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Mar 31, 2022
Optinose Q1 2022 Earnings Report
Optinose reported a net loss of $25.3 million and XHANCE net revenue of $14.8 million, a 35% increase compared to Q1 2021.
Key Takeaways
Optinose reported first quarter 2022 financial results, with XHANCE net revenue increasing by 35% to $14.8 million compared to the first quarter of 2021. The company's net loss for the quarter was $25.3 million, or $0.31 per share.
XHANCE net revenue increased 35% in Q1 2022 compared to Q1 2021, reaching $14.8 million.
The company expects full-year 2022 XHANCE net revenue to be at least $90 million.
Positive topline results were reported from ReOpen1 in March, with ReOpen2 topline results expected in June.
Prescriptions for XHANCE increased by 11% from 72,600 in Q1 2021 to 80,600 in Q1 2022.
Optinose
Optinose
Forward Guidance
Optinose provided guidance for full year 2022, expecting XHANCE net revenues of at least $90 million and average net revenue per prescription of at least $220. Total GAAP operating expenses are expected to be in the range of $135 - $140 million.
Positive Outlook
- XHANCE net revenues for the full year of 2022 to be at least $90 million.
- Full year 2022 XHANCE average net revenue per prescription to be at least $220.
- Top-line results from ReOpen2 expected in June 2022.
- Potential FDA approval of XHANCE for chronic sinusitis could expand market opportunities.
- Continued growth in XHANCE prescriptions
Challenges Ahead
- Total GAAP operating expenses for 2022 expected to be in the range of $135 - $140 million.
- Potential varying interpretation of results from ReOpen1.
- Risks and uncertainties relating to the completion and results of ReOpen2.
- Uncertainties related to the clinical development program and regulatory approval of XHANCE for the treatment of chronic sinusitis.
- Impact of, and uncertainties caused by the COVID-19 pandemic.