Aytu BioPharma (NASDAQ:AYTU) reported fiscal 2026 fourth-quarter revenue growth, a return to positive adjusted EBITDA and continued prescription gains for its recently launched depression treatment EXXUA, while its legacy ADHD portfolio performed better than management expected.
For the quarter ended June 30, 2026, net revenue rose 6% to $16.1 million from $15.1 million a year earlier and increased from $12.4 million in the prior quarter. Full-year revenue was $57.6 million. The company reported a fourth-quarter net loss of $0.1 million, compared with a $19.8 million loss in the prior-year quarter, while adjusted EBITDA was positive $0.5 million, following a $2.8 million adjusted EBITDA loss in the fiscal third quarter.
EXXUA Launch Gains Momentum
Total EXXUA prescriptions reached 3,323 during the June quarter, compared with 1,398 in the March quarter. Monthly prescriptions increased from 973 in April to 1,089 in May and 1,261 in June. The company reported 1,377 prescriptions in July and 1,408 in August, with Disbrow noting that August growth occurred despite a decline in the broader major depressive disorder market.
Management said it has adjusted its sales organization during the launch to emphasize representative productivity. The EXXUA field force declined to 32 representatives in July from 43 at the end of March as the company replaced or adjusted lower-performing personnel. It subsequently rebuilt the organization to approximately 42 representatives and continues to fill open positions.
Using month-end headcount, Disbrow said prescriptions per sales representative rose to about 43 in July from approximately 18 in March. The company’s top 10 active sales specialists averaged nearly 15 prescriptions per week, while its top five averaged 18.5 weekly prescriptions. Management said 24 territories, representing about 60% of the current sales force, accounted for 70% of EXXUA prescriptions.
For the week ended Sept. 4, before Labor Day, EXXUA generated 394 prescriptions, which Disbrow described as a significant increase from July and August levels. Nearly 1,200 unique prescribers had written the drug and nearly 2,500 unique patients had received it, according to the company’s launch-to-date update.
Disbrow said reimbursement approval rates have been favorable and that Medicaid and Medicare are becoming a larger part of EXXUA’s payer mix. During the question-and-answer session, he said approval rates for claims submitted through the company’s access program were “in the neighborhood of 70%.” The company has not entered commercial payer contracts or supplemental Medicaid and Medicare rebate agreements, and management said it does not currently see a need to pursue such contracts proactively.
Legacy Portfolio Supports Commercial Investment
The ADHD portfolio produced $10.4 million of fourth-quarter revenue, compared with $9.1 million in the prior quarter and $13.1 million a year earlier. Disbrow said the Adzenys brand and its authorized generic retained approximately 80% of prescriptions in the market for Adzenys and generic equivalents.
The company also has a Cotempla authorized generic in the market. Management said Teva had not launched its generic Cotempla version as of the call, despite a July 1 date permitted under the companies’ settlement agreement. Disbrow said that could provide upside to the company’s base-case assumptions for Cotempla revenue.
The pediatric portfolio contributed $1.8 million in quarterly net revenue, up from $0.9 million in the March quarter and compared with $2 million a year earlier. Management described those products as mature but said they remain contributors to the company’s legacy business and cash generation.
Margins, Cash and Fiscal 2027 Framework
Chief Financial Officer Ryan Selhorn said fourth-quarter gross profit was $10.4 million, producing a gross margin of about 65%, compared with $10.3 million and 68% in the prior-year period. Gross margin improved from 61% in the third quarter, which included a $0.7 million inventory write-down. For the full fiscal year, gross profit was $36.8 million, or 64% of revenue.
Cash and cash equivalents totaled $26.3 million at June 30, compared with $26.7 million at March 31 and $31 million at the end of fiscal 2025. The company reduced its revolving credit facility balance to $6.1 million from $10.4 million during the quarter and subsequently repaid the remaining revolver balance, Selhorn said. Aytu generated $3.3 million of operating cash flow during fiscal 2026, compared with using $1.9 million in fiscal 2025.
For fiscal 2027, Aytu did not provide revenue guidance. It expects GAAP operating expenses of approximately $49 million to $54 million and cash-based operating expenses of about $45 million to $49 million. The company plans to invest up to $6 million in sales and marketing that had been deferred from fiscal 2026, supporting EXXUA sales-force coverage, marketing and education programs.
Management expects gross margin to be lowest in the first part of fiscal 2027 before improving with product mix and EXXUA growth, with a target of approaching 66% to 67% in the fiscal fourth quarter. Selhorn said the company expects lower adjusted EBITDA and operating cash flow in the first half due to planned commercial investments, ADHD seasonality and annual PDUFA fees. Based on current plans, Aytu expects the six months ending June 30, 2027, to generate positive adjusted EBITDA.
About Aytu BioPharma (NASDAQ:AYTU)
Aytu BioPharma, Inc is a specialty pharmaceutical company focused on commercializing prescription medicines, primarily for pediatric and primary-care markets. The company’s activities include acquiring, developing and commercializing products intended to address unmet needs in areas such as attention deficit hyperactivity disorder (ADHD), allergies and other common medical conditions.
Aytu’s ADHD portfolio has included Adzenys XR-ODT, an orally disintegrating extended-release amphetamine tablet; Cotempla XR-ODT, an orally disintegrating extended-release methylphenidate tablet; and Dyanavel XR, an extended-release liquid amphetamine formulation.
