Corcept Therapeutics Incorporated (NASDAQ:CORT) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET
Company Participants
Atabak Mokari - Chief Financial Officer
Charlie Robb - Chief Business Officer
Joe Belanoff - Chief Executive Officer
Conference Call Participants
David Amsellem - Piper Sandler
Matt Kaplan - Ladenburg
Swayampakula Ramakanth - H. C. Wainwright
Joon Lee - Truist
Operator
Good day and thank you for standing by. Welcome to the Corcept Therapeutics Conference Call. At this time, all participants are in listen-only mode. After speaker's presentation, there will be a question-and-answer session. [Operator Instructions]
Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Atabak Mokari, Chief Financial Officer. Please go ahead.
Atabak Mokari
Hello, everyone. Good afternoon, and thank you for joining us. Today, we issued a press release announcing our financial results for the third quarter and providing a corporate update. A copy is available at corcept.com. Our complete financial results will be available when we file our Form 10-Q with the SEC. Today's call is being recorded. A replay will be available at 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 be materially different from those such statements express or imply. 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, all of which are publicly available at the SEC's website. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements.
Our revenue in the third quarter of 2024 was $182.5 million an increase of 48% compared to the third quarter of last year. We expect our revenue growth to continue and have increased our 2024 revenue guidance to $675 million to $700 million. Net income was $47.2 million in the third quarter compared to $31.4 million in the third quarter of the prior year. Our cash and investments at September 30th were $547.6 million compared to $492.5 million at June 30th.
We acquired $23.4 million of our common stock in the third quarter pursuant to our stock repurchase program, the net exercise of stock options by Corecept employees and the net vesting of restricted stock grants.