Collegium Pharmaceutical, Inc. (NASDAQ:COLL) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 04:30 pm ET

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Collegium Pharmaceutical, Inc. (NASDAQ:COLL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Collegium Pharmaceuticals Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions]

It is now my pleasure to introduce your host, Alex Dasalla, Manager, Investor Relations and Corporate Communications. Thank you. You may begin.

Executive
Alex Dasalla

Welcome to Collegium Pharmaceutical's Second Quarter 2020 Earnings Conference Call. This is Alex Dasalla, Head of Investor Relations for Collegium. I am joined today by Joe Ciaffoni, our Chief Executive Officer; Paul Brannelly, our Chief Financial Officer; and Scott Dreyer, our Chief Commercial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements involve risks and uncertainties.

Including and without limitation: the impact of the COVID-19 pandemic; the risks that we may not successfully commercialize Xtampza ER and the Nucynta franchise; and that we may incur significant expense and may not prevail in current or future opioid industry litigation and investigations, patent infringement litigation or other litigation pertaining to our products. These risks and other risks of the company are detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at collegiumpharma.com.

I will now turn the call over to Collegium's CEO, Joe Ciaffoni.

Executive
Joe Ciaffoni

Thank you, Alex. Good afternoon, and thank you, everyone, for joining us. Confirmed by Xtampza ER growth and the impact of the Nucynta acquisition, Collegium delivered strong financial results in the second quarter and made progress versus our strategic objectives. This is a testament to the resilience and adaptability of our people and operations and their commitment to making 2020 a transformative year for Collegium Pharmaceutical. Although the pandemic has forced our people to work differently, there has been no disruption to our essential operations and ability to supply the market. During this time, we have also been able to serve health care providers and patients. As of today, most of our home office-based employees are working on site, and the majority of our field force is engaging in some level of in-person customer interactions. Although the productivity of our field force is steadily improving, as is the quality of customer interactions, it continues to lag pre-COVID levels. As states began to open, we saw signs that in-person patient visits were increasing, but we believe that that momentum has been adversely impacted as infections increase in many states.

We do not anticipate a return to normal for the remainder of 2020. Business highlights from the second quarter include: increased profitability; accumulated cash and paid down debt; grew Xtampza ER total prescriptions to 141,678, up 22% versus the second quarter of