Q2 2024 OptiNose Inc Earnings Call Transcript
Key Points
- OptiNose Inc (OPTN) reported a promising start to their chronic sinusitis launch, indicating significant long-term potential for reshaping their business.
- The company achieved a 5% increase in XHANCE net revenue in Q2 2024 compared to Q2 2023, with net revenue reaching $20.5 million.
- OptiNose Inc (OPTN) increased their expectation for XHANCE net revenue per prescription for full-year 2024 to at least $250, a 20% increase compared to 2023.
- XHANCE was added to large Express Scripts' national formularies, marking the first time it held preferred Tier 2 coverage on a national formulary, which is expected to improve prescribing and fulfillment.
- The company has been successful in focusing on profitable business, moving away from lower profit and unprofitable business, which is expected to result in a healthier, more sustainable business long-term.
- OptiNose Inc (OPTN) reported an increase in SG&A plus R&D expenses in Q2 2024, rising by approximately $4 million compared to Q2 2023.
- The transition to a central intake pharmacy model (HUB) has been a slight headwind, as the company continues to optimize the process and familiarize HCP offices with the new fulfillment channel.
- The company narrowed its full-year 2024 XHANCE net revenue guidance range, reflecting the removal of revenues associated with lower profit and unprofitable business.
- There is a need for gradual growth in the first few quarters post-launch, as the company progressively implements insurance coverage changes and educates target prescribers.
- OptiNose Inc (OPTN) is in the early stages of their launch, and it will take time to realize the benefits of their initial efforts, indicating potential delays in achieving desired outcomes.
Hello, and welcome to the OptiNose second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Vice President of Investor Relations, Jonathan Neely.
Good morning. Thank you for joining us today as we review OptiNose's second-quarter 2024 performance and our plans for the remainder of the year. I'm joined today by our CEO, Dr. Ramy Mahmoud; and our Chief Commercial Officer, Paul Spence. Slides that will be presented on this call can be viewed on our website, optinose.com, in the Investors section.
Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements. All statements that are not historical facts are hereby identified as forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated
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