Biopharmaceutical company Xeris Biopharma Holdings Inc (Nasdaq: XERS) reported on Wednesday that it achieved a record-breaking quarter ended 31 December 2022, with net product revenue growing 52% to USD32.5m when compared to USD21.3 in same period of the previous year.

Net loss for the fourth quarter of 2022, was USD12.9m, or USD0.10 per share, compared to a fourth quarter 2021 net loss of USD50.7m, or USD0.42 per share.

Total revenue for the fourth quarter 2022 increased to USD33.1m, over USD21.4 in the previous fourth quarter of 2021.

Xeris Biopharma stated that for 2023, it expects total revenues of USD135m-USD165m; cash utilization from operating activities of USD57m-USD77m; and year-end cash, cash equivalents and short-term investments of USD45m-USD65m.