Journey Medical Corporation
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Range $10.5 – $13
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About the company
Journey Medical Corporation, a pharmaceutical firm established in Scottsdale, Arizona in 2014 (and previously known as Coronado Dermatology, Inc. ), is dedicated to the development and market introduction of treatments for skin conditions across the United States. Their product line encompasses key dermatological therapies such as Qbrexza, a medicated cloth wipe for managing primary axillary hyperhidrosis; Accutane, an oral isotretinoin drug for severe, persistent acne; Targadox, an oral doxycycline medication used as an additional treatment for severe acne; Ximino, an oral minocycline drug addressing moderate to severe acne; and Exelderm, offered as a topical cream and solution.
- CEO
- Claude Maraoui
- IPO
- 2021
- Employees
- 58
- HQ
- Scottsdale, AZ, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $206.14M
- P/E
- -33.16
- Fwd P/E
- 11.06
- PEG
- -1.58
- P/S
- 3.02
- P/B
- 6.41
- EV/EBITDA
- 111.43
- Div Yield
- 0.00%
- Gross Margin
- 62.24%
- Op Margin
- -4.41%
- Net Margin
- -8.95%
- ROE
- -20.23%
- ROIC
- -5.22%
Latest fiscal year · YoY change
- Revenue
- $61.86M+10.2%
- Gross Profit
- $36.68M+4.0%
- Op Income
- $-8,172,000
- Net Income
- $-11,431,000+22.1%
- EPS
- $-0.47+34.7%
- OCF Growth
- -36.3%
- FCF Growth
- +48.4%
- 52W High
- $9.55
- 52W Low
- $4.31
- 50D MA
- $6.65
- 200D MA
- $7.00
- Beta
- 1.08
- RSI (14)
- 67
- Avg Volume
- 254.45K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Journey Medical posted strong Q2 2026 revenue growth and improved profitability, driven by accelerating Amrozi adoption, better payer coverage, and tight expense control.· August 12, 2026
- Total revenue rose 23% year over year to $18.5 million, with Amrozi net revenue of $8.1 million.
- Gross margin was 67%, while SG&A fell to $10.9 million from $11.9 million, helping GAAP net loss narrow to $0.3 million, or $0.01 per share.
- Amrozi prescription momentum accelerated to about 36 thousand prescriptions in Q2, up from about 30 thousand in Q1, and June new prescriptions hit an all-time monthly high of over 5.3 thousand.
- Unique Amrozi prescribers rose to over 4.5 thousand from 3.2 thousand at the end of 2025, and commercial coverage improved to 38% of lives with single-step or better access.
- Management said 2026 remains on track to be a breakout year, with positive EBITDA already achieved in Q2 and expected to continue for the rest of the year.
Total revenue was $18.5 million in Q2 2026 versus $15 million in Q2 2025, up 23% year over year. Amrozi net revenue was $8.1 million, also described as significantly higher year over year and sequentially. Gross margin was 67%, consistent with the prior-year quarter. SG&A was $10.9 million versus $11.9 million a year ago. GAAP net loss narrowed to $0.3 million, or $0.01 per share, from a loss of $3.8 million, or $0.16 per share, in Q2 2025. Cash ended the quarter at $25.6 million versus $24.1 million at 12/31/2025. Management did not give formal next-quarter or full-year numerical guidance, but said it expects continued improvement in Amrozi ASP, more traction from a new national formulary addition in Q3, and positive EBITDA for the remainder of the year.
Claude Maraoui framed the quarter as evidence that the company is moving into a stronger growth and profitability phase. He emphasized accelerating Amrozi prescriptions, rising new prescribers, improving reimbursement, and better formulary access, saying these trends should continue in coming quarters. His tone was upbeat and confident, repeatedly calling 2026 a breakout year and highlighting both commercial momentum and pipeline-like expansion through new reps, journal publications, and Urox Cream.
Joseph Benesch focused on the financial leverage in the model: revenue grew 23% to $18.5 million while SG&A declined to $10.9 million, and gross margin held at 67%. He noted GAAP net loss improved to $0.3 million and EBITDA and adjusted EBITDA were positive for the quarter and the six months ended 6/30/2026, with adjusted EBITDA of $2.9 million in Q2 and $3.5 million for the six-month period. He also said cash was $25.6 million at quarter-end and reiterated the company’s focus on becoming sustainably EBITDA positive through revenue growth, margin improvement, and expense optimization.
Analysts pressed on whether Amrozi’s ASP improvement was helped by inventory movements; management said there were none and expects sequential ASP gains to continue as reimbursement improves. Questions also focused on seasonality, prescription plateaus, and whether QBREXZA is stable or declining; management said seasonality is limited, July prescriptions were about 14 thousand for Amrozi, and QBREXZA remains a meaningful, fairly consistent brand with some quarter-to-quarter variability. Analysts asked about SG&A and the new national formulary addition; management said SG&A may step up somewhat in 2H due to marketing and advertising, but should remain a similar percentage of revenue, while the new national plan should improve access and ASP over time. On access friction, management said the main barriers are still prior auths and multi-step edits on some plans, and they are working to move more lives to single-step or better.
The bull case is that Amrozi appears to be gaining real commercial traction, with faster prescription growth, a larger prescriber base, and improving payer access all moving in the right direction. Management also believes the company can keep expanding margins and profitability, citing positive EBITDA, strong cash generation trends, and relatively restrained expense growth.
The bear case is that much of Amrozi’s future upside still depends on payer negotiations and reducing access friction, which management said can take time and may involve prior auths or step edits. QBREXZA was a little light in the quarter, and the company signaled SG&A could rise in coming quarters as it spends more on marketing and advertising, which could slow operating leverage if revenue momentum fades.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 54.2%
- Shares Outstanding
- 27.52M
- Float Shares
- 14.90M
of shares held by institutions
73 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Wasatch Advisors LP | 2.86M | ▲ 725.56K |
| Tang Capital Management LLC | 1.61M | 0 |
| Vanguard Group Inc | 764.15K | ▲ 148.92K |
| Vanguard Capital Management LLC | 675.18K | ▼ 406.89K |
| Punch & Associates Investment Management, Inc. | 536.00K | ▲ 536.00K |
| Pale Fire Capital Se | 528.58K | ▲ 46.60K |
| Opaleye Management Inc. | 350.00K | ▼ 610.00K |
| Summit Financial, LLC | 346.75K | ▼ 33.06K |
| Jane Street Group, LLC | 320.02K | ▲ 320.02K |
| Diametric Capital, LP | 295.66K | ▲ 99.25K |
| Ikarian Capital, LLC | 251.44K | 0 |
| Renaissance Technologies LLC | 229.70K | ▼ 12.80K |
Held by 28 ETFs
Biggest fund positions in DERM by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 1, 26 | Toledano Miranda Jayne | other | 50,000 |
| Jul 1, 26 | Smith Justin Adam | other | 50,000 |
| Jul 1, 26 | Herskowitz Neil | other | 50,000 |
| Jun 25, 26 | Toledano Miranda Jayne | other | 10,000 |
| Jun 25, 26 | Smith Justin Adam | other | 10,000 |
| Jun 25, 26 | Herskowitz Neil | other | 10,000 |
| Jun 25, 26 | Pearce Michael Cooper | other | 10,000 |
| Jun 25, 26 | ROSENWALD LINDSAY A MD | other | 10,000 |
| Apr 22, 26 | Alloush Ramsey | other | 46,863 |
| Apr 22, 26 | Alloush Ramsey | other | 62,795 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our DERM coverage
Recent articles, reports, and earnings notes.
Want a deeper read on DERM?
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Journey Medical: Q2 Report Confirms Thesis On Track As Emrosi Launch Gains Traction
seekingalpha.com · Aug 19
Journey Medical Corporation (DERM) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 12
Here's What Key Metrics Tell Us About Journey Medical (DERM) Q2 Earnings
zacks.com · Aug 12
Journey Medical Corporation to Announce Second Quarter 2026 Financial Results on August 12, 2026
globenewswire.com · Aug 5
Journey Medical Corporation to Participate in A.G.P.'s Annual Virtual Healthcare Conference
globenewswire.com · May 19
Journey Medical Corporation (DERM) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 13
Journey Medical Corporation (DERM) Reports Q1 Loss, Beats Revenue Estimates
zacks.com · May 13
Journey Medical Corporation Reports First Quarter 2026 Financial Results and Recent Corporate Highlights
globenewswire.com · May 13
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
