scPharmaceuticals Q1 2023 Earnings Report
Key Takeaways
scPharmaceuticals announced the launch of FUROSCIX and reported $2.1 million in net FUROSCIX revenue for Q1 2023. The company ended the quarter with $116.1 million in cash, cash equivalents and short-term investments. Net loss for the quarter was $11.2 million.
Launched and commercially available FUROSCIX on February 20, 2023.
Generated net FUROSCIX revenue of $2.1 million in Q1 2023.
Ended Q1 2023 with $116.1 million in cash, cash equivalents and short-term investments.
Secured positive coverage and a preferred formulary decision by a top five national commercial health plan effective June 1, 2023.
scPharmaceuticals
scPharmaceuticals
scPharmaceuticals Revenue by Segment
Forward Guidance
scPharmaceuticals is focused on expanding coverage and favorable formulary placement of FUROSCIX, aiming to increase the percentage of heart failure patients with access to a fixed-tier copay of $100 or less from the current 60% towards a goal of 75% or more. The company believes it is well-funded to execute its commercial plan and deliver FUROSCIX to patients.
Positive Outlook
- Securing the broadest and most favorable coverage of FUROSCIX with both commercial and Medicare Part D payers.
- Recently notified by a top five national health plan that FUROSCIX would be placed in a preferred formulary status across all of its commercial plans effective June 1st.
- Working to increase the percentage of heart failure patients who have access to FUROSCIX through a fixed-tier copay of $100 or less, currently 60%, toward our goal of 75% or more.
- Well funded, with more than $116 million of cash, cash equivalents and investments as of March 31st.
- Ample resources to continue to execute on our commercial plan and deliver FUROSCIX to the heart failure patients who stand to benefit from this novel outpatient treatment alternative
Challenges Ahead
- Risk of any unforeseen delays or setbacks in the commercialization of FUROSCIX.
- Risk of the ability of the FUROSCIX On-Body Infusor to appropriately deliver therapy.
- Risks related to manufacturing and quality assurances processes.
- Risk that global economic factors and uncertainties, including as a result of the COVID-19 pandemic, will impact the Company’s operations.
- The company reported a net loss of $11.2 million for the first quarter of 2023