OptiNose, Inc. (NASDAQ:OPTN) Q2 2019 Earnings Conference Call Transcript

Aug 12, 2019 • 04:30 pm ET

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OptiNose, Inc. (NASDAQ:OPTN) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Optinose Q2 2019 Earnings Call. [Operator Instructions]

I would now like to introduce your host for today's conference, Mr. Jonathan Neely, Vice President of Investor Relations. Sir, you may begin.

Executive
Jonathan Neely

Good afternoon, and thank you for joining us today as we review Optinose's second quarter 2019 performance and our plans for the remainder of the year.

I'm joined today by our CEO, Peter Miller; our President and Chief Operating Officer, Ramy Mahmoud; our CFO, Keith Goldan; and our Chief Commercial Officer, Tom Gibbs. The slides that will be presented on this call can be viewed on our website, optinose.com in the Investors section.

Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements. All statements that are not historical facts are hereby identified as forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated by such statements.

Additional information regarding these factors and forward-looking statements is discussed under the cautionary note on forward-looking statements section of the earnings release that we issued today as well as under the Risk Factors section and elsewhere of Optinose's most recent Form 10-K and Form 10-Q that are filed with the SEC and available at their website, sec.gov, and on our website at optinose.com.

You are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements during this conference call speak only as of the original date of this call or any earlier date indicated in such statement, and we undertake no obligation to update or revise any of these statements. We will now make prepared remarks and then we will move to a question-and-answer session.

With that, I will now turn the call over to Peter Miller. Peter?

Executive
Peter K. Miller

Thank you very much, Jonathan, and good afternoon, everybody. We appreciate you joining us for our second quarter update. We're excited to discuss the continued strong growth and demand for XHANCE and our plans to sustain that growth.

Starting on Slide 3. I'd like to start by providing an overview of key highlights that we will review in more detail throughout today's presentation.

The lead headline is that our commercial team has once again delivered strong growth in the number of XHANCE prescriptions. Second quarter 2019 marks the third consecutive quarter in which XHANCE prescription quarter-over-quarter growth was 50% or more. Importantly, this growth is not just from new prescriptions as both new prescriptions and refills are growing. Also encouraging for our long term business potential is that while growth has been strong over the past few quarters, there remains tremendous upside potential for XHANCE. We are steadily growing both prescriptions and share, but the market is so large that we believe we are just starting to scratch the surface of the overall market potential.

In second quarter, we estimate the average net revenue per XHANCE prescription was $197, up from $177 in the first