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Optinose Reports Q2 2024 Financial Results and Operational Highlights

- by Timothy Alexander
Optinose

YARDLEY, PA — Optinose (NASDAQ: OPTN) has released its financial results for the quarter ending June 30, 2024, along with key operational updates.

CEO Ramy Mahmoud emphasized the company’s progress. “This is the first quarter in which we are executing on the launch of our new first-and-only label indication for chronic sinusitis,” he stated. “We believe the addition of XHANCE to Express Scripts preferred formularies is an example of gradually improving insurance barriers.”

Key Highlights
  • Improved Formulary Access: XHANCE was added to Express Scripts’ national formularies in June 2024, covering over 24 million lives.
  • $55 Million Registered Direct Offering: The company completed a $55 million offering in May 2024. This funding is expected to support operations and debt service obligations through 2025.
Financial Results
  • Revenue: Q2 2024 net revenue from XHANCE sales was $20.5 million, a 5% increase from $19.5 million in Q2 2023. For the first six months of 2024, revenue was $35.4 million, up 13% from the same period in 2023.
  • Expenses: R&D expenses were $0.9 million for Q2 and $2.1 million for the first half of 2024. Selling, general, and administrative expenses were $24.1 million for Q2 and $44.6 million for the first half of the year, driven by the launch of XHANCE for chronic rhinosinusitis without nasal polyps.
  • Net Loss: The company reported a net loss of $7.6 million, or $0.07 per share, for Q2 2024. The net loss for the first half of 2024 was $21.6 million, or $0.17 per share.
  • Cash Position: Optinose had cash and cash equivalents of $91.4 million as of June 30, 2024.
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Financial Guidance
  • XHANCE Net Revenue: Expected to be between $85.0 to $90.0 million for the full year 2024.
  • Average Net Revenue per Prescription: Expected to exceed $250 for 2024.
  • Operating Expenses: Total GAAP operating expenses for 2024 are projected to be between $95.0 to $101.0 million, with stock-based compensation around $6.0 million.
Promising Steps Amid Fiscal Challenges

Optinose’s new label for XHANCE and improved formulary access are promising steps. However, the company’s ongoing expenses and net losses indicate a Hold rating. Investors should watch for further developments in formulary access and revenue growth.

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