XENT - Earnings call transcript Q4 2017

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Operator

Good afternoon, and welcome to the Intersect ENT Fourth Quarter and Year 2017 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Jeri Hilleman, Chief Financial Officer. ahead. go Please

Jeri Hilleman

and call. Denise, all participating for Thank thank today’s on you, you

Joining and Earnhardt, Lisa me is today President CEO.

SEC. coverage, sales securities for the Before and herein. without we will to and are and undertaking of timing or procurement within we products I’ll over other such could to anticipated risks differ statements you Lisa file contained remind and approval studies, financial of results materially or our We force federal indications of limitation, update meaning well Lisa? from to events call the begin, I’d the as upon these reimbursement risks growth, any make now as include, estimates like forward-looking disclaim codes a current any uncertainties, in to forward-looking of and laws. from the performance, which Earnhardt. statements and time Actual we time which clinical obligation our detailed turn outlook in those revise new that as forward-looking statements result based reports assumptions with of

Lisa Earnhardt

Medicare in in PROPEL the to products, and in PROPEL reimbursement year's Contour PROPEL, ended grow also XXXX across early innovative February large care the Intersect to banner year and started mini of standard rolled and We year markets approval proving of which the approved out FDA PROPEL country of family a PROPEL use then changes. immune NDA Contour of product. launch. we emerging SINUVA frequency several as ENT. of last The The continue and with breath, this submission successful impactful was the for the and the in via

submission sinus for of several upon the publication. of presentation implant the clinical expanded and drug eluting also foundation clinical healthy and data highly visible scientific economic with We evidence strong our

product Diving launch the a we the the no and are by and least, regulated to as about launched commercialize poised to Contour mix newest it from surgery, next we means as enabled grew offer we accounts we Contour deliver a which us way PROPEL quarter X,XXX sinus these where should believe drug and implant result first the demand will not purchasing point begin to our to nearly case represents undergoing for their product a given accomplishments, of infrastructure use the our used. over instead Contour in established thinking seeing into implants. with all PROPEL a to are or product to now Intersect. shift quarter in has our PROPEL be positions to treat Adding needed that Finally SINUVA, second patients a whether to approach a

commitment publication progress reinforce highlighted of evidence-base in the to [JIMA]. and our Contour We the of medicine further also publications presentations November by this study

reminder, randomized by toward a throughout the a Contour surgery which prospective PROPEL interventions We've sinus strides this postoperative As reduce our followed by blinded the placement need was for sufferers. sinusitis into in localized at drug standard surgery, XX the in of PROPEL step the goal of products estimate meaningful for are We X end X from used now of a making trial, the great ultimate frontal year demonstrated up delivery sinus XXXX. made that XX%. that care of implants X

in of increase product X over accounts our XX% Additionally, ENTs at X X,XXX approximately representing use XXXX.

usage. a to This favorably to the we covered for were least portion business. where approximately established on have in near-term. impact while PROPEL facility investigational remain office know lines change United administrators could coverage we ongoing fees, retired although particularly that support Healthcare dramatic on not change the the level at this from gratified hospital supply see expected to of raising policy favorable to access a to This may at PROPEL also policyholders PROPEL. Contour, their On the smaller ASC change PROPEL XX%, PROPEL, does that the In for our for the policy is change reimbursement our paid a use development, this of United means fronts, overall context this PROPEL have in is to for business likely

our XXX including well our managers sales of consultants. continue territory to via launch force, so managers positioned XX retail territory with and We Turning sales to adoption recently promotion and into ended we SINUVA. XXXX of two field are drive to representatives managers PROPEL a management XX expanded we sales

of year. productivity aiming anticipate we per for course annual over our We to the the almost growth grow of to sales to Our grows XXXX. rep force XX% in XX% increase continuing XX% an as SINUVA revenue million X.X over roll-up

our to addition crowned XXXX, SINUVA. family the off approval the was PROPEL success with course year in with In early of the

we sprays patient and discuss to are nasal our in approach I dose you a Jeri for heavily new moments financial intranasal repeat recent patients on a current plans and We to of thrilled disease offer giving targeted steroids will and results launch novel surgeries, rely high outlook. which treatment this recurrent compliance. our polyp few takes rinses regiment after SINUVA oral through the

Jeri Hilleman

Lisa. you, Thank

of of business Our XXXX PROPEL a our million $XX.X Contour. XX% and revenue product driven PROPEL largely in the growth by reflected introduction growth

the that on operating expectation consistent the we the of track. at was XX% million were investment stated Our million expenses cash of balance the cash, with finally, balance gross was of had margin similarly for year. with equivalents our and same ended of of year short-term And $XXX.X and start we the approximately the our year $XX.X

to for As a in million we $XXX revenues. total a million anticipate reaffirming XXXX, we're outlook our $XXX

will PROPEL sales outlook as launch reaffirming SINUVA. sales first and PROPEL to our works allows promote million about begun $XX.X to have million. revenue the year. quarter of on SINUVA second impact We quarter activities prep for this quarter introduce We've to our the SINUVA expect for This continue launch force X% in generate and revenue $XX.X focus expect launch deal total to of and to the also some

steps expect advance manufacturing the we for and both SINUVA, with is we’re taking scale of XX% we to to Contour incorporate production to As range margins gross This in achieve SINUVA. to to the XX%. year launch range of the consistent continue and

will overhead transition as Specifically, adding we we needed SINUVA. learning for large inefficiencies of to commercial and be production scale allowing

we're midyear expand capacity addition the through the addition, third planning to of In manufacturing line.

R&D a Our in based XXXX about year-over-year growth estimate to expense outlook to for We're from operating will continue $X the mark strong to and at and year the rise a promotion is maintaining SINUVA $XX of from we million $XXX spending in develop about X.X now turn due million our other is ago, our balance $XXX we you pipeline. from stock the million, to operating related expense as price back the and in or million services. expenses approximately to that call Lisa. I given headcount, stock third sales increase

Lisa Earnhardt

Thank you, Jeri.

topic, I the the to first us. thank of like the is for has move chapter team last and approval course SINUVA us years. and launch to we The of accomplishment get a our of worked exciting new who point start as Intersect the an to this many over launch tirelessly SINUVA, As to represent significant

plans our marking task position launch sales daily and training, of items We’re big from off market including targeting the readiness. access checklist force

launch April. of our confirm start targeted not We’re able is the to

our So and of initiated challenging been anticipated SINUVA out in-depth The the for position patients. alternative and all end a meeting in of organization in convey recent national on our earlier at sales sales launch aspects polyp training January readiness has into more launch. ENT we at that had detail, the dive the the for entire their team seek has response as options positive treatment commercial

in place with is physicians other the position a quarters the position considerations. local Our territory into SINUVA loss, two balancing of to ramping over plan interest targeted in number each rollout of inbound set and first

some the physicians Our not education extensive we that strategy and community targeted launch behind that drug, ENT the administered is in order. recognized accessing sound had experience is has so

of relatively with placement forward, straight new best practices is outcomes. actual best sharing the Fortunately, share will but products, SINUVA we the be to as any

physician a ENT in then quarter. boarder cohort meetings adopted to SINUVA fourth write launch a a intimate the Society is goal fall and strong into Our move practices of through

Finally, we in ready access place go. network have and our market to

only and optimize also outcomes Our to the process. entire overarching assure but with the patient throughout to SINUVA is experience not goal the provider best clinical

access we support help such, our have patients. several and partners to customers us, As engaged market

will reimbursements. TrialCard, provider of product largest reimbursement We with access behalf. referring the help And hub such who providers enabled to our to dedicated on product Firstly, them this they providers help XENT. our initial provide will services technology providers program country Through in provider staff market will personnel inquiries. patient at to programs by speak in program, this the the already filled to access partners upgraded choices them access and cure and navigate

distributor Distribution process SINUVA the offices partners product and the initial one of and Once may directly purchase so build, to to simply serves for serves Besse, partner, do buy physician who which their which a send or our ASD, For through in Physicians prescription known providers prefer stock Specialty Amerisource offices and the want who do clinics. not specialty limited shift happy to the specialty coverage. Both patient hospital live also pharmacy our prelaunch have to of procedure will replacement. SINUVA they as product will the physician securing begun now the specialty to Gentry. directly the cleared or Novo for office also has receiving perception are providers pharmacy from or

leaders and medical the of our reliable. of All of of in are to drug channels We both physician are to be will industry efficient actions use provision expect veterans that SINUVA and specialty. confident established and partners both administered friendly customer do the mix of well access

only unassigned specialty the pharmacy we per that for partners XXXX. the number. newly product and is in NDC have J and to practice reimbursement, drug any submitted report for specific our since to providers J In CMS effective expect be once will X, codes JXXXX place issued interim, SINUVA January code routine continue Regarding are our the application to This year. a with approved code

SINUVA payer initiated disease also health alternative SINUVA. preposition payers outreach patients integrated in attractive We plans. have an recurring access ensure value the to with patients as surgery to and be of We to believe will have

distribution fees It We pharmaceutical with a $XX.XX programs. procedure of revenue SINUVA implant the at lower used typical repeat that know for are favorably and government discount other to assuming usage. price will after programs be compares price two deducting it's as this support recognized per product important implants, is be sinus as for are least that in will even per products introducing against with surgery implants

of future. I'd SINUVA for me and roughly Our that are physician well to to I here SINUVA wrote our to price Denise address sinusitis who That call, your the goals feedbacks for for for previously about are and products patients recognized in quote. and patient call on us using estimate at months communicated we I been patients Thank We talking sinus them. care on opening please. for line my to This about the PROPEL. is truly of a like share designed and Jeri treat interest. now my remains the on mind the your and of about it participating questions, from SINUVA sentiment price for you is the to I've continuum to of very the why net sufferers closing In forward beyond. so products for and ENTs look and you as recent offer what XXXX in some line many to will all is the for exciting. would the remain suite up in the and care across positioned deliver improve the

Operator

will session. ahead. [Operator from JP question-and-answer Instructions] now And of your begin come Please Morgan. question first the Weinstein will go we Certainly, Mike

Unidentified Analyst

Alan on for actually Mike. is This

guys our just you in SINUVA setting lot distributors up be ahead of lunch, So behind all special this so it going point schedule clearly view guys to of those starting seem really have pharmacy like of kind from such it, the obviously momentum to seems you contracts. to time a

sure guys I guys So of bit to really guess get the but far? pace you couldn’t I a know launch you given than have you started correctly, set kind expected the so looking why are make this earlier started that launch

Lisa Earnhardt

to and do the launch to targeted make and be foundation do prospective the a there from be focus right getting do strong to Yes, access on we believe remarks to number there community. prospective, think walk is to and will broadly. focus learning will we extraordinarily because experience we we be April in of learning run, a we clinical the thing our topnotch did real that it's on for really physician launch laying well an anticipate, sure the us, couple do want we to of we patient there for sure will there make before we’re the quarters communicate but physician to product, be outcomes we do we're take We learning, prepared, before prepared sure and is make physician will do our from a

Unidentified Analyst

with And finished SINUVA, of enrolling and of approval repeats one to safety the respect efficacy, it's ENCORE, then guys in kind for patient. that the valuating obviously the you but necessary wasn’t usage the SINUVA given of

You for to SINUVA of striving times the that limit use feel until like a or to see more think kind that physicians more will kind that see will make of to confident multiple year. in and they data reinforcement them

Lisa Earnhardt

products steroids don’t believe date. wait and for is very on used interactions additive believe time, I our the SINUVA as for believe for I generated positions. think evidence a we've usage ENCORE spays truly robust Yes, physicians repeat in is drug a well. characterized number all I really which my we to was already I intranasal for and of be send the first the looking clinical and of furoate the a the but It's study Mometasone huge which with SINUVA. it based we'll with you a drug well would ENCORE additive

Operator

America The Bob Merrill will next Hopkins Please ahead. of go be question from Bank of Lynch.

Bob Hopkins

timing couple launch that relates or on business and here. SINUVA apologize think so if of guidance outlook reported, curious there that four otherwise, sort outlook past, or expectations? in or recent off, if is timeline the of for the questions. a you're SINUVA five any to I'm changes the the business. kind have subtle relative you And said of the there your any as it guidance companies I in to I the change base or base there is something to for launch just But today, start miss recently articulating just is So Apologizes,

Lisa Earnhardt

doesn’t do Everything is have with communicated, to QX historically want launch for consistent out targeted talked is had the we just and to but be SINUVA position to just in fairly are side launch call for timing we what path, but April on it the specifically April, change to one of as as did about previously we able we in our the for as thing clarify year. a a I that, reminder the outlook

of we anticipate then will SINUVA about our XXXX still we revenue. that represent X% So communicate

Bob Hopkins

J reiterating heard said I And I something process. you've new is there? code there just thought something previously the on Is what that or

Lisa Earnhardt

for what expect to permanent that's continue communicated. as said January that Yes, reiterating previously XXXX for previously we fact you code be products, means J to a as product specific that to in our our X, be

Bob Hopkins

assume philosophy pretty to the I a hasn’t rate relating and it's focus and on happened. the But happen? and the you launched assumes business guess reflecting guidance business happened SINUVA launch SINUVA what guidance disruption Or then that really given new I base yet, the hasn’t that sort appreciate already that launch list the of slowdown the curious, I that the guidance reflecting I'm the in because you're this know SINUVA of And the hasn’t far behind is growth early happen more just what excluding conservatively the in guidance product of anticipate the might and because thus is but the part seeing today? But process. launch. guidance I

Jeri Hilleman

set launch. the of the of past preparing year start we've things guidance quarters given now up consistent guidance year work our on also that doing We sales the guidance Jeri. were a reflective Bob, that force the with believe a is really the for fact with because track holding bit beginning at and we how the we that of in quite this and looks for we're are the and

while this you So hasn’t right, that are technically launch happened.

expect Our sales bit PROPEL the launch certainly focuses rate, mini targeted and at some started quarters. this could and on a couple for and do focus allowing force have growth internal And will PROPEL that the SINUVA on a quarter. preparations of the for expense the next activities that of are as have then we come bit

things we at beginning outlook. view our So we're that our said reaffirming year to the that of the really be continues and of

Bob Hopkins

are you're But that guidance? something is something just curious any seeing you I that allowing is or for now

Jeri Hilleman

our It's in it something allowed we guidance. for

Operator

question of will next Richard Partners. Leerink Please from be The ahead. Newitter go

Unidentified Analyst

Jamie is on for Rich. This

could potentially quick change? I this would this estimates the quickly use label ENCORE then how guess that trial? readout of are added? kind SINUVA up off question with some an guys to you'll I So estimating you of the be around incremental follow-up to And would be. effective have your data of you the opportunity be When then on do be And think market trial. that be What getting repeat sort a that

Lisa Earnhardt

take will of Yes, latter. the and the discuss Jeri question I'll first part that

is this Lisa. So,

the we about readout ENCORE question XXXX. in have quarter the completed would so So trial data we timing, the enrollment, and that the of expect second

labeling And to market or any any what change to it a would you Jeri the XXXX sometime So comment data happen, be on available. do bit opportunity> if thereafter we was probably if impact were about, the want little

Jeri Hilleman

Sure, looked you, any 'XX, given because not we for launch and targeted timing is of there, of launch repeat only we've use there as the guidance at year which forth. if the and of the nature so is much in really

speak to guidance that repeated there think So I do in for more and will when years. specifically those give think that's product we a as a more can years some the be where use we interesting question future thinks we

Unidentified Analyst

in XXXX just XX% XXXX. quickly kind reasons guiding XX% XX% and XX% to so level to beyond? this then And Any to expect why shouldn’t get we in you're on gross that to margins, the

Jeri Hilleman

kinds overhead expect to improve line, improving getting efficiencies would of overtime. things things that investing with we general, the we're Yes, now adding the third the SINUVA or experienced that of in a kind

So make should this as we our investments that do year, that ramp as improve. think the we we margin volume

Operator

The Jaffray. ahead. of next from question go Please O'Brien will Matthew be Piper

Matthew O'Brien

dig the just, doing bit focus for rollout and my well PROPEL, just a is I know most apologies, this but this well now. as to from in is very SINUVA investors Contour Couple more on right obviously

for bit So after How you've clinicians can going How PROPEL, ramp are be to away? you just as using be throughout going the X% then, as penetrating of course are that that of modeling about more that out you're to your using you could number go patients assuming percentage of that’s talk use Contour. the right sales? kind And far year? got a many products, as can what good, the that a the

Lisa Earnhardt

our their so will our really Matt focus role a drugs that on current in practice our meaningful PROPEL for be Yes, found already with base customer product. so localized

to As to you be to so one customers currently we then we of physician be select couple targeting and we more segment first would once of would in begin did quarters we how know partners broadly. will about a there. the and counter then very spend work with gate of we the some ENT, led and of them, as similar three will expended with with subset our existing that beyond anticipate We again out

Matthew O'Brien

a coverage ahead that --- Okay language? are of similar want overstate bit and obviously and type from about good that’s fair you Can the of as providers then larger little to talk damaging to don’t much. their policy? that other secondly, And then decision far you are aware remove it too the as know I that United coverage update you enough, news. go

Lisa Earnhardt

treated supplies review majority typically confusion review did existence of And the is that some that I procedures on do an part utilized. policy standard like the process. the think do policies the PROPEL the payers of all other the create basis, I just for sort so are believe of given annual their Yes, United of is this

continuing impedance that so evidence And probably critical for to given them payments, back support. big policy think buying strong matching typically physician their as just renew with I doesn’t all and well it's of impact together a as is that and

us policies not well at look get believe would care. today, as but something of franchise having in all physician to policies or anticipate more no together, puts more impact is Once specially do and that payers other a as great continuing positive done PROPEL again, we the this their position So, in office we our policy. setting

Operator

Guggenheim. Chris from The will next question ahead. of Pasquale go Please be

Chris Pasquale

already are and Lisa, going digging to more This there feel position. you launch. in is put I you little Or need check place? am are like good between bit of you just the a are boxes still up sounds before the a it plans firming you've matter now on very one you ready? things like a really Are just in well, guy foundation

Lisa Earnhardt

to sure we're it's product a a in well foundational work procedures we're doing have anytime cylinder and where give that. launching that way Yes, to of those we boxes light, check all the just ready we're just green place the make there lot are out of we to just sort off new

launch we're Company. see full would -- exciting the that we team the ahead versus in don’t at an impediment be So time anything -- our correct for the here,

Chris Pasquale

cheaper Very to you frequency arguing question. the of making using the second of are cost in terms are more you Can so surgery, go SINUVA? you What assumptions the exciting, the detail with with on some payers into surgeries, really economic which of an back have if and know that of these case have implant? SINUVA repeat the option XX.XX any to is a make even I with treatment a a patients frequency the go and

Lisa Earnhardt

that important of note trials, revision Yes, two patients the indicated to all surgery. randomized our in so XXX% enrolled were for it's of

of because us SINUVA allows drastically that that to economic a pretty make number So treatment after reduced. compelling obviously the argument is health

of and up so it or Sinus $XX,XXX. be found about from the reinvestment is payer $XX,XXX geography a you surgery relatively the side to the procedure, health we've and And standpoint. as anywhere from depending what the know straight argument forward could $X,XXX that of economic on

quite pretty they know them. commercial more compelling treating of range, is most i.e., alternative that's with than repeat we're what exactly they release usage patients we looking once maybe associated which on they They even the our because early found what a And compelling the a treating, it's conversations SINUVA are what but average with year. that. actual at information and big -- cost So are with are payer the are what found

Operator

ahead. will question Blair. of next William go The come Please from Krum Kaila

Kaila Krum

first I how SINUVA course are SINUVA to on going I be of base point account X,XXX that guess mean Contour So looking they over last ramped not year, this and at at just I'm of the rollout. your understanding on the or be one-year mean, similar. post already one there mix, But that couldn’t I your your of reason that there of quarter fact bought is of that accounts one any in sort quarter of is product SINUVA launch?

Lisa Earnhardt

our We is that these that but patients were they the far do that haven't that difference are the them making The right all procedure Contour training we even that though to physicians probably an for It's just of with get provide which able guidance products from as on matter care given sure add and get existing out, up working suffer office. out recurring to we there are are was there. part no that do said we already That's patients believe shelf physician candidates in question. we the the the procedure there. right, managed set Contour existing from of for the using revision at the major

coming to new that be opportunity a compelling patient meaningful market for product of for as will need, to new a were prove demand as even aware, certainly So them you convinced for the And new in way is new that there the having access years. ENT is in the a business is the procedure this overtime that terms office. here compelling that is are

Kaila Krum

that in of core I just along base Bob's And we're earlier two mean I wouldn’t rep that then question, at tailwinds again year-over-year early just to inputs XX% and productivity. does this want the taking mean, the year? terms or clear least But you you're accounts business why I be seeing XX% mentioned, just you into guys continuation strong improvements comp those

Jeri Hilleman

is to about a product, and guidance be was ourselves. going what reps, that and of It’s we good and the what reflection expect we really each question really thought after our be lot a we're one watching is this Kelly, The accounts. going to Jeri. from will monitoring gave spent by time of closely what that

time thinking, the guidance PROPEL. we we to the to allow refine impact SINUVA think we'll be for well given really of lunch then experience is this but And gain we've think continue able on with it appropriate. some we the as So, launch our what's as on to growth why as

Operator

The will Deutsche be Please ahead. next Kristen Bank. go from of Stewart question

Kristen Stewart

ask flow. I just wanted to about cash

done year in guys of class last I'm the cash expectations worrying what well terms usage? very upcoming have managing You terms year your for over your of just in the and are

Lisa Earnhardt

for Yes, prospective. ops look with XXXX probably growth from to improve think the continuing then negative certainly flow cash we flow again from And excuse improve. but continues And flow, we improving our cash looking to a negative you cash into to been have we the of at our didn’t and the it we this flow flow certainly business, me, XXXX. will be if have cash able -- XXXX ops, from continue to improve year cash

Kristen Stewart

beat launch, be about of for going seeing but quarter. see we're second Is how I for disruption guess how to back the allowing just then to we to that we to that progression. than guess kind modeling should kind quarterly in expect some just the continue base the think SINUVA And business? dead not greater that should be we for if horse, or I to,

Lisa Earnhardt

will given haven't that when question some we're quarter. else, seeing really not where so there. so focusing complete give the we to mean Yes, first indication we anything much first the we’re question, granularity on training, I

seasonally quarter be is the a launch. also Second we'll quarter, but navigating strong

I timing So of don’t think we impact. can specific any guidance to give

a general indication. point good a just think I it's

Kristen Stewart

training the the just and disruption you to mainly fair? year. some more lack it's guys rest allowed continued related that launch of for Is So the necessary for focus pre-preparation maybe the for disruption not amount of for maybe of

Lisa Earnhardt

throughout I and that then carried think it move year. the a physicians can that a broader I into so initial us and time QX as QX, it's be into during No, that to consuming. QX, And really can introduction also I characterized launch factor think the affect we from that

Kristen Stewart

conservatism Okay, is healthy but applied in you guys dose some it sounds a there? have of there like that

Lisa Earnhardt

point really we of see, the for a be make Under will allowing sure some and to more is we able meet to will we we're We number forth for get want think view. we obviously this and scenarios, what put at of that experience view update. we can best a

Operator

The will Securities. from Please next ahead. Kalia of Suraj go question Northland be

Suraj Kalia

commentary QX in let's training And a say you question what outlook. being read again, I if see, would your and But times step specifically are is a few months launch guess most what would trying couple in the the I a subsequent happen be and and sort to a done and reps, launch I So PROPEL for to the my conservative the is are from it are current your presumably down I procedures and or your launch a QX. I'm XX% say know training of And different much it's happening maybe already organic from Lisa how on I of come going I'm growth, percent site? independently angle, I now. as is business way let's from a your would to SINUVA again of slightly just of angle been trained understand Why appreciate that without be? Contour rep on SINUVA the could to guys asked motion? you to trying come and before impact that now, different of training

Lisa Earnhardt

are having talked of ways a portion we've of There is usage PROPEL this. different our a about right a good generally intake without is you and couple there. representative done Yes,

adopt And physicians. I straightforward for that new As to you and and for for uses reflected think time as that new continue more is physician starts is the -- tend procedure but know, they SINUVA the adopt. once us, we've to to it's in relatively product, our

Our we're number experiences a making much one everyone as by there focus to SINUVA launch want continue sure as is in have still the PROPEL lean going great can to we to that our business. grow to we recognizing

of for the the for place of us will believe think providing to the to crystal now, outlook. remainder shiny a in we do provided we've and head right the outlook But into the or we So on terms be year absolutely most potentially as for it's ball commenting our forward look that, year. we appropriate

Kristen Stewart

me, got question X,XXX? screwed And up I'm lower hanging SINUVA portion I hear base your guess between priced my what I current account for would And Lasik Did fruit base if in ASP jumping your the be apologies. I of would XX.XX current numbers Lisa relatively as SINUVA? calls, my forgive be being as my and in is in

Lisa Earnhardt

achieves as that it care standalone is a in office it of different setting. is SINUVA well the procedure recognize as there important SINUVA, is Yes, in With the completely situation. recommended is used pharmaceutical as to setting

So compare little that it's and to that bit to apples oranges a PROPEL price.

taking more we're really about and step looking in for the recognizing patients some to office we've of these questions and it's really invasive, offering setting. cost that So, earlier back talked less or bringing the more looking a effective system healthcare at more just is the value solutions a at

both believe physicians initial integrated it So, our that revision and it's input meaningful well be is and as from we payers think alternative as well a will surgery received. systems delivery do to really

Kristen Stewart

hand FYXX finally the of all exiting on did exiting expected give and reps And FYXX? you number Lisa,

Lisa Earnhardt

XX% Yes, so expect representatives, ended we XXXX our around and to of XXX grow sales managers, XX the aggregate this in territory year? we do with to were XX% whom

Operator

go be Genuity. Rose will from question next of Kyle The Canaccord Please ahead.

Kyle Rose

force sales between you you've business, relative there in the relative hoops and keeping and -- guidance high really and structure just treatment just all thing great. you guess year I guess distractions? the strip different about SINUVA, we the to through setting think ball, I jump from first a Is do launch then everyone that in on guess, bake mean of of that incentive to to apologize run SINUVA the and you're the trying some main to relative you're the is what in launch, And takeaway that is, base message trying basis, kind exiting in to if when so But at prospective, if just barriers bit office level point big call the call, least away it on got re-ask advance paradigm I a but eye rate broadly. a continues its then, different obviously don’t SINUVA? a some potential are I this the from how is is focused mean on of its I've something. I been a bit jumping reimbursement,

Lisa Earnhardt

coming with there. continue important and Yes, growth to of is in there such. launch an work much incentive I driver mean so clearly Kyle, incentive the and are obviously meaningful be I tomorrow there PROPEL SINUVA spot will is and no believe done we'll up team very to today is on set with years. there, our you're that likely growth without be sales but There to drive

that And so, for is that incorporated cognizant want do we year. been be we into outlook what the of and to

Kyle Rose

the this go respect then And the with individual to will as catalyst and through you remind getting in the what standalone just XXXX? code J in be we could year for SINUVA just reimbursement to reimbursement us milestones question, for live move

Lisa Earnhardt

reinforcing before, a merits but sort a and to frame is that that drug given and the is Xst. a towards of team them. the typically SINUVA administrated effect January think I decision we that preliminary time standard then I that finalized Yes, drug, code may that be as was physician J in well would process for the year it known May discussed know end of going into approved

will obviously having code course very uncertainty with in but our associated application feel Of confident any J that, raise that SINUVA. we our help

Operator

be go question from next of ahead. The BTIG. will Ryan Please Zimmerman

Ryan Zimmerman

going price to least a distributors? Are XX.XX existing to discounts to you code at your will On the talked going the after similar be be you the process and after or code at XX.XX. J about payment product PROPEL price price J it

Jeri Hilleman

code system. file do we ASP fits J is quarterly then get that will our is what into approval a and we the and what We

Ryan Zimmerman

ahead. go -- will that clarify to Just

Jeri Hilleman

No, the adding, we're it’s on just filing. based

has that the it's every with specific So as amount it like what J filed associated we not code a quarter.

Ryan Zimmerman

But so not just to with the is prices. Jeri, based Correct? clarify sale that on sales filing average price,

Jeri Hilleman

are things, same the Which yes. almost

Ryan Zimmerman

the increase XX%, sales that it but then I recognized terms commentary it a whole as or sales you point ramp between managers XX, as at the year, think and I can don’t And XX%, this there on in XX% said -- territory to provide of consultant. force any to color in split in is you XX %

Jeri Hilleman

will grow. it to continue mix be we a lining Yes, really as

will managers critically roles we serving the are think customer and for us. us base. around important and have job for both sales look Both same, consultants our continuing heading got and I to a forward are territory nice same mix

Operator

would for gentlemen, that closing our remarks. And Earnhardt question-and-answer I the Lisa and conference will ladies to like hand session. any back over to conclude

Lisa Earnhardt

and joining your forward staying support certainly look thank evening. We today. us and nice touch in with Bye-bye. for you appreciate Great, Have to interest all. all you a

Operator

disconnect Thank you. Thank The for conference time, presentation. lines. you may concluded. today’s now has attending you now your At this

Intersect ENT (XENT) 27 Feb 182017 Q4 Earnings call transcript