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Sep 30, 2023
Optinose Q3 2023 Earnings Report
Reported XHANCE net revenue of $19.8 million and increased full year 2023 XHANCE net revenue guidance.
Key Takeaways
Optinose reported Q3 2023 financial results, featuring XHANCE net revenue of $19.8 million. The company has increased its full-year 2023 XHANCE net revenue guidance and significantly improved operating efficiency with a 33% reduction in SG&A and R&D expenses year-to-date.
XHANCE net revenue for Q3 2023 was $19.8 million.
Full year 2023 XHANCE net revenue guidance increased.
SG&A and R&D expenses decreased by 33% year-to-date.
PDUFA goal date for XHANCE Chronic Rhinosinusitis sNDA is December 16, 2023.
Optinose
Optinose
Optinose Revenue by Segment
Forward Guidance
Optinose expects XHANCE net revenues for the full year of 2023 to be between $66.0 to $70.0 million. The Company continues to expect total GAAP operating expenses for 2023 to be in the range of $88.0 to $93.0 million.
Positive Outlook
- XHANCE net revenues for the full year of 2023 to be between $66.0 to $70.0 million.
- Full year 2023 XHANCE average net revenue per prescription to be approximately $200.
- Total GAAP operating expenses for 2023 to be in the range of $88.0 to $93.0 million.
- Potential approval of XHANCE for chronic sinusitis could lead to rapid adoption.
- Company is preparing for a successful launch in 2024.
Challenges Ahead
- Potential non-compliance with certain covenants under the Amended and Restated Pharmakon Note Purchase Agreement.
- The company's ability to continue as a going concern is under substantial doubt.
- Decrease of 1% in net revenue from sales of XHANCE compared to the three-month period ended September 30, 2022.
- Risk of varying interpretation of the results from the ReOpen program.
- Uncertainties related to the clinical development program and regulatory approval of XHANCE for the treatment of chronic rhinosinusitis.