10-K · February 19, 2026
Ardelyx reported continued top-line growth with quarterly revenue reaching $125.215M in Q4 2025 and FY 2025 revenue of $407.0M (sum of quarterly revenues: $74M, $98M, $110M, $125M). Gross margins expanded (Q4 gross…
Earnings analysis · 10-Q
ARDX earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Ardelyx reported Q1 2026 total product revenue of $93.4 million, beating estimates of $92.4 million and reflecting a 38% year-over-year growth. However, the company reported an EPS loss of $0.15, which was an…
Read full summary
Ardelyx reported Q1 2026 total product revenue of $93.4 million, beating estimates of $92.4 million and reflecting a 38% year-over-year growth. However, the company reported an EPS loss of $0.15, which was an improvement compared to the estimated loss of $0.14. The guidance for full-year revenue for IBSRELA was reiterated at $410 million to $430 million, indicating a strong outlook despite challenging market conditions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.15
- Segment
- IBSRELA
- Segment
- XPHOZAH
What stood out
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Revenue Growth of 38%
Total revenues increased to $94.5 million from $74.1 million in Q1 2025, driven primarily by a 58% increase in IBSRELA sales.
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Improved EPS Loss
EPS loss improved to $0.15 from a loss of $0.17 in Q1 2025, outpacing estimates of a $0.14 loss.
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Segment Performance of IBSRELA
IBSRELA sales surged to $70.1 million from $44.4 million a year ago, reflecting a 58% growth.
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Strong Cash Position
Cash and cash equivalents decreased to $31.2 million from $68.0 million, while short-term investments increased modestly to $206.9 million.
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Cost of Sales Decrease
Cost of sales dropped to $4.8 million from $12.3 million, highlighting improved gross margins.
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Maintained Revenue Guidance
Ardelyx affirmed full-year revenue guidance for IBSRELA at $410 million to $430 million despite potential headwinds.
What to watch
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High R&D Spending
Research and development expenses rose to $20.2 million from $14.9 million, indicating potential strain on resources.
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Continued Net Loss
The company recorded a net cash used in operating activities of $32.2 million for the quarter, reflecting ongoing financial challenges.
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Dependence on IBSRELA and XPHOZAH Sales
Revenue growth heavily reliant on the commercial success of IBSRELA and XPHOZAH amidst competitive pressures.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · February 20, 2025
Ardelyx reported strong first full-year commercial sales for two tenapanor products in 2024—IBSRELA with approximately $158.3 million and XPHOZAH with approximately $160.9 million—while showing sequential quarterly…
10-Q · October 31, 2024
Ardelyx reported a stronger-than-expected quarter with total revenues of $98,241,000 (vs. $56,391,000 year-ago) driven by product sales of $92,090,000. Gross margin remained high at 84.0% and the company produced…
10-Q · August 1, 2024
Ardelyx reported Q2 product revenue of $73.222M and GAAP EPS of $(0.07). Revenue rose sharply versus Q2 2023 ($22.333M) driven by IBSRELA ($35.445M) and the new XPHOZAH product ($37.146M), resulting in a strong gross…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.