Q3 2024 Orexo AB Earnings Call Transcript
Key Points
- Orexo AB (ORXOY) reported stabilization in subsoil demand, particularly in the commercial segment, which is more profitable than Medicaid and Medicare.
- The company has seen a 22% growth in the commercial segment year-over-year, indicating strong market performance.
- Orexo AB (ORXOY) maintains a high gross margin of 86%, showcasing efficient cost management.
- The company is optimistic about the potential approval and market launch of OX 124, despite current delays.
- Orexo AB (ORXOY) is actively engaged in feasibility projects and partnerships, particularly around the Aor Fox platform, which shows promising opportunities for future growth.
- Orexo AB (ORXOY) faced setbacks with the FDA approval process for OX 124, requiring additional tests and manufacturing, leading to delays.
- The company experienced a decline in net revenues by 11.4% quarter-over-quarter, primarily due to inventory destocking and unfavorable FX rates.
- Legal expenses related to ongoing investigations and patent disputes have impacted financial performance.
- The company reported a marginally negative EBITDA for the third quarter, influenced by lower net revenues and legal costs.
- There is uncertainty around the timeline for OX 124 approval, as it depends on FDA's requirements for additional stability data.
Hello everyone.
Welcome to this third quarter results update from, from Orexo. It's what in Sweden is called a Super Thursday in terms of reports. For those of you who have chosen to dial into our call, I appreciate that a lot. As I understand we are in tight competition with other companies here at two o'clock, swedish time.
I am joined today by Freig Gin who will take us through the details in the financial development where I will give a business update and also close out about our future value drivers.
So just to start the presentation, I'll give a little brief. I think the we call the presentation a quarter with setbacks and achievements and the achievement. I think in this quarter is actually around sub even though when you look at the headlines and look at the net revenues, you could easily see, okay, this is is dropping compared to last year and compared to last quarter. But I think looking behind the data, we actually have, we're quite pleased to see where we are headed with subsoil and in particular when breaking down on different
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