Journey Medical Corporation Reports First Quarter 2025 Financial Results and Recent Corporate Highlights
Journey Medical Corporation (NASDAQ: DERM) reported its Q1 2025 financial results, highlighting total net product revenues of $13.1 million, consistent with $13.0 million in Q1 2024. The company successfully launched Emrosi™, their new oral rosacea treatment, contributing $2.1 million in incremental revenue. The company's gross margin improved to 64% from 54% year-over-year.
Key financial metrics include a reduced net loss of $4.1 million ($0.18 per share) compared to $10.4 million ($0.53 per share) in Q1 2024. Cash position strengthened to $21.1 million as of March 31, 2025. The company reported no R&D costs in Q1 2025, down from $7.9 million in Q1 2024, while SG&A expenses increased by $2.1 million due to Emrosi launch activities.
Notable achievements include the publication of Emrosi's Phase 3 trial results in JAMA Dermatology, showing superiority over Oracea® and placebo, and its inclusion in the National Rosacea Society's Treatment Algorithms.
Journey Medical Corporation (NASDAQ: DERM) ha comunicato i risultati finanziari del primo trimestre 2025, evidenziando ricavi netti totali da prodotti pari a 13,1 milioni di dollari, in linea con i 13,0 milioni di dollari del primo trimestre 2024. L'azienda ha lanciato con successo Emrosi™, il nuovo trattamento orale per la rosacea, contribuendo con 2,1 milioni di dollari di ricavi incrementali. Il margine lordo è migliorato al 64% rispetto al 54% dello stesso periodo dell’anno precedente.
I principali indicatori finanziari mostrano una riduzione della perdita netta a 4,1 milioni di dollari (0,18 dollari per azione) rispetto a 10,4 milioni di dollari (0,53 dollari per azione) nel primo trimestre 2024. La posizione di cassa si è rafforzata a 21,1 milioni di dollari al 31 marzo 2025. L’azienda non ha registrato costi di R&S nel primo trimestre 2025, in calo rispetto ai 7,9 milioni di dollari del primo trimestre 2024, mentre le spese SG&A sono aumentate di 2,1 milioni di dollari a causa delle attività di lancio di Emrosi.
Tra i risultati rilevanti spicca la pubblicazione dei risultati della fase 3 di Emrosi su JAMA Dermatology, che ne dimostrano la superiorità rispetto a Oracea® e al placebo, oltre all’inclusione negli algoritmi di trattamento della National Rosacea Society.
Journey Medical Corporation (NASDAQ: DERM) informó sus resultados financieros del primer trimestre de 2025, destacando ingresos netos totales por productos de 13,1 millones de dólares, consistentes con los 13,0 millones de dólares del primer trimestre de 2024. La compañía lanzó con éxito Emrosi™, su nuevo tratamiento oral para la rosácea, que aportó 2,1 millones de dólares en ingresos incrementales. El margen bruto mejoró a 64% desde el 54% interanual.
Las métricas financieras clave incluyen una reducción de la pérdida neta a 4,1 millones de dólares (0,18 dólares por acción) en comparación con 10,4 millones de dólares (0,53 dólares por acción) en el primer trimestre de 2024. La posición de efectivo se fortaleció a 21,1 millones de dólares al 31 de marzo de 2025. La empresa no reportó costos de I+D en el primer trimestre de 2025, frente a 7,9 millones de dólares en el primer trimestre de 2024, mientras que los gastos de SG&A aumentaron en 2,1 millones de dólares debido a las actividades de lanzamiento de Emrosi.
Logros destacados incluyen la publicación de los resultados del ensayo de fase 3 de Emrosi en JAMA Dermatology, que muestran superioridad sobre Oracea® y placebo, y su inclusión en los algoritmos de tratamiento de la National Rosacea Society.
Journey Medical Corporation (NASDAQ: DERM)은 2025년 1분기 재무 실적을 발표하며 총 순제품 매출 1,310만 달러를 기록해 2024년 1분기의 1,300만 달러와 비슷한 수준을 유지했습니다. 회사는 새로운 경구용 주사비 치료제인 Emrosi™를 성공적으로 출시하여 210만 달러의 추가 매출을 올렸습니다. 회사의 총 이익률은 전년 대비 54%에서 64%로 개선되었습니다.
주요 재무 지표로는 2024년 1분기 1,040만 달러(주당 0.53달러) 손실에 비해 순손실이 410만 달러(주당 0.18달러)로 감소한 점이 포함됩니다. 현금 보유액은 2025년 3월 31일 기준 2,110만 달러로 강화되었습니다. 2025년 1분기 연구개발 비용은 2024년 1분기의 790만 달러에서 없었고, SG&A 비용은 Emrosi 출시 활동으로 인해 210만 달러 증가했습니다.
주목할 만한 성과로는 Emrosi의 3상 시험 결과가 JAMA Dermatology에 게재되어 Oracea® 및 위약 대비 우수함을 입증했으며, National Rosacea Society의 치료 알고리즘에 포함된 점이 있습니다.
Journey Medical Corporation (NASDAQ : DERM) a annoncé ses résultats financiers du premier trimestre 2025, mettant en avant des revenus nets totaux de produits de 13,1 millions de dollars, stables par rapport à 13,0 millions de dollars au premier trimestre 2024. La société a lancé avec succès Emrosi™, son nouveau traitement oral de la rosacée, générant 2,1 millions de dollars de revenus supplémentaires. La marge brute de l'entreprise s'est améliorée pour atteindre 64% contre 54% l'année précédente.
Les principaux indicateurs financiers incluent une réduction de la perte nette à 4,1 millions de dollars (0,18 dollar par action) contre 10,4 millions de dollars (0,53 dollar par action) au premier trimestre 2024. La trésorerie s'est renforcée pour atteindre 21,1 millions de dollars au 31 mars 2025. La société n'a pas déclaré de coûts de R&D au premier trimestre 2025, contre 7,9 millions de dollars au premier trimestre 2024, tandis que les dépenses SG&A ont augmenté de 2,1 millions de dollars en raison des activités de lancement d'Emrosi.
Parmi les réalisations notables, la publication des résultats de l'essai de phase 3 d'Emrosi dans JAMA Dermatology, démontrant sa supériorité par rapport à Oracea® et au placebo, ainsi que son inclusion dans les algorithmes de traitement de la National Rosacea Society.
Journey Medical Corporation (NASDAQ: DERM) meldete seine Finanzergebnisse für das erste Quartal 2025 und hob Gesamtumsatzerlöse aus Produkten in Höhe von 13,1 Millionen US-Dollar hervor, was den 13,0 Millionen US-Dollar im ersten Quartal 2024 entspricht. Das Unternehmen brachte erfolgreich Emrosi™, seine neue orale Rosazea-Behandlung, auf den Markt, die 2,1 Millionen US-Dollar an zusätzlichem Umsatz beitrug. Die Bruttomarge verbesserte sich von 54 % im Vorjahreszeitraum auf 64 %.
Wesentliche Finanzkennzahlen umfassen einen verringerten Nettoverlust von 4,1 Millionen US-Dollar (0,18 US-Dollar je Aktie) im Vergleich zu 10,4 Millionen US-Dollar (0,53 US-Dollar je Aktie) im ersten Quartal 2024. Die Cash-Position wurde zum 31. März 2025 auf 21,1 Millionen US-Dollar gestärkt. Das Unternehmen meldete keine F&E-Kosten im ersten Quartal 2025, im Vergleich zu 7,9 Millionen US-Dollar im ersten Quartal 2024, während die SG&A-Ausgaben aufgrund der Emrosi-Markteinführungsaktivitäten um 2,1 Millionen US-Dollar stiegen.
Bemerkenswerte Erfolge sind die Veröffentlichung der Phase-3-Studienergebnisse von Emrosi in JAMA Dermatology, die eine Überlegenheit gegenüber Oracea® und Placebo zeigen, sowie die Aufnahme in die Behandlungsalgorithmen der National Rosacea Society.
- Emrosi launch generated $2.1 million in incremental revenue in Q1 2025
- Gross margin improved to 64% from 54% year-over-year
- Cash position increased to $21.1 million from $20.3 million in December 2024
- Net loss decreased significantly to $4.1 million from $10.4 million year-over-year
- R&D costs reduced to zero from $7.9 million in Q1 2024
- SG&A expenses increased by $2.1 million due to Emrosi launch costs
- Company still operating at a loss with -$4.1 million in Q1 2025
Insights
Journey Medical shows improved margins from their new Emrosi rosacea drug launch, but still operates at a loss despite stable revenue.
Journey Medical's Q1 2025 financial results showcase both promise and ongoing challenges. Revenue remained essentially flat year-over-year at
While research and development costs plummeted to zero from
The company's cash position strengthened slightly to
The publication of Emrosi's Phase 3 results in JAMA Dermatology demonstrating superiority to both placebo and competing product Oracea, combined with inclusion in the National Rosacea Society's treatment algorithms, provides strong clinical validation that should support adoption. However, investors should note that despite improvements, the company continues to operate at a loss, and the success of Emrosi's commercialization will be critical for reaching profitability.
The launch of Journey Medical's Emrosi (40 mg Minocycline Hydrochloride Modified-Release Capsules) represents a significant development in rosacea treatment. The publication of their Phase 3 results in JAMA Dermatology - one of the field's most prestigious journals - is particularly noteworthy. The data demonstrated statistical superiority against both Oracea (the current leading oral therapy) and placebo with a favorable safety profile when administered once daily for 16 weeks.
This therapeutic advantage is clinically meaningful. Current oral treatments for rosacea often present challenges including gastrointestinal side effects and variable efficacy. A more effective oral option with a clean safety profile addresses an important treatment gap. The National Rosacea Society's rapid incorporation of Emrosi into their treatment algorithms further validates its clinical significance and should accelerate adoption among dermatologists.
The timing of the American Academy of Dermatology conference booth coinciding with the launch was strategically sound, as this annual meeting represents the largest gathering of prescribing dermatologists. The promotional visibility at this critical event, coupled with the JAMA publication and algorithm inclusion, creates a powerful launch platform. For patients with moderate-to-severe rosacea who have struggled with topical treatments, this oral option that demonstrated superiority to the current standard could represent a meaningful advancement in disease management.
The absence of specific efficacy metrics in the press release is the only limitation in fully assessing Emrosi's clinical impact, but the statistical superiority claim against an established competitor suggests the improvement is clinically relevant. As payer coverage continues to expand, this treatment could potentially become the preferred oral therapy for rosacea patients requiring systemic treatment.
Revenue for the First Quarter Ended March 31, 2025 was
Emrosi™ (40 mg Minocycline Hydrochloride Modified-Release Capsules) Commercial Launch Off to a Strong Start, Initial Prescriptions Filled in Late March 2025
Phase 3 Clinical Trial Results for Emrosi Published in JAMA Dermatology
Emrosi Now Included in Updated National Rosacea Society Treatment Algorithms
Company to Hold Conference Call Today at 4:30 p.m. ET
SCOTTSDALE, Ariz., May 14, 2025 (GLOBE NEWSWIRE) -- Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical” or “the Company”, “we”, or “our”), a commercial-stage pharmaceutical company that primarily focuses on selling and marketing U.S. Food and Drug Administration (“FDA”) approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the first quarter ended March 31, 2025.
“The first quarter of 2025 was highly productive, as our in-line dermatology products continue to perform and the launch of Emrosi™, our best-in-class oral rosacea treatment, is off to a strong start,” said Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer. “The Emrosi launch is enjoying high visibility among dermatology prescribers with momentum from our exhibition booth at the American Academy of Dermatology (AAD) conference in late March, the recent publication of Emrosi’s statistically superior Phase 3 clinical trial results over Oracea® and placebo in JAMA Dermatology, and the promotional efforts from our experienced and highly effective dermatology salesforce. Emrosi was also recently incorporated into the National Rosacea Society’s Rosacea Treatment Algorithms, and payer coverage of the product continues to increase.”
Mr. Maraoui continued, “Financially, we remain in a strong position with
Financial Results:
- Total net product revenues of
$13.1 million for the first quarter of 2025 were consistent with$13.0 million of net product revenues for the first quarter of 2024. The first quarter of 2025 includes$2.1 million of incremental net product revenue related to the U.S. commercial launch of Emrosi. - The Company’s gross margin(1) increased to
64% for the first quarter of 2025, from54% in the prior period due to lower overall product cost of goods related to product sales mix and non-recurring charges in the prior year. - Research and development costs were nil in the first quarter of 2025, compared to
$7.9 million in the first quarter of 2024. The first quarter of 2024 includes Emrosi pre-approval project expenses, milestones and fees. - Selling, general and administrative expenses increased by
$2.1 million for the three-month period ended March 31, 2025, from$8.4 million for the three-month period ended March 31, 2024. The increase is primarily due to the incremental operational activities related to the launch and commercialization of Emrosi. - The Company’s net loss was
$4.1 million , or$(0.18) per share basic and diluted, for the first quarter of 2025, compared to a net loss of$10.4 million , or$(0.53) per share basic and diluted, for the first quarter of 2024. - At March 31, 2025, the Company had
$21.1 million in cash and cash equivalents as compared to$20.3 million in cash and cash equivalents at December 31, 2024.
Recent Corporate Highlights:
- In April 2025, Journey Medical appointed Ramsey Alloush as its Chief Operating Officer. Mr. Alloush joined the Company as General Counsel in 2020.
- At the end of March 2025, Journey Medical announced initial distribution to pharmacies and first prescriptions filled. Full commercial launch began on April 7, 2025.
- In March 2025, the Journal of the American Medical Association - Dermatology published the Phase 3 clinical trial results of Emrosi for the treatment of rosacea, highlighting that Emrosi achieved the co-primary and all secondary endpoints in two Phase 3 trials and demonstrated statistical superiority against both Oracea(2) and placebo with no significant safety issues when administered once daily for 16 weeks.
- In March 2025, the National Rosacea Society published its updated Rosacea Treatment Algorithms to include low-dose oral minocycline (referenced in the brand index as Emrosi™). The Updated Treatment Algorithms can be accessed at https://www.rosacea.org/physicians/rosacea-treatment-algorithms. Information on such website is not a part of this release.
- In February 2025, Journey Medical hosted a conference call and webcast to discuss its U.S. commercial launch plan for Emrosi (40 mg Minocycline Hydrochloride Modified-Release Capsules) for the treatment of rosacea. A replay of the webcast is available on the IR calendar page of the Journey Medical website, and can be accessed at https://ir.journeymedicalcorp.com/new-events/ir-calendar. Information on such website is not a part of this release.
Conference Call and Webcast Information
Journey Medical management will conduct a conference call and audio webcast on May 14, 2025, at 4:30 p.m. ET.
To listen to the conference call, interested parties within the U.S. should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Journey Medical conference call. Participants can register for the conference here: https://dpregister.com/sreg/10199519/ff117b0a70. Please note that registered participants will receive their dial-in number upon registration.
A live audio webcast can be accessed on the News and Events page of the Investors section of Journey Medical’s website, www.journeymedicalcorp.com, and will remain available for replay for approximately 30 days after the meeting.
(1) We define gross margin as net product revenue less cost of goods sold divided by net product revenue.
(2) Oracea® is a registered trademark of Galderma Holdings, S.A. Société Anonyme.
About Journey Medical Corporation
Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical”) is a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions through its efficient sales and marketing model. The Company currently markets eight branded FDA-approved prescription drugs that help treat and heal common skin conditions. The Journey Medical team comprises industry experts with extensive experience in developing and commercializing some of dermatology’s most successful prescription brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). Journey Medical’s common stock is registered under the Securities Exchange Act of 1934, as amended, and it files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “the Company”, “we”, “us” and “our” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. The words “anticipate,” “believe,” “estimate,” “may,” “expect,” “will,” “could,” “project,” “intend,” “potential” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: the fact that our products and product candidates are subject to time and cost intensive regulation and clinical testing and as a result, may never be successfully developed or commercialized; a substantial portion of our sales derive from products that may become subject to third-party generic competition, the introduction of new competitor products, or an increase in market share of existing competitor products, any of which could have a significant adverse impact on our operating income; we operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations; our revenue is dependent mainly upon sales of our dermatology products and any setback relating to the sale of such products could impair our operating results; competition could limit our products’ commercial opportunity and profitability, including competition from manufacturers of generic versions of our products; the risk that our products do not achieve broad market acceptance, including by government and third-party payors; our reliance third parties for several aspects of our operations; our dependence on our ability to identify, develop, and acquire or in-license products and integrate them into our operations, at which we may be unsuccessful; the dependence of the success of our business, including our ability to finance our company and generate additional revenue, on the successful commercialization of our recently approved product, Emrosi™, and any future product candidates that we may develop, in-license or acquire; clinical drug development is very expensive, time consuming, and uncertain and our clinical trials may fail to adequately demonstrate the safety and efficacy of our current or any future product candidates; our competitors could develop and commercialize products similar or identical to ours; risks related to the protection of our intellectual property and our potential inability to maintain sufficient patent protection for our technology and products; our business and operations would suffer in the event of computer system failures, cyber-attacks, or deficiencies in our or our third parties’ cybersecurity; the substantial doubt about our ability to continue as a going concern; the effects of major public health issues, epidemics or pandemics on our product revenues and any future clinical trials; our potential need to raise additional capital; Fortress controls a voting majority of our common stock, which could be detrimental to our other shareholders; as well as other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Reports on Form 10-Q, and our other filings we make with the SEC. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Company Contact:
Jaclyn Jaffe
(781) 652-4500
ir@jmcderm.com
Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 591-2839
tplohoros@6degreespr.com
| JOURNEY MEDICAL CORPORATION | |||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||
| (Dollars in thousands except for share and per share amounts) | |||||||
| March 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 21,070 | $ | 20,305 | |||
| Accounts receivable, net of reserves | 18,025 | 10,231 | |||||
| Inventory | 12,496 | 14,431 | |||||
| Prepaid expenses and other current assets | 2,395 | 3,212 | |||||
| Total current assets | 53,986 | 48,179 | |||||
| Intangible assets, net | 30,798 | 31,863 | |||||
| Operating lease right-of-use asset, net | 178 | 199 | |||||
| Total assets | $ | 84,962 | $ | 80,241 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 14,404 | $ | 16,050 | |||
| Due to related party | 399 | 528 | |||||
| Accrued expenses | 23,011 | 17,425 | |||||
| Accrued interest | 381 | 404 | |||||
| Income taxes payable | 59 | 60 | |||||
| Term loan - short-term | 1,875 | - | |||||
| Installment payments – licenses, short-term | - | 625 | |||||
| Operating lease liability, short-term | 93 | 83 | |||||
| Total current liabilities | 40,222 | 35,175 | |||||
| Term loan - long-term, net of discount | 23,105 | 24,879 | |||||
| Operating lease liability, long-term | 94 | 118 | |||||
| Total liabilities | 63,421 | 60,172 | |||||
| Stockholders' equity | |||||||
| Common stock, $.0001 par value, 50,000,000 shares authorized, 17,104,437 and 16,153,610 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 1 | 1 | |||||
| Common stock - Class A, $.0001 par value, 50,000,000 shares authorized, 6,000,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024 | 1 | 1 | |||||
| Additional paid-in capital | 112,639 | 107,094 | |||||
| Accumulated deficit | (91,100 | ) | (87,027 | ) | |||
| Total stockholders' equity | 21,541 | 20,069 | |||||
| Total liabilities and stockholders' equity | $ | 84,962 | $ | 80,241 | |||
| JOURNEY MEDICAL CORPORATION | |||||||
| Unaudited Condensed Consolidated Statements of Operations | |||||||
| (Dollars in thousands except for share and per share amounts) | |||||||
| Three-Month Periods Ended | |||||||
| | March 31, | ||||||
| 2025 | 2024 | ||||||
| Revenue: | | | | | | ||
| Product revenue, net | $ | 13,139 | | $ | 13,030 | ||
| Operating expenses | | | | | | ||
| Cost of goods sold – (excluding amortization of acquired intangible assets) | | 4,790 | | | 6,002 | ||
| Amortization of acquired intangible assets | 1,065 | 814 | |||||
| Research and development | | 39 | | | 7,884 | ||
| Selling, general and administrative | | 10,569 | | | 8,420 | ||
| Total operating expenses | 16,463 | | | 23,120 | |||
| Loss from operations | | (3,324 | ) | | | (10,090 | ) |
| Other expense (income) | |||||||
| Interest income | (149 | ) | (217 | ) | |||
| Interest expense | 891 | 548 | |||||
| Foreign exchange transaction losses | 7 | 21 | |||||
| Total other expense (income) | | 749 | | | 352 | ||
| Loss before income taxes | | (4,073 | ) | | | (10,442 | ) |
| Income tax expense | - | - | |||||
| Net loss | $ | (4,073 | ) | | $ | (10,442 | ) |
| Net loss per common share: | |||||||
| Basic and diluted | $ | (0.18 | ) | | $ | (0.53 | ) |
| Weighted average number of common shares: | |||||||
| Basic and diluted | 22,611,040 | 19,757,449 | |||||
Use of Non-GAAP Measures:
In addition to the GAAP financial measures as presented in our Form 10-Q that will be filed with the Securities and Exchange Commission (“SEC”), the Company has, in this press release, included certain non-GAAP measurements, including Adjusted EBITDA, Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted. We define Adjusted EBITDA as net income (loss) excluding interest, taxes and depreciation, less certain other non-cash and infrequent items not considered to be normal, recurring operating expenses, including, share-based compensation expense, amortization and impairments of acquired intangible assets, inventory step-ups from the purchases of intangibles assets and products, severance, short-term research and development expense and foreign exchange transaction losses. In particular, we exclude the following matters for the reasons more fully described below:
- Share-Based Compensation Expense: We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued.
- Non-core and Short-term Research and Development Expense: We exclude research and development costs incurred principally in connection with Emrosi, which was the only product in our portfolio not currently approved for marketing and sale during the prior-year reporting period, because we do not consider such costs to be normal, recurring operating expenses that are core to our long-term strategy. Instead, our long-term strategy is focused on the marketing and sale of our core FDA-approved dermatological products and the out licensing our intellectual property and related technologies.
- Amortization and impairments of Acquired Intangible assets: We exclude the impact of certain amounts recorded in connection with the acquisitions of intangible assets that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. These amounts may include non-cash items such as the amortization impairments of acquired intangible assets and amortization of step-ups of acquisition accounting adjustments to inventories.
Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted are determined by dividing the resulting Adjusted EBITDA by the number of shares outstanding on an actual and fully diluted basis.
Management believes the use of these non-GAAP measures provide meaningful supplemental information regarding the Company’s performance because (i) it allows for greater transparency with respect to key measures used by management in its financial and operational decision-making, (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance and (iii) it is used by institutional investors and the analyst community to help analyze the Company's results. However, Adjusted EBITDA, Adjusted EBITDA per share basic, Adjusted EBITDA per share diluted and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the manner in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors.
The table below provides a reconciliation from GAAP to non-GAAP measures:
| JOURNEY MEDICAL CORPORATION Reconciliation of GAAP to Non-GAAP Adjusted EBITDA ($ in thousands except for share and per share amounts) | ||||||||
| Three-Month Periods Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| GAAP Net Loss | $ | (4,073 | ) | $ | (10,442 | ) | ||
| EBITDA: | ||||||||
| Interest | 742 | 331 | ||||||
| Taxes | - | - | ||||||
| Amortization of acquired intangible assets | 1,065 | 814 | ||||||
| EBITDA | (2,266 | ) | (9,297 | ) | ||||
| Non-GAAP Adjusted EBITDA: | ||||||||
| Non-Cash Components: | ||||||||
| Share-based compensation | 1,323 | 1,406 | ||||||
| Non-core & Infrequent Components: | ||||||||
| Short-term R&D (includes one-time DFD-29 license and milestone payments) | 39 | 7,740 | ||||||
| Foreign exchange transaction losses | 7 | 21 | ||||||
| Severance | - | 141 | ||||||
| Non-GAAP Adjusted EBITDA | $ | (897 | ) | $ | 11 | |||
| Net loss & Non-GAAP Adjusted EBITDA per common share: | ||||||||
| Basic | ||||||||
| GAAP Net Loss | $ | (0.18 | ) | $ | (0.53 | ) | ||
| Non-GAAP Adjusted EBITDA | $ | (0.04 | ) | $ | 0.00 | |||
| Diluted | ||||||||
| GAAP Net Loss | $ | (0.18 | ) | $ | (0.53 | ) | ||
| Non-GAAP Adjusted EBITDA | $ | (0.04 | ) | $ | 0.00 | |||
| Weighted average number of common shares: | ||||||||
| GAAP - Basic & Diluted | 22,611,040 | 19,757,449 | ||||||
| Non-GAAP - Basic | 22,611,040 | 19,757,449 | ||||||
| Non-GAAP - Diluted | 22,611,040 | 23,355,226 | ||||||
- The Company’s non-GAAP results in the table above reflect an Adjusted EBITDA loss of
$0.9 million , or$(0.04) per share basic and diluted, for the first quarter of 2025, compared to Adjusted EBITDA income of$11,000 , or$0.00 per share basic and diluted, for the first quarter of 2024. - Adjusted EBITDA, Adjusted EBITDA per share basic and Adjusted EBITDA per share diluted are non-GAAP financial measures, each of which are reconciled to the most directly comparable financial measures calculated in accordance with GAAP above.
FAQ
What were Journey Medical's (DERM) Q1 2025 revenue and earnings?
How much revenue did Emrosi generate for Journey Medical (DERM) in Q1 2025?
What was Journey Medical's (DERM) cash position in Q1 2025?
What were the Phase 3 clinical trial results for Journey Medical's Emrosi?
How did Journey Medical's (DERM) gross margin change in Q1 2025?
