Q2 2024 HLS Therapeutics Inc Earnings Call Transcript
Key Points
- HLS Therapeutics Inc (HLTRF) reported solid growth in Q2 2024, with revenue from promoted products like Clozaril and Vascepa increasing by 11% in Canada.
- The company successfully reduced operating expenses by 13% while still achieving top-line growth.
- HLS Therapeutics Inc (HLTRF) completed the sale of the Xenpozyme royalty interest, strengthening its balance sheet and providing greater financial flexibility.
- Vascepa's Canadian revenue grew by 21% year over year, with unit demand increasing by 45% and a 76% rise in the consistent prescriber base.
- The company anticipates achieving brand profitability for Vascepa by the end of 2024, driven by unit demand growth, reduced operating expenses, and improved reimbursement rates.
- Total revenue for Q2 2024 was $14.5 million, down from $16.4 million in Q2 2023, primarily due to a decrease in royalty revenues.
- US Clozaril sales are down 5% year-to-date, affected by inventory build at the end of the previous year.
- The transition of the primary care sales function from Pfizer to HLS may cause some near-term customer impact.
- The company faces challenges in achieving balanced growth across payer channels, particularly in Ontario, where reimbursement processes are more complex.
- HLS Therapeutics Inc (HLTRF) is still working to optimize its portfolio and strengthen financials before pursuing new transactions or expanding its asset base.
Good morning, and welcome to the Q2 fiscal 2024 financial results conference call for HLS Therapeutics. On this morning's call, we have Craig Millian, Chief Executive Officer, and John Hanna, Interim Chief Financial Officer. (Operator Instructions)
HLS issued a news release announcing its financial results for the three and six months ended June 30, 2024. This news release, along with the company's MD&A and financial statements, are available on HLS website and on SEDAR+.
Please note that slides accompanying today's call can be viewed via webcast, a link to which is available in the company's earnings press release and at its website on the events page, certain matters discussed in today's conference call assurance that may be given to questions could constitute forward-looking statements.
Actual results could differ materially from those anticipated risk factors that could affect results are detailed in the Company's annual information form, which has been filed on SEDAR+ at www.sedarplus.com. During this
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