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Dec 31, 2022
Optinose Q4 2022 Earnings Report
Reported fourth quarter and full year 2022 financial results and recent operational highlights.
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).
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%.
Historical Earnings Impact
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