Optinose Q4 2022 Earnings Report
Key Takeaways
Optinose reported Q4 2022 net revenue of $20.9 million, a decrease of 7% compared to the same period in 2021. The company's net loss for the quarter was $15.1 million, or $0.17 per share. The company had cash and cash equivalents of $94.2 million as of December 31, 2022.
Company submitted sNDA for XHANCE label expansion in February 2023.
XHANCE net revenue for the fourth quarter was $20.9 million.
The company anticipates a submission acceptance decision by FDA by the start of May 2023.
The net loss for the three-month period ended December 31, 2022 was $15.1 million, or $0.17 per share (basic and diluted).
Optinose
Optinose
Forward Guidance
Optinose expects XHANCE net revenues for the full year of 2023 to be between $62.0 to $68.0 million and XHANCE average net revenue per prescription to be approximately $200 for full year 2023.
Positive Outlook
- The Company expects XHANCE average net revenue per prescription to be approximately $200 for full year 2023.
- Total GAAP operating expenses for 2023 to be in the range of $90.0 to $95.0 million
- The Company expects XHANCE net revenues for the full year of 2023 to be between $62.0 to $68.0 million
- The company expects stock-based compensation to be approximately $8.0 million.
- The Company expects XHANCE net revenues for first quarter 2023 will be approximately $10.0 million.
Challenges Ahead
- XHANCE net revenues attributable to a launch as a treatment for patients with chronic sinusitis are not assumed in the full year 2023 guidance range.
- The Company has prioritized the potential launch of XHANCE as a treatment for chronic sinusitis and will reduce total GAAP operating expenses for full year 2023 compared to full year 2022 by approximately $30.0 million or 25%.
- Approximately half of the $30.0 million reduction is attributable to sales and marketing and the remainder is attributable to reduced research and development, and general and administrative expenses.
- The Company believes that it is probable that it will not be able to maintain compliance with certain financial and liquidity covenants contained in the Note Purchase Agreement for at least the next 12-months.
- The Company's audited financial statements for the year ended December 31, 2022 will state that there is substantial doubt about the Company's ability to continue as a going concern