Q2 2024 Aurinia Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Aurinia Pharmaceuticals Inc (AUPH) achieved a strong second quarter performance with $57.2 million in total net revenue, representing a 38% growth compared to the same period in 2023.
- Year-to-date total net revenue was $107.5 million, showing a 42% growth compared to the same period in 2023.
- The company achieved approximately $15.8 million in positive free cash flow in the second quarter, ahead of initial projections.
- Aurinia Pharmaceuticals Inc (AUPH) added 428 patient start forms and approximately 127 new patients, showing substantial year-over-year growth.
- The company sustained a high conversion rate of approximately 85% of patient start forms converting to patients on therapy, with a rapid conversion time of approximately 60% of patients starting therapy within 20 days.
- Despite the positive growth, the quarterly performance from Q1 to Q2 showed a slight decrease in the weekly run rate of new patients.
- The company has not yet seen a significant increase in urine screening rates, which is crucial for diagnosing lupus nephritis patients.
- Gross margin decreased to approximately 84% for the quarter ended June 30, 2024, compared to 96% for the same period in 2023, impacted by the amortization of the mono plant and lower margin sales.
- SG&A expenses, inclusive of share-based compensation, were still high at $44.9 million for the quarter ended June 30, 2024.
- The company recorded a net loss of $10 million for the six months ended June 30, 2024, despite the positive free cash flow in the second quarter.
Good day, ladies and gentlemen. Welcome to Aurinia Pharmaceuticals second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the conference over to your host, Andrea Christopher, Head of Corporate Communications and Investor Relations for Aurinia Pharmaceuticals. Thank you. You may begin.
Thank you, operator. And thank you to everyone for joining today's call and webcast. Joining me on the call this morning are Peter Greenleaf, Aurinia's Chief Executive Officer; Joe Miller, our Chief Financial Officer, and Dr. Greg Keenan, our Chief Medical Officer. Today, we will review and discuss Aurinia's 2024 second quarter financial and operational results as communicated in the company's press release issued this morning.
The company also filed its quarterly financial statements on Form 10-Q this morning. For more information, please refer to Aurinia's filings with the US Securities and
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