OptiNose, Inc. (NASDAQ:OPTN) Q3 2019 Earnings Conference Call - Final Transcript

Nov 12, 2019 • 04:30 pm ET


OptiNose, Inc. (NASDAQ:OPTN) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the OptiNose Third Quarter 2019 Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jonathan Neely, Vice President of Investor Relations. Thank you. Please go ahead, sir.

Jonathan Neely

Good Afternoon and thank you for joining us today as we review OptiNose's third 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, CFO, Keith Goldan. 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 statement 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 statement. The 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.

Peter K. Miller

Thank you, Jonathan, and good afternoon everybody. We appreciate you joining us for our third quarter update. We continue to feel great about our overall business and are excited in particular to discuss the continued strong growth and demand for XHANCE and our plans to sustain that growth.

Starting on Slide 3. We'll go into more detail in a moment, but I'd like to start by providing five key highlights to take away from today's presentation. First, we continue to deliver strong growth in the number of XHANCE prescriptions with an increase of 27% in the third quarter of 2019 compared to second quarter 2019. Importantly, this growth is not just from new prescriptions, both new prescriptions and refills are growing nicely, indicating strong interest in the product from both physicians and patients. We are particularly pleased with this growth through the third quarter as it is typically a down period for the market. As we'll review later, our disproportionate growth is also reflected in the fact that the share of intranasal steroid prescriptions written for XHANCE in our target physician audience