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Mar 31, 2024
scPharmaceuticals Q1 2024 Earnings Report
scPharmaceuticals reported first quarter 2024 financial results and provided a business update.
Key Takeaways
scPharmaceuticals generated $6.1 million in net FUROSCIX revenue for Q1 2024, despite an estimated 10% impact from the Change Healthcare cyberattack. The company ended the quarter with $58.4 million in cash and cash equivalents.
Generated net FUROSCIX revenue of $6.1 million, despite an estimated 10% negative impact to doses filled during the first quarter resulting from the Change Healthcare cyberattack as well as seasonality resulting from patient copays resetting.
Total FUROSCIX doses written were 17,376, up 28% sequentially as compared to 13,542 in the fourth quarter of 2023.
FUROSCIX doses filled were 8,074, up 15% sequentially from 7,016 in the fourth quarter of 2023.
Ended the first quarter of 2024 with cash and cash equivalents of $58.4 million.
Revenue by Segment
Forward Guidance
scPharmaceuticals anticipates that the GTN discount will increase over time, possibly approaching 30-35% by the end of this year, consistent with prior long-term guidance. The company plans to file a sNDA by the end of this year for a low volume auto-injector for FUROSCIX, if successful.
Positive Outlook
- Continued sales momentum in the first quarter.
- Leading indicators suggest treating providers are increasingly more comfortable prescribing FUROSCIX.
- Progress in contracting efforts with payers.
- Advancing life cycle and long-term growth initiatives for FUROSCIX.
- Potential expansion of the FUROSCIX indication to include NYHA Class IV heart failure patients.
Challenges Ahead
- Seasonality resulting from patient copays resetting with the new year.
- Estimated 10% negative impact to doses filled during the quarter as a result of the Change Healthcare cyberattack.
- GTN discount is expected to increase over time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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