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

Nov 12, 2019 • 04:30 pm ET

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

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Q & A
Operator
Operator

[Operator Instructions] Your first question comes from the line of Gary Nachman of BMO Capital markets. Your line is open.

Analyst
Gary Nachman

Thanks, good afternoon guys. So I just was hoping to get a little bit more color on the refill rates, what those look like. It sounds like have been improving, but if you could give us some more color on that, that would be great. And then in the third quarter you grew significantly above the market with about a 38% delta, and in October you grew above the market, but by a smaller magnitude. So where there some competitive dynamics in October that are noteworthy that might continue in the fourth quarter? And then I have a follow-up after.

Executive
Peter K. Miller

Yeah, I'll take the first Gary on refill rates. And believe or not, it's still a little bit too early have us at this finite number of refill, because as you know we offered -- we introduced our 0,30,50 [Phonetic] program about a year ago, but it took few months for it to really sort of kick in, if you will. I can tell you that the refill rate we're seeing continues to increase month over month, and the proportion of refills continues to grow as a result of that. So all I can say, Gary, is -- it's we're feeling really good about refill and I think indicative of a product that's really working for patients.

Relative to competitive, obviously the dupilumab was introduced in the July, August time -- June, July, August timeframe. And at this point, Gary, it's really too early to tell, but we don't believe there was significant impact from dupilumab prescribing on XHANCE, based on a lot of the work that we're doing. We remain very confident in our ability to grow the business in market. And as reported, we did produce very strong share in October of 3.4%. So we just continue to feel very good about our strategy and our commercial focus.

Analyst
Gary Nachman

Okay. And then just the, so the status of the DTC pilot in the three test market. So, when will you have those results? It sounds like it should be relatively soon. And what will you need to see in order for it to be supportive of broader DTC in 2020, next year? Just, and maybe anecdotally, what you've been seeing so far on that? And then maybe lastly, just the status of the search for a new CCO if that's in the works? And when do you think you might be able to identify someone? Thanks.

Executive
Peter K. Miller

Yeah, Gary -- Ramy, feel for you jump in on any piece of this. But relative to DTC, I think we announced, we are going to -- reasonably soon, that the DTC initiative, if you will, will end, because it was a 12-week period that we were running the pilot. However, it's going to be weeks, probably a few months, Gary to really read the results. So it will certainly be into early next