.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading stocks, forex, cryptos, and beyond. Dive in and test their capabilities with complimentary demo accounts today!
- eToro Top stock trading platform with 0% commission – Read our Review
- Admiral Markets More than 4500 stocks & ETFs available – Read our Review
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.