YARDLEY, PA — Optinose (NASDAQ: OPTN), a specialty pharmaceutical company, announced its financial results for the first quarter of 2024, showcasing a strong performance with a notable increase in revenue from its flagship product, XHANCE. The nasal spray, designed to treat chronic rhinosinusitis without nasal polyps, recorded net revenues of $14.9 million, marking a 26% increase from the first quarter of 2023.
The company has set an ambitious revenue target for XHANCE, projecting full-year net revenues between $85.0 to $95.0 million for 2024. Furthermore, Optinose has its sights on achieving peak year net revenues of at least $300 million, focusing on specialists as the primary prescribers. This optimism is buoyed by the FDA’s recent approval of XHANCE as the first prescription medication for chronic rhinosinusitis without nasal polyps—a condition prevalent among adults but lacking an approved prescription treatment until now.
CEO Ramy Mahmoud highlighted the significance of this approval, stating, “Millions of people can potentially benefit from this landmark approval.” He further explained the potential for market expansion, noting that the approval could increase the total addressable market tenfold.
Financial guidance for 2024 indicates an expected increase in the average net revenue per prescription to over $230, up from the previously anticipated $220. Despite projecting total GAAP operating expenses to range between $95.0 to $101.0 million, including stock-based compensation estimated at $6.0 million, Optinose is confident in producing positive income from operations by the full year 2025.
This forecast not only emphasizes the company’s strategic positioning following XHANCE’s approval but also signals significant growth potential within the chronic rhinosinusitis treatment market. With a clear focus on expanding its commercial reach to specialty prescribers and exploring opportunities within primary care, Optinose is gearing up for a pivotal phase in its mission to offer effective solutions for a widely prevalent yet underserved medical condition.
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