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Mar 31, 2021
Optinose Q1 2021 Earnings Report
Optinose's first quarter revenue increased driven by XHANCE sales and licensing revenue.
Key Takeaways
Optinose reported a total revenue of $12.0 million for Q1 2021, with XHANCE net revenue increasing by 55% compared to Q1 2020. The company's net loss for the quarter was $26.1 million, or $0.49 per share.
XHANCE net revenues increased 55% compared to the first quarter of 2020.
Total revenue for the first quarter of 2021 was $12.0 million, including $11.0 million in net product revenues from XHANCE and $1.0 million from licensing.
The number of XHANCE prescriptions increased by 30% year-over-year.
The company expects XHANCE net revenues for the full year 2021 to be at least $80 million.
Optinose
Optinose
Forward Guidance
Optinose anticipates XHANCE net revenues to be at least $80 million for the full year 2021 and expects full year 2021 XHANCE net revenue per prescription to increase compared to full year 2020. Total GAAP operating expenses for 2021 are projected to be in the range of $137 - $142 million.
Positive Outlook
- XHANCE net revenues for the full year of 2021 to be at least $80 million
- Full year 2021 XHANCE net revenue per prescription to increase compared to full year 2020
- Completing enrollment in the first of its clinical trials evaluating XHANCE as a potential treatment for Chronic Sinusitis in third quarter 2021
- Top line results in first quarter 2022 for chronic sinusitis trials
- Top line results from the other trial in the first half of 2022.
Challenges Ahead
- Total GAAP operating expenses for 2021 to be in the range of $137 - $142 million
- Impact of, and uncertainties caused by the COVID-19 pandemic
- Physician and patient acceptance of XHANCE
- The Company’s ability to maintain adequate third-party reimbursement for XHANCE (market access)
- Market opportunities for XHANCE may be smaller than expected