Revenue growth remains volatile and inconsistent, evidenced by a 27.5% year-over-year increase in 2026Q1 that failed to prevent a $32.8 million operating loss.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 427.68M | 407.32M | 333.62M | 124.46M | 52.16M | 10.1M | 7.57M | 5.28M | 2.61M | 42M | 24.03M | 24.03M | 31.62M | 28.93M | 5.41M |
| Revenue Growth % | 18.24% | 22.09% | 168.06% | 138.61% | 416.57% | 33.36% | 43.36% | 102.57% | -93.79% | 74.81% | 0% | -24.02% | 9.32% | 434.71% | - |
| Cost of Goods Sold | 34.5M | 42.6M | 50.56M | 17.8M | 4.12M | 1M | 145K | 600K | 466K | 8.4M | 1.29M | 829K | 25.9M | 28.09M | 1.91M |
| COGS % of Revenue | - | 10.46% | 15.15% | 14.3% | 7.89% | 9.9% | 1.92% | 11.36% | 17.88% | 20% | 5.39% | 3.45% | 81.9% | 97.11% | 35.34% |
| Gross Profit | 393.18M | 364.72M | 283.06M | 106.66M | 48.04M | 9.1M | 7.43M | 4.68M | 2.14M | 33.6M | 22.73M | 23.2M | 5.72M | 835K | 3.5M |
| Gross Margin % | 91.93% | 89.54% | 84.85% | 85.7% | 92.11% | 90.1% | 98.08% | 88.64% | 82.13% | 80% | 94.61% | 96.55% | 18.1% | 2.89% | 64.66% |
| Gross Profit Growth % | - | 28.85% | 165.38% | 122.02% | 428.1% | 22.5% | 58.64% | 118.64% | -93.63% | 47.82% | -2.01% | 305.33% | 585.39% | -76.13% | - |
| Operating Expenses | 430.6M | 405.7M | 311.01M | 169.94M | 111.8M | 163.44M | 98.21M | 95.94M | 93.09M | 98.72M | 112.89M | 53.41M | 33.19M | 31.79M | 14.21M |
| OpEx % of Revenue | - | 99.6% | 93.22% | 136.54% | 214.35% | 1618.73% | 1297.13% | 1816.78% | 3570.69% | 235.04% | 469.89% | 222.32% | 104.95% | 109.9% | 262.75% |
| Selling, General & Admin | 356.28M | 337.23M | 258.69M | 134.4M | 76.6M | 72.3M | 33.15M | 24.27M | 23.71M | 23.23M | 18.73M | 13.53M | 7.29M | 3.7M | 4.03M |
| SG&A % of Revenue | - | 82.79% | 77.54% | 107.99% | 146.86% | 716.08% | 437.89% | 459.52% | 909.67% | 55.31% | 77.97% | 56.31% | 23.04% | 12.79% | 74.51% |
| Research & Development | 74.32M | 68.47M | 52.32M | 35.54M | 35.2M | 91.14M | 65.05M | 71.68M | 69.37M | 75.48M | 94.16M | 39.88M | 25.9M | 28.09M | 10.18M |
| R&D % of Revenue | - | 16.81% | 15.68% | 28.55% | 67.49% | 902.64% | 859.24% | 1357.26% | 2661.03% | 179.72% | 391.91% | 166.01% | 81.9% | 97.11% | 188.24% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508K | -261K | -1.58M | -52K | -30K |
| Operating Income | -37.42M | -40.98M | -27.95M | -63.28M | -63.76M | -154.35M | -90.78M | -91.26M | -90.95M | -65.11M | -112.89M | -29.39M | -1.56M | -2.87M | -8.8M |
| Operating Margin % | -8.75% | -10.06% | -8.38% | -50.84% | -122.24% | -1528.63% | -1199.05% | -1728.14% | -3488.57% | -155.04% | -469.89% | -122.32% | -4.95% | -9.9% | -162.75% |
| Operating Income Growth % | - | -46.61% | 55.83% | 0.76% | 58.69% | -70.02% | 0.53% | -0.35% | -39.67% | 42.32% | -284.14% | -1779.09% | 45.41% | 67.46% | - |
| EBITDA | -34.96M | -37.92M | -25.89M | -61.98M | -62.62M | -151.54M | -86.81M | -86.92M | -88.27M | -62.48M | -111.6M | -28.56M | -1.26M | -2.27M | -8.13M |
| EBITDA Margin % | -8.18% | -9.31% | -7.76% | -49.8% | -120.05% | -1500.83% | -1146.6% | -1645.96% | -3385.85% | -148.75% | -464.5% | -118.87% | -3.99% | -7.86% | -150.28% |
| EBITDA Growth % | 6.49% | -46.48% | 58.24% | 1.01% | 58.68% | -74.57% | 0.13% | 1.52% | -41.28% | 44.02% | -290.76% | -2163.07% | 44.48% | 72.04% | - |
| D&A (Non-Cash Add-back) | 2.46M | 3.06M | 2.06M | 1.29M | 1.14M | 2.81M | 3.97M | 4.34M | 2.68M | 2.64M | 1.29M | 829K | 302K | 592K | 675K |
| EBIT | -4.63M | -40.98M | -18.78M | -56.65M | -62.13M | -153.66M | -89.21M | -88.91M | -87.76M | -63.16M | -112.89M | -29.39M | -1.56M | -2.87M | -8.8M |
| Net Interest Income | -22.14M | -28.4M | -20.09M | -8.87M | -5.07M | -4.5M | -5.1M | -5.73M | -3.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.54M | 28.4M | 20.09M | 8.87M | 5.07M | 4.5M | 5.1M | 5.73M | 3.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -20.52M | -19.65M | -10.92M | -2.24M | -3.44M | -3.81M | -3.53M | -3.37M | -347K | 1.96M | 508K | -261K | -1.58M | -3.56M | -980K |
| Pretax Income | -57.94M | -60.63M | -38.87M | -65.52M | -67.2M | -158.16M | -94.31M | -94.64M | -91.29M | -63.16M | -112.39M | -29.65M | -3.15M | -6.42M | -9.79M |
| Pretax Margin % | -13.55% | -14.89% | -11.65% | -52.65% | -128.84% | -1566.42% | -1245.69% | -1792.03% | -3501.88% | -150.38% | -467.77% | -123.41% | -9.95% | -22.2% | -180.87% |
| Income Tax | 118K | 969K | 266K | 547K | 8K | 4K | 2K | 303K | 4K | 1.18M | 29K | -29K | 67K | 141K | 0 |
| Effective Tax Rate % | -0.2% | -1.6% | -0.68% | -0.83% | -0.01% | -0% | -0% | -0.32% | -0% | -1.87% | -0.03% | 0.1% | -2.13% | -2.2% | 0% |
| Net Income | -58.06M | -61.6M | -39.14M | -66.07M | -67.21M | -158.16M | -94.31M | -94.94M | -91.3M | -64.34M | -112.39M | -29.62M | -3.21M | -6.56M | -9.79M |
| Net Margin % | -13.58% | -15.12% | -11.73% | -53.08% | -128.85% | -1566.46% | -1245.71% | -1797.77% | -3502.03% | -153.19% | -467.77% | -123.29% | -10.16% | -22.69% | -180.87% |
| Net Income Growth % | -7.99% | -57.4% | 40.76% | 1.7% | 57.51% | -67.7% | 0.66% | -3.99% | -41.9% | 42.75% | -279.42% | -821.62% | 51.04% | 32.92% | - |
| Net Income (Continuing) | -58.06M | -61.6M | -39.14M | -66.07M | -67.21M | -158.16M | -94.31M | -94.94M | -91.3M | -64.34M | -112.39M | -29.62M | -3.21M | -6.56M | -9.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.26 | -0.17 | -0.30 | -0.42 | -1.52 | -1.05 | -1.47 | -1.62 | -1.36 | -2.80 | -1.29 | -0.17 | -0.49 | -0.73 |
| EPS Growth % | -4.77% | -52.94% | 43.33% | 28.57% | 72.37% | -44.76% | 28.57% | 9.26% | -19.12% | 51.43% | -117.05% | -658.82% | 65.31% | 32.88% | - |
| EPS (Basic) | - | -0.26 | -0.17 | -0.30 | -0.42 | -1.52 | -1.05 | -1.47 | -1.62 | -1.36 | -2.80 | -1.29 | -0.17 | -0.49 | -0.73 |
| Diluted Shares Outstanding | 245.86M | 241.03M | 235.23M | 219.33M | 158.69M | 104.21M | 89.58M | 64.48M | 56.22M | 47.44M | 40.12M | 22.89M | 18.54M | 13.34M | 13.34M |
| Basic Shares Outstanding | 245.86M | 241.03M | 235.23M | 219.33M | 158.69M | 104.21M | 89.58M | 64.48M | 56.22M | 47.44M | 40.12M | 22.89M | 18.54M | 13.34M | 13.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement uncertainty
According to recent financial filings, Ardelyx's quarterly revenue growth has exhibited significant volatility, ranging from a 22.2% contraction in late 2023 to a 74.2% surge in 2024Q3, suggesting that top-line expansion remains heavily dependent on lumpy milestone payments rather than purely organic, predictable product demand.
The erratic nature of revenue growth indicates that the company has yet to establish a stable, recurring commercial baseline for its core products. Investors should monitor whether future quarters show a smoothing of these growth rates as the commercial footprint for XPHOZAH matures and becomes less reliant on non-recurring licensing events.
As reported in financial statements, Ardelyx maintains a robust gross margin profile consistently exceeding 80%, with a peak of 95.6% in 2025Q3, which highlights the inherent profitability of its small-molecule therapeutic model despite the significant commercialization costs required to drive market adoption for its specialized portfolio.
While the gross margin suggests strong pricing power and efficient manufacturing, the wide variance in quarterly margins implies potential sensitivity to gross-to-net adjustments and channel inventory fluctuations. This structural efficiency is currently overshadowed by the high operating expenses required to maintain a dual-specialty sales force.
Based on reported figures, Ardelyx's operating income has struggled to maintain positive territory, swinging from a $8.1 million profit in 2024Q4 to a $32.8 million loss in 2026Q1, demonstrating that SG&A expenses continue to scale disproportionately relative to the company's gross profit generation capabilities.
The inability to consistently scale operating income suggests that the current commercial infrastructure is oversized relative to the revenue base. Unless the company can achieve a more favorable ratio of SG&A to revenue, the path to sustainable operating profitability appears to be significantly delayed.
Data from recent income statements reveals that SG&A expenses have climbed from $47.7 million in 2023Q4 to $102.3 million in 2026Q1, indicating that management is aggressively prioritizing market penetration over immediate cost discipline in an effort to establish XPHOZAH as a standard-of-care treatment.
This aggressive spending strategy reflects a high-stakes bet on long-term market share, but it places immense pressure on the company's limited cash reserves. The lack of expense discipline warrants further investigation into whether these investments are yielding the expected conversion of prescriptions into realized net revenue.
Analysis of the income statement suggests that the company's reliance on equity-funded growth, combined with a $68 million cash position and persistent operating losses, creates a precarious financial profile that may necessitate further dilutive financing if revenue growth fails to accelerate significantly in the coming quarters.
Short-sellers would likely focus on the disconnect between the company's high-touch sales model and the actual realized net revenue per patient. The risk of margin compression due to potential CMS reimbursement changes remains a critical threat that could render the current high-cost commercial structure unsustainable.
Quick answers to the most common questions about buying ARDX stock.
For fiscal year 2025, Ardelyx, Inc. (ARDX) reported total revenue of $407.3M. This represents a 7429.0% increase compared to $5.4M in 2012.
Ardelyx, Inc. (ARDX) reported a net loss of $61.6M for the fiscal year ending 2025.
Ardelyx, Inc. (ARDX) reported an operating income of $-41.0M, resulting in an operating profit margin of -10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardelyx, Inc. (ARDX) generated $364.7M in gross profit for the year, representing a gross profit margin of 89.5%. This demonstrates the company's core pricing power and production efficiency.