Ardelyx, Inc. (NASDAQ:ARDX) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET
Company Participants
Caitlin Lowie - Vice President, Corporate Communications and Investor Relations
Mike Raab - President and Chief Executive Officer
Susan Rodriguez - Chief Commercial Officer
Justin Renz - Chief Financial and Operations Officer
Conference Call Participants
Yigal Nochomovitz - Citi Research
Laura Chico - Wedbush Securities
Peyton Bohnsack - TD Cowen
Dennis Ding - Jeffries
Matthew Kaplan - Ladenburg Thalmann
Operator
Hello and welcome to the Ardelyx Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to Caitlin Lowie. Please go ahead ma'am.
Caitlin Lowie
Thank you. Good afternoon, everyone, and welcome to our second quarter financial results call. During this call, we will refer to the press release issued earlier today, which is available on the Investors section of the company's website at ardelyx.com.
During this call, we will be making forward-looking statements that are subject to risks and uncertainties. Our actual results may differ materially from those described. We encourage you to review our risk factors in our most recent quarterly report on Form 10-Q that was filed today, which can also be found on our website at ardelyx.com. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so even if our views change.
Our President and CEO, Mike Raab, will begin today's call with opening remarks and an overview of the company's progress during the second quarter of 2023. Next, Susan Rodriguez, Chief Commercial Officer, will provide an update on the launch of IBSRELA. Justin Renz, Chief Financial and Operations Officer, will conclude today's formal remarks with a review of the company's financial performance during the second quarter ended June 30, 2023 before we open the call to questions.
With that, let me pass the call over to Mike.
Mike Raab
Good morning everyone, and thank you for joining us on the call. I'm really pleased to be here today and along with Susan and Justin to share with you the progress we've made over the past quarter. At the midway point of 2023, we are excited about the critical milestones we've achieved, the continued execution of our priorities, and the important two quarters ahead of us.
IBSRELA is making significant inroads in the IBS-C market as healthcare practitioners and patients recognized the benefits of its novel mechanism profile. Our growth rate accelerated with net sales revenue in the second quarter of $18.3 million reflecting a 61% increase in net sales revenue over Q1. This performance is the result of the incredible efforts of a team that is fully engaged in the field, calling on HCPs, and articulating the unique value proposition that IBS-C offers patients who are in need of a new treatment option. At this stage of our commercialization of IBSRELA, we're excited to provide revenue guidance for the very first time.