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Jun 30, 2021
Optinose Q2 2021 Earnings Report
Optinose's financial performance increased in the second quarter of 2021.
Key Takeaways
Optinose reported a strong second quarter in 2021, with XHANCE net revenue increasing by 79% compared to the second quarter of 2020. The company is focused on achieving at least $80 million in XHANCE net revenue for the full year and completing enrollment in the second chronic sinusitis pivotal clinical trial.
XHANCE net revenue for the second quarter of 2021 was $18.4 million, a 79% increase compared to the second quarter of 2020.
XHANCE prescriptions increased by 33% from the second quarter of 2020.
Patient recruitment was completed in the first pivotal clinical trial for chronic sinusitis.
A new treatment algorithm highlighted the role of XHANCE in managing chronic rhinosinusitis with nasal polyps.
Optinose
Optinose
Forward Guidance
Optinose expects XHANCE net revenue for the full year of 2021 to be at least $80 million and XHANCE net revenue per prescription to be greater than $200. Total GAAP operating expenses for 2021 are projected to be in the range of $137 - $142 million, including approximately $10 million in stock-based compensation. Top-line results from the first chronic sinusitis trial are expected in the first quarter of 2022, and top-line results from the second trial are expected in the second quarter of 2022.
Positive Outlook
- XHANCE net revenue is expected to be at least $80 million for the full year 2021.
- XHANCE net revenue per prescription is expected to be greater than $200 for the full year 2021.
- Top-line results from the first chronic sinusitis trial are expected in the first quarter of 2022.
- Top-line results from the second chronic sinusitis trial are expected in the second quarter of 2022.
- Patient enrollment in the second clinical trial is expected to be completed in Q4 2021.
Challenges Ahead
- Total GAAP operating expenses for 2021 are expected to be in the range of $137 - $142 million.
- Stock-based compensation is expected to be approximately $10 million.
- Uncertainties and delays relating to the enrollment, completion, and results of clinical trials.
- The Company's ability to comply with the covenants and other terms of the Pharmakon note purchase agreement.
- Risks and uncertainties relating to intellectual property.