INSYS Therapeutics, Inc. (NASDAQ:INSY) Q2 2018 Earnings Conference Call - Final Transcript

Aug 08, 2018 • 05:00 pm ET


INSYS Therapeutics, Inc. (NASDAQ:INSY) Q2 2018 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, and welcome to the INSYS Therapeutics Second Quarter 2018 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the call over to Jackie Marcus of the Alpha IR Group. Please go ahead, Jackie.

Jackie Marcus

Thank you, Sarah. Welcome to the INSYS Therapeutics second quarter 2018 results conference call. With me on today's call are President and Chief Executive Officer, Saeed Motahari; Chief Financial Officer, Andy Long; and Senior Vice President of Regulatory Affairs, Steve Sherman.

Earlier today, the company issued a press release detailing financial results for the second quarter ended June 30, 2018. We also published a set of supplemental slides to accompany the remarks made on today's call. You can access both the release and the slides through the investors section of the company's website, where you can also access a webcast replay of this call later today.

Before we continue, I would like to remind everyone that all statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation or intent regarding future events and the company's future performance are considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to company management as of today and involve risks and uncertainties, including those noted in today's press release and on the company's filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. INSYS Therapeutics specifically disclaims any intent or obligation to update these forward-looking statements except as required by law.

In addition to reporting all financial information required in accordance with Generally Accepted Accounting Principles, the company is also reporting adjusted EBITDA, adjusted net loss and adjusted net loss per diluted share, which are non-GAAP financial measures. Since adjusted EBITDA, adjusted net loss and adjusted net loss per diluted share are not GAAP financial measures, they should not be used in isolation or as a substitute for consolidated statements of comprehensive income or loss and cash flow data prepared in accordance with GAAP.

In addition, the company's definitions of adjusted EBITDA, adjusted net loss, and adjusted net loss per diluted share may not be comparable to similarly titled non-GAAP financial measures reported by other companies. For a full reconciliation of adjusted EBITDA and adjusted net loss to GAAP net income, please see the attachments to the earnings release.

And with that, I'll turn the call over to the company's President and Chief Executive Officer, Saeed Motahari.

Saeed Motahari

Thank you, Jackie, and thanks to everyone on the line for joining our call today.

Before we discuss the second quarter, I want to confirm that we announced this morning an agreement in principle with the Department of Justice. As I said in our release, this is a very important step for our company to move forward and continue our transformation to foster a compliant and ethical culture and to