Corcept Therapeutics Incorporated. (NASDAQ:CORT) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET
Company Participants
Atabak Mokari - Chief Financial Officer
Charlie Robb - Chief Business Officer
Joseph Belanoff - Chief Executive Officer
Sean Maduck - Chief Commercial Officer
Bill Guyer - Chief Development Officer
Conference Call Participants
Matt Kaplan - Ladenburg
Chris Howerton - Jefferies
Edward Nash - Canaccord Genuity
Gregory Fraser - Truist Securities
Arthur He - H.C. Wainwright
Alan Leong - BioWatch News
Operator
Good day and thank you for standing by. Welcome to the Corcept Therapeutics Conference Call. At this time all participants are in a listen-only mode. After the speaker’s presentation there will be question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions].
And I would now turn the call over to Mr. Atabak Mokari, CFO. Please go ahead.
Atabak Mokari
Good afternoon. And thank you for joining us. I'm Atabak Mokari, Corcept's Chief Financial Officer. Today, we issued a press release announcing our financial results for the first quarter and providing a corporate update. The copy is available at corcept.com. Our complete financial results will be available when we file our Form 10-K with the SEC. Today's call is being recorded. A replay will be available on the Investors Past Events tab of our website.
Statements during this call, other than statements of historical fact are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties, which might cause actual results to differ materially from those statements expressed or implied. These forward-looking statements are described in today's press release and the risks and uncertainties that may affect them are described in the press release and in our Annual Report on Form 10-K and our quarterly reports on Form 10-Q. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements.
Our revenue in the first quarter was $93.7 million, an increase of 18% compared to the first quarter of last year. As a reminder, each year insurance reauthorisation and covers of our portion of the [Indiscernible] gap and Medicare for our e-coverage reduced our first quarter revenues. We expect our growth to continue and have reiterated our 2022 revenue guidance of $400 million to $430 million.
Net income was $22.8 million or $0.20 per share in the first quarter and our cash and investments increased $32 million in the first quarter to $368.1 million at March 31. I will now turn the call over to Charlie Robb, our Chief Business Officer to provide an update on our litigation with generic manufacturers, Teva and Hickma pharmaceuticals. Charlie?