Optinose Reports Third Quarter 2024 Financial Results and Recent Operational Highlights
Company reports Q3 2024 XHANCE net revenue of $20.4 million, an increase of 3% compared to Q3 2023
Company reports positive inflection in new prescriptions of XHANCE starting in September
Company decreases full year 2024 XHANCE net revenue guidance to be between $75.0 to $79.0 million and increases expected average net revenue per prescription guidance to be approximately $270
Company decreases full year 2024 operating expenses guidance to be between $90.0 to $93.0 million
Conference call and webcast to be held today at 8:00 a.m. Eastern Time
YARDLEY, Pa., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Optinose (NASDAQ:OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today reported financial results for the quarter ended September 30, 2024, and provided recent operational highlights.
"While our revenue in third quarter was not in line with our expectations, we believe that we are now observing a clear inflection in new prescription demand," stated CEO Ramy Mahmoud, MD, MPH. "We believe the recent accelerating trend in new prescription demand reinforces the magnitude of the longer-term opportunity. In addition, we believe that our experience in the initial phases of the launch has improved our understanding of the key drivers of adoption and that this experience will help support achievement of our peak year objective."
Third Quarter 2024 and Recent Highlights
New Prescriptions (NRx)The four-week moving average of weekly NRx ranged between approximately 1,760 to 1,960 for the weeks ended June 28, 2024 through September 6, 2024. With the inflection first observed in September, the moving average increased to approximately 2,300 to 2,500 NRx per week in October (through the week ended October 25) an increase of approximately 20% to 40% percent compared to the prior range. In addition, NRx for the most recent six weeks ending the week of October 25th include the top five ranked weeks for NRx in 2024.
Third Quarter 2024 Financial Results
Total revenuesThe Company reported $20.4 million in net revenue from sales of XHANCE during the three-month period ended September 30, 2024, an increase of 3% compared to $19.8 million during the three-month period ended September 30, 2023. For the nine-month period ended September 30, 2024, the Company reported $55.8 million in net revenue from sales of XHANCE, an increase of 9% compared to the nine-month period ended September 30, 2023.
Costs and expenses and net lossFor the three-month and nine-month periods ended September 30, 2024, research and development expenses were $0.9 million and $3.1 million, respectively. Selling, general and administrative expenses were $19.5 million and $64.1 million, respectively, for the three-month and nine-month periods ended September 30, 2024.
The net income for the three-month period ended September 30, 2024 was $0.5 million, or $0.00 per share (diluted). The net loss for the nine-month period ended September 30, 2024 was $21.2 million, or $0.20 per share (diluted).
Balance SheetThe Company had cash and cash equivalents of $82.5 million as of September 30, 2024.
Financial Guidance
XHANCE Net Revenue The Company expects XHANCE net revenues for the full year of 2024 to be between $75.0 to $79.0 million. Previously the Company expected XHANCE net revenues for the full year of 2024 to be between $85.0 to $90.0 million.
XHANCE Average Net Revenue per PrescriptionThe Company expects full year 2024 XHANCE average net revenue per prescription to be approximately $270. Previously the Company expected full year 2024 XHANCE average net revenue per prescription to exceed $250.
Operating ExpensesThe Company expects total GAAP operating expenses (selling, general & administrative expenses and research & development expenses) for 2024 to be between $90.0 to $93.0 million, of which the Company expects stock-based compensation to be approximately $6.0 million. Previously the Company expected total GAAP operating expenses for 2024 to be between $95.0 to $101.0 million, of which the Company expected stock-based compensation to be approximately $6.0 million.
Company to Host Conference CallMembers of the Company's leadership team will host a conference call and presentation to discuss financial results and corporate updates beginning at 8:00 a.m. Eastern Time today.
Participants may access the conference call live via webcast by visiting the Investors section of Optinose's website at http://ir.optinose.com/presentations. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a personal PIN that can be used to access the call. In addition, a replay of the webcast will be available on the Company website for 60 days following the event.
OptiNose, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Revenues:
Net product revenues
$
20,437
$
19,823
$
55,807
$
51,122
Total revenues
20,437
19,823
55,807
51,122
Costs and expenses:
Cost of product sales
$
2,065
$
2,225
$
5,277
$
6,502
Research and development
949
1,281
3,083
4,017
Selling, general and administrative
19,475
18,011
64,121
60,839
Total costs and expenses
