INSYS Therapeutics, Inc. (NASDAQ:INSY) Q3 2018 Earnings Conference Call - Final Transcript

Nov 05, 2018 • 05:00 pm ET

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INSYS Therapeutics, Inc. (NASDAQ:INSY) Q3 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Insys Therapeutics Third Quarter 2018 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I will now turn the call over to Jackie Marcus at the Alpha IR Group. Please go ahead, Jackie.

Executive
Jackie Marcus

Thank you, Olivia. Welcome to the Insys Therapeutics Third Quarter 2018 Results Conference Call. With me on today's call are President and CEO, Saeed Motahari; CFO, Andy Long; Mark Nance, General Counsel and Chief Legal Officer; and Steve Sherman, SVP of Regulatory Affairs.

Earlier today, the company issued a press release detailing financial results for the third quarter ended September 30, 2018, as well as separate press release announcing the initiation of a process to review strategic alternatives for the company's opioid-related assets. We also published a set of supplemental slides to accompany the remarks made on today's call. You can access these materials through the Investors section of the company website, where you can also access a webcast replay of this call later today.

(Forward-Looking Cautionary Statements)

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 non-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 CEO, Saeed Motahari.

Executive
Saeed Motahari

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

First, I would like to start by covering recent progress on our strategic priorities in line with our vision to become the leading cannabinoid company, and then Andy will provide an overview of the financial results for the third quarter. I will conclude my remarks with a recap of the clinical and regulatory milestones, including several that are upcoming. And after that, Steve, Mark, Andy and I will take your questions.

Before we continue, I would like to take a minute to discuss the press release we issued this afternoon about commencing a process to review strategic alternative for our opioid-related assets. These assets include our first commercial product, SUBSYS, as well as formulations buprenorphine and the combination of buprenorphine/naloxone.

Since I joined Insys, we have been very clear about our aspiration to transform the company