YARDLEY, PA — Optinose (NASDAQ: OPTN) has released its financial results for the third quarter of 2024, revealing an increase in net revenue from its flagship product, XHANCE, and adjustments to its annual financial guidance.
For the quarter ending September 30, 2024, Optinose reported XHANCE net revenue of $20.4 million, marking a 3% rise from the same period in 2023. Over the first nine months of the year, XHANCE sales reached $55.8 million, a 9% increase compared to the previous year.
Despite the revenue growth, the company has revised its full-year 2024 net revenue guidance for XHANCE to between $75.0 and $79.0 million, down from previous estimates of $85.0 to $90.0 million. However, the expected average net revenue per prescription has been raised to approximately $270.
CEO Ramy Mahmoud, MD, MPH, commented on the performance, stating, “While our revenue in the third quarter was not in line with our expectations, we believe that we are now observing a clear inflection in new prescription demand.” He added that the recent uptick in prescription demand underlines the long-term potential for XHANCE.
In September, Optinose noticed a significant increase in new prescriptions (NRx) for XHANCE. The weekly NRx moved from a range of 1,760 to 1,960 in June to about 2,300 to 2,500 by October, marking a 20% to 40% rise. This trend indicates growing acceptance and use of XHANCE, with the last six weeks showing some of the highest NRx numbers in 2024.
Operating expenses for 2024 are now projected to be between $90.0 and $93.0 million, a decrease from the prior forecast of $95.0 to $101.0 million. This adjustment includes an estimated $6.0 million in stock-based compensation.
For the third quarter, research and development expenses were $0.9 million, with selling, general, and administrative expenses reaching $19.5 million. The net income for the period was $0.5 million, whereas the net loss for the nine-month period was $21.2 million.
As of September 30, 2024, Optinose reported having $82.5 million in cash and cash equivalents, which supports its ongoing operations and strategic initiatives. The company remains focused on optimizing XHANCE’s market performance and improving its financial outlook moving forward.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.