OptiNose Inc (OPTN) Reports Q3 2023 Financial Results with Improved Operating Efficiency
Q3 2023 XHANCE net revenue reported at $19.8 million, with a full-year guidance increase to $66.0 - $70.0 million.
Significant reduction in SG&A and R&D expenses by $32 million or 33% year-to-date.
Net loss improved to $9.3 million in Q3 2023 from $15.0 million in Q3 2022.
Anticipation for PDUFA goal date for XHANCE Chronic Rhinosinusitis sNDA on December 16, 2023.
On November 9, 2023, OptiNose Inc (NASDAQ:OPTN), a specialty pharmaceutical company, announced its financial results for the third quarter ended September 30, 2023. The company reported a slight decrease in XHANCE net revenue to $19.8 million, a 1% drop compared to the same period last year. Despite this, OptiNose Inc (NASDAQ:OPTN) has increased its full-year 2023 XHANCE net revenue guidance, reflecting confidence in its operational strategy and market position.
Financial Performance
OptiNose Inc (NASDAQ:OPTN) has demonstrated strong improvement in operating efficiency, with a notable decrease in Selling, General and Administrative (SG&A) and Research & Development (R&D) expenses by $32 million or 33% year-to-date. The company's net loss for Q3 2023 was $9.3 million, or $0.08 per share, an improvement from a net loss of $15.0 million, or $0.18 per share, in Q3 2022. The balance sheet shows the company had cash and cash equivalents of $66.8 million as of September 30, 2023.
Operational Updates
CEO Ramy Mahmoud, MD, MPH, expressed optimism about the company's trajectory, stating,
We are excited as we approach a potentially transformative period for the company. Our effort to secure the first-ever drug approval for patients with chronic sinusitis (CS) is progressing towards the FDAs target goal date of December 16, 2023."
This potential approval could significantly expand the market for XHANCE, currently indicated for nasal polyps, to include chronic sinusitis treatment.
Corporate Guidance and Future Outlook
OptiNose Inc (NASDAQ:OPTN) expects XHANCE net revenues for the full year of 2023 to be between $66.0 to $70.0 million, with an average net revenue per prescription of approximately $200. The company also anticipates total GAAP operating expenses for 2023 to be in the range of $88.0 to $93.0 million, including expected stock-based compensation of approximately $6.0 million.
Conference Call and Webcast
The company will host a conference call and webcast to discuss these financial results and provide corporate updates. Interested parties can access the conference call live via webcast on the Investors section of OptiNoses website or via telephone by registering in advance.
OptiNose Inc (NASDAQ:OPTN) continues to focus on serving the needs of patients cared for by ENT and allergy specialists, with XHANCE being a key product in their portfolio. The company's financial discipline and strategic focus on operational efficiency have positioned it well for potential growth, especially if the new indication for XHANCE is approved by the FDA.
For more detailed financial information and future updates, investors and interested parties are encouraged to refer to the company's filings with the Securities and Exchange Commission, which are available at www.sec.gov.
This summary is provided for informational purposes only and reflects the financial position and outlook of OptiNose Inc (NASDAQ:OPTN) as of the date of the earnings release. It does not constitute investment advice or a recommendation to buy, sell, or hold OptiNose Inc (NASDAQ:OPTN) securities.
Explore the complete 8-K earnings release (here) from OptiNose Inc for further details.
This article first appeared on GuruFocus.
