Ironwood cuts FY24 revenue view to $350M-$375M from $405M-$425M

Consensus $410.05M. Cuts FY24 adjusted EBITDA view to greater than $75M from greater than $120M. The company said, “Adjusted EBITDA is calculated by subtracting restructuring expenses, net interest expense, income taxes, depreciation and amortization, and acquisition-related costs from GAAP net loss. For purposes of the 2024 guidance, Ironwood has assumed it will not incur material expenses related to business development activities in 2024 and excludes any costs associated with potential CNP-104 option exercise.”