OptiNose, Inc. (NASDAQ:OPTN) Q3 2019 Earnings Conference Call - Final Transcript
Nov 12, 2019 • 04:30 pm ET
Peter K. Miller
also continue to increase at a good rate in third quarter. This consistent share growth is encouraging, and importantly, we believe our current share is indicative of the substantial upside that remains.
Second, in the third quarter we estimate the average net revenue per XHANCE prescription was $202, up from $197 in the second quarter. For the nine months ended September 30, 2019, that produces an overall average net revenue per prescription of $194. Given these strong results, we have raised the low end of our full-year guidance range for average net revenue per prescription, which we now expect to be in the range from $185 to $205.
Third, our growing volume, coupled with an increasing average net revenue per prescription yielded strong net revenue growth. Today we reported XHANCE net revenues of $8.7 million in the third quarter of 2019, an increase of 30% over second quarter. Year-to-date XHANCE net revenues through September through are $19.3 million. Third quarter was in line with our expectations. As a result, we are tightening our expectations for full-year 2019 XHANCE net revenues. We now expect a range of $30 million to $33 million versus our prior expectation of $29 million to $34 million for the full-year of 2019.
Fourth, our cash position is strong at $125 million as of September 30, 2019 and the Pharmakon financing we entered in September is expected to provide incremental cash of $30 million in early 2020 and up to $70 million through 2021. And last, in September we signed a license agreement for ONZETRA XSAIL. This licensing agreement is important to us because it means the treatment will continue to be available for patients. It also provides incremental cash to support the building of our ENT and allergy focused company.
Turning to Slide 5. I'm very encouraged by the strong growth in prescription volume we've continued to observe through the last four quarters. The number of XHANCE prescriptions in third quarter of 2019 with nearly 43,000. This represents growth of 27% over the second quarter of 2019 and compared to the third quarter of 2019, the number of prescriptions increased by more than a factor of four. This rate of growth during the third quarter is especially encouraging in light of intranasal steroid market dynamics, which typically produce a decline in the overall market during the third quarter, as occurred again this year.
As we enter into the fourth quarter of 2019, we believe seasonal market trends can be expected to return to greater favorability. We are pleased to report having delivered approximately 18% month-over-month growth for October over September, a strong start to the final quarter of 2019. I would like to note the growth in the third quarter was again driven by increases in both the number of new patients and a number of refills. And at the proportion of total prescriptions attributed to refills has continue to increase, as we begin to see more patients using more months of XHANCE to treat their