Krystal Biotech (KRYS) reported Q1 earnings Tuesday of $1.20 per diluted share, up from $0.03 a year earlier.

Analysts polled by FactSet expected $1.72.

Net product revenue for the quarter ended March 31 was $88.2 million, up from $45.3 million a year earlier.

Analysts surveyed by FactSet expected $96.2 million.

The company said it ended the quarter with $765.3 million in cash, cash equivalents, and investments.

Shares of Krystal Biotech were down more than 6% in recent Tuesday premarket activity.