Theratechnologies (TH) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $22 million, up 25.5% year-over-year, with net income of $1 million and Adjusted EBITDA of $5.5 million, marking the first positive net income in recent history.

• Achieved a significant financial turnaround over the past 18 months, positioning for continued profitability and value creation.

• EGRIFTA SVⓇ remains the priority brand, showing strong demand and gross margins, while TrogarzoⓇ faces competitive pressures.

• Company continues to focus on commercial business, cost control, and sustainable profitability.

Financial highlights

• Q2 2024 consolidated revenue was $22 million, a 25% increase year-over-year; first half revenue was $38.3 million, up 2.2% year-over-year.

• Adjusted EBITDA for Q2 was $5.5 million (25% margin); trailing four quarters Adjusted EBITDA totaled $12.3 million.

• Net profit for Q2 was approximately $1 million, or $0.02 per share.

• EGRIFTA SVⓇ Q2 net sales grew 49.3% year-over-year to $16.2 million; TrogarzoⓇ Q2 net sales declined 13.1% to $5.8 million.

• Cost of sales for Q2 2024 was $4.5 million (20.7% of revenue), down from 28.0% in Q2 2023.

Outlook and guidance

• Fiscal 2024 revenue guidance reaffirmed at $87–$90 million, with Adjusted EBITDA expected between $13–$15 million.

• Expectation for stronger sales in the second half of 2024 as inventory levels normalize.

• Oncology program spending to be limited to partnerships after phase I trial completion, reducing future impact on Adjusted EBITDA.