Ardelyx Q2 Loss Narrows

(RTTNews) - Biopharmaceutical company Ardelyx, Inc. (ARDX), on Wednesday reported narrower loss for the second-quarter that beat Street's view. For the first time, the company also provided guidance on IBSRELA net sales revenue.

The company reported a loss of $17.1 million, or $0.08 per share, compared to net loss of $26.9 million, or $0.19 per share in 2022 year over year.

Seven analysts polled by Thomson-Reuters expected the company to report loss of $0.11 per share for the quarter.

Revenue was $22.3 million in the second-quarter compared to $2.5 million in 2022 year over year.

Looking forward to the full fiscal of 2023, the company announced its revenue outlook for IBSRELA to be between $72 million and $77 million.

Ardelyx is currently trading up $0.05 or 1.43% at $3.89 in its regular trading session.