OPTN - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Optinose Third Quarter 2019 Earnings Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions]

to Neely, conference Relations. Vice like speaker to now Jonathan today, President would hand over the your I of Investor you. Thank Please go ahead, sir.

Jonathan Neely

we by for the thank us of the quarter And can for am our remainder Peter performance review joined I as today XXXX will Ramy Keith plans afternoon. Goldan. CFO, third CEO, the our Good optinose.com our and year. Optinose’s Miller; our you be today on Investors and presented Mahmoud; section. President on and Chief our be this the in call slides website Operating joining that viewed Officer, The

are Before during identified statements. would this like statements. as I we will call remind facts include forward-looking start, are you hereby discussions conference that All forward-looking that our statements to historical not

and subject such indicated those uncertainties could are materially to cause by results statements to the differ that actual Forward-looking from statements. risks

section the Cautionary issued under forward-looking Risk Additional statement statement is website most website, XX- and XX-Q our under as and Form information discussed of at optinose.com. with recent are release and and forward-looking the regarding sec.gov, elsewhere Optinose’s Note filed Factors on K that their these as the on Form well earnings the that factors section SEC of at today and we available

not these indicated date undertake revise any as the earlier or original of statement on cautioned statements. forward-looking this this only speak or obligation statement. such to any no reliance are place undue update and during date You call The of forward-looking to conference statements in call we of

session. a we then will remarks to will We prepared now make question-and-answer and move

over that, I call to Miller. Peter Peter? will With turn now the

Peter Miller

quarter for and appreciate everybody. We update. you Jonathan, joining our us you, afternoon, good Thank third

feel growth demand growth. and great our to We strong XHANCE to particular excited are discuss continue sustain for and that in the plans continued business our in overall to about

highlights to will to we presentation. today’s by take more key three, detail like away I’d go start a providing moment, slide but five from into on Starting in

an we XX% the strong the to quarter deliver with third growth of increase continue prescriptions XXXX. compared XHANCE to in in quarter XXXX First, a second number of of

from Importantly, new prescriptions. this not is growth just

Both nicely both indicating the growing and from in product physicians new patients. refills prescriptions strong and are interest

pleased a particularly it period market. third for this the quarter are and growth is We in down with typically the

review we encouraging, in steroid believe also that As intranasal the the our fact indicative consistent prescriptions of in we a our current in rate disproportionate substantial This written our at XHANCE and for later, also importantly, growth a audience remains. reflected is third share target to quarter. is share growth the is increase good share upside continue that of

average Second, per revenue third quarter, prescription from the was $XXX in we $XXX, the the in second net up quarter. estimate XHANCE a

per average revenue For prescription months an XXXX, $XXX. XX, ended the nine overall that net produces of September

the have from Given per these revenue now of end net range low to average guidance the our expect strong we prescription, we be results, in full for to year raised $XXX. $XXX range which

net revenues an net Third, revenue of XHANCE an in are $XX.X of $X.X through XXXX, second Today, per yielded of average prescription revenues revenue volume September million. coupled strong XHANCE we net Year-to-date, quarter with our growing over million growth. quarter. third increasing the reported XX% net increase

with in quarter Third was line expectations. our

$XX our of million a range tightening full are $XX XHANCE expectation $XX $XX prior versus expect we net of XXXX full the of result, XXXX. a million revenues. now million As to for to We expectations for our year year million

to $XX September and and of Fourth, $XXX XXXX at XXXX. million million incremental position XXXX through Pharmakon up our is September we early to XX, entered the financing provide in strong, million of cash to as expected is $XX in cash

will focused to us, and our support continue signed the This to allergy also license the treatment available And of patients. to be agreement ONZETRA for license it agreement ENT we important September building for company. cash XSAIL. a is provides last, means It in incremental as

nearly observe five, The we was four. XXXX third of factor third than slide growth over of last I increased to quarter the number represents volume This to four the the XXXX, growth encouraged am Turning XX,XXX. in compared through of number very and in XHANCE by by to of prescriptions more the XXXX quarters. second prescriptions quarter the XX% a continued have strong quarter of prescription of of

in this third decline again of produced during typically steroid encouraging quarter, a intranasal has the This dynamics, is third quarter rate which the market year. market during light of growth occurred in especially overall

quarter As into expected to favorability. seasonal be to greater return we of market believe XXXX, fourth the we enter trends can

October are pleased to for over We start September, quarter of having growth the month-over-month approximately a strong delivered final XX% to XXXX. report

prescriptions as the like increase patients in in proportion quarter would the to that treat see months the to increases the condition. I of patients to new and more more again was attributed note continued has of number refills we total by XHANCE third chronic growth to using both refills, and the turned of begin that of number

the is legacy year. XX also and of in territories We April our encouraged driven territories also new being growth started this that sales are XX both in our

the favorable market even in managers As as territories continued expect we of see in look the get new to into fourth conditions, we addition productive. quarter, contribution our territory to more these growth more

benefit from a to introduced continued We earlier the year. bit expect use also seven-day of the we this realize sample

there physicians. very XHANCE, we a market and currently six, audience believe for to even therefore, slide a the Turning that large the upside for remains product, with significant of is believe targeted

are clear, is potential the within physician INS target within written share indication. One be audience our way sinusitis, to chronic written most and conditions current prescriptions XHANCE our nasal target for prescriptions To rhinitis our physician audience. that outside of of steroid with polyp of the allergic intranasal evaluate other

by are outside because to a measure October we XXXX. has error steady of the category track, in physicians and year choosing XXXX prescription factor Nevertheless, X.X% last four the in in there X.X% this believe in potential some for Growth of nearly product rapid quarter specific quarters in been the four fourth is to because in is share we indication. from diagnosis a polyp use nasal data and this of

that believe strong observe room treatment growth XHANCE there physicians We lots achievable to suggesting share that patients, these enrolled audience. our of deal of and potential much within ultimately the just target for current a in is continued great personally continue is higher, future

that by over current consecutive seven, to continued quarters of evidenced strategy we is as since XHANCE Turning working, confidence the slide our third growth the significant of quarter the have commercial four therefore we to are to few strategy, this further are growth. areas also Most continue there will a year. of of accelerate drive the evaluating focus our be to last strong but execution

these One communication. is direct-to-consumer of

started We a through in have to a pilot April November digital first XXXX in learning ended and approach disciplined that XXXX. taken DTC,

As to next are that complete currently soon. Charlotte Hartford, step, running and in Cleveland, we our a expect we test multi-channel market pilot

this DTC pilot run complete next we to to carefully evaluate allow to XXXX, the investment plan that periods move efficient. broader the only we We forward be DTC our to year. believe then in elected program impact would more during of committing If we and would program time that a before expect

see we look into the research ongoing in market with are deeper in we interactions and a effectiveness continued both efforts, to progress Taking encouraged commercial our our physicians. by the moment of

suggested that At awareness how perception progress achieving On product call, physician to our a of crucial from that our succeeding within a understanding an degree second survey audience. how data efforts our quarter XHANCE target of high in we product works, drug physician perception deposition described time, that assess XXXX a our differentiated we earnings moving were pattern. the produces through

planned, allowing clinical we next outcomes. in of emphasis messaging to happened to That the us our achieving product a latter, communication key task as differentiated progression -- the to exactly key perception transition next the

increasing that peers step focus promotional specialist the awareness plus product clinical will sustained enrolled experiences the knew good patients, next We the and physician by discussion community. by in posted in research a data, require plus

completed a surveyed leading according patients progress. to in to physicians reasons market recently survey physicians am is pleased good results they report one I check XHANCE. the response We their prescribe research the the that of to our now of target follow-up seen

We also will the primary to our XXXX of call. perception quarter drive will this provide decisions. the support physician with steroid efficacy improve this them domains, XHANCE of which perception observed focus of such on be critical analysis substantially nasal improved prescribing majority new our data the in we to as and and second prior described effort team sub-group sales analysis Continue we

in believe the product physicians will addition In effective patients. for be

the vital last We in they continue accessibility and have positive to make we year. the a Again the Program continuing September improvement we of subjective introduced perception of is Assistance affordability Patient in X-XX-XX perceptions product. it’s believe behind see a of to sure

We coverage. government approximately and to we to market to pursue access of coverage Lastly, additional to we grow commercial understand both and to coverage that the sustain XX% coverage. work and XHANCE and continued existing commercial have increase is our and continue contracts improvements importance estimate

few you a will and moments closing chronic In sinusitis I remarks. program our some on provide update

will recent and XXXX. with results our year Goldan, third perspectives debt I financing Advisors, now, over regarding full call turn our And comments to CFO, for the quarter Keith Pharmakon regarding

Keith Goldan

Thank for everybody you, Peter, and thank joining to today. you

with a Pharmakon. equivalents announced of $XXX purchase further XX, million which no nine. cash this sheet, strengthen September agreement our of balance to as In Turning We million cash $XXX did September and slide XXXX. we had add

indebtedness and million $XXX proceeds proceeds using be Pharmakon retire to includes previous the initial Athyrium. to clear, To the drawing our those from

More certain potential to through of balance XXXX. to third provides the importantly, subject quarter incremental to the to relative draw ending the conditions for financing XXXX, $XX cash million us cash Pharmakon up

draw structuring exceed. by threshold financing, XXXX a believe of first the potentially we the cash available first finance we draw important additional in of that, and to is XXXX Also net expect million is our We triggered discretion. XHANCE in XXXX. will fourth this at is in that the early This quarter $XX million sales $XX --

commercial potential this our the enables importantly, Finally, most on execution strategy. facility provides focus continuing cash our of us successful and and runway to extend current to

third Turning to we $XX.X in $X.X through year-to-date of slide and XXXX. million XX, revenue net September Optinose the quarter million as recognized XHANCE reported

track prior by average on the the number dividing net net is estimated revenue metrics XHANCE noted quarter. prescriptions which calculated per that of quarter revenue the As by calls, we for XHANCE one prescription, dispensed the is during of

useful per generated net revenue a metric is the this evaluate believe to prescription. We

our utilization that programs, in levels do this remind a including directly, XHANCE unit ordering patterns through insurance and wholesale we necessarily of patients variability However, variability. and you of price not individual that acquiring an reflect we benefit of That for paid change sell pharmacies an result affordability customers for factors is to rates that XHANCE the patient proportion is metric of is and inventory subject other factors. the that the to

of quarter from data prescription third purchase the was available net average per quarter over XXXX Based our $XXX, data, parties which XHANCE was of for increase partners, third prescription second $XXX. and on an pharmacy from average revenue the

The our increase from co-pay the out-of-pocket to provide annual following insurance limits second as of need quarter to in due the deductibles January. commonly reset more primarily was patients assistance less

patient which in up drugs, Typically, the the their our for year, once by turn assistance reduces program. of the out-of-pocket threshold more co-pay cost provided insurance of benefits amount affordability prescription pick of meets the

Overall, first months average for prescription of net XHANCE XXXX, revenue the nine per was $XXX.

expectation quarter-over-quarter and due fourth XXXX end our be net I bottom for just prescription. average XHANCE are quarter assistance in the year year-to-date of full to per Given co-pay range our of expected and XXXX described, of out-of-pocket the we dynamics, revenue favorability increasing expense performance

expected release, XX, XHANCE million $XX to revenue $XX range as our year compared to price highlighted we million in Moving earnings press $XX Peter are for to million. XXXX tightening our to net slide and our to $XX million, range by of full

we to until the information second product is waited future. and demand As product the revenue approach full similar take guidance launch a in during providing order phase of year year elect average prescription a in have and per more still in net half XXXX, XHANCE to before the regarding we may

XXXX addition, In $XXX. will expect be year we revenue prescription now between average XHANCE full to per $XXX

year our and expenses continue to third is $XX expectation million find to to total full are our that operating were our through our million. general XXXX commitment of Finally, of in million and compensation. third to expenses that regarding $XXX expenses which are expenses, sales, reporting the $XXX of administrative, for we range million, the Based plus XXXX and cash, quarter to operating on development strong be expected expenses the be approximately stock-based $XX.X with to be efficient operating reducing operating quarter research we

new million. excluding to are be than the $XXX expenses $XXX for Total the operating of stock-based in million midpoint old million. Previously, expenses, range less million $XXX to range million range. from midpoint compensation, to range was the Thus, guidance the our $XXX total expected $X guidance operating is of the

and call brief back Peter? now pipeline turn Peter a to give remarks. will update over to the I closing

Peter Miller

Keith. Thanks,

Turning we of to may launch to additional of indication first indication, by a treatment new a slide significant long-term to could ever indication the current XX, expanded believe target in be audience. with XHANCE addition significantly achieving chronic This empower created the value promotional access sinusitis. for

proceed. topline of sites, pivotal been of to the respect approvals notably second we announced to lengthy opening two expect where on half CS from still Today, research the we second countries that the we sites in XXXX. to recruiting, addition global are investigational new trials have in in required to trial, permit CS first results With focused regulatory the

because This updates treated we FDA aware CS is to by label look future approved currently providing program, which call particularly current high no indication expanded forward for which needle on of we which use CS exciting. is treatment treatment, of of and an is a are drug because with universe the because We is conditioned prevalence, for steroids. substantially physicians it very guidelines off find

XHANCE remarks market offers commercial strategy heard to indicative prescriptions share we growth in we our still prepared continue to that modest Turn potential both current growing hope that In net are XX. are for is and can closing, yet confident is drive large slide great and our tomorrow. that what revenue of a penetration you strong in

our and financial with our net we as for product performance expenses. revenue, operating product, We per guidance revenue tightening average revenues, improving delivered our net are XHANCE quarter and in third average prescription net result XXXX and a expectations line

our In financing provide addition, to recently down additional heads we to have of completed on with focused and access additional cash. a strategy. strong will balance expected sheet commercial enable the The execution that Pharmakon to stay cash is successful us

program. objectives. we to This are forward updates. license sinusitis corporate our the future our completing ONZETRA for includes I successfully of XSAIL chronic And the finally, clinical conduct other and important agreement ongoing look

And you. open the Thank I call like would up to for Q&A.

Operator

comes the Gary first from Nachman line Instructions] Markets. Your question Capital BMO of [Operator of

Your line is open.

Gary Nachman

guys. Good afternoon, Thanks.

like refill So if little I just you It about significantly smaller on that, but the a a by to more in get that some on been quarter color us above And sounds they in what look you could grew like. you more bit rates, those hoping great? market then was have color market a delta the give be magnitude. would XX% grew the and third with October above the improving,

might So, were after?. there in I then quarter some follow competitive dynamics up a in October that the are have noteworthy continue that and fourth

Peter Miller

Yeah. it will. we I take this it if it’s us finite refill to too it sort or rates, kick a you Gary months for early you believe because little first of X-XX-XX still as a our we at have but bit know of will not ago, the -- introduced in refill to and offered really program on year few took about number

continues rate that. continues the a as that you the and refill refills tell to to we of result month-over-month grow can’t I proportion increase of are seeing

So a product can is, feeling think -- Gary all indicative that’s patients. it’s working about of I for are we refill good and really really say a I

impact we to don’t obviously, in was share of from on did very are our significant at very timeframe. confident June, XHANCE doing the really August the we X.X%. and reported to time and Dupilumab believe grow the a produce on market, the lot as Relative tell, and in introduced prescribing ability work in remain to based point July, October early competitive, of business was strong that we Gary we but too this there August it’s July, -- And Dupilumab

good very strategy we just continue focus. our about commercial our and feel So to

Gary Nachman

the -- year. of the be then in broader And so it for will just in should to the in And sounds pilot need results, three a DTC those status have test Okay market, next be supportive of DTC relatively to for when will order you what XXXX you soon. see it it like,

that’s Just of a works and the on identify you what to in lastly then CCO for so you Thanks. have might just far someone? seeing a status -- think that. be and able maybe And been search maybe new if when anecdotally the you

Peter Miller

jump of this. to end, will we Ramy I because reasonably Yeah. to we to will, the Gary, DTC, in you relative XX-week running were the that are going think, free feel announce, any if But, piece we a DTC on it was soon that period initiative pilot.

aware, be really to read the generating into certainly demand However, you like go write prescription sort the can be have that it’s going to get it get a and quickly. a reasonably appointment, so reason next you the an Gary, to the cycle, And where the to early few year. of a have not patients the product doctor will a market it’s of for is, probably, prescription demand obvious in is months, cycle results, weeks, doctor read consumer

take it read said, think, I sure as next really I overall to going So, is us results. the early of for year part into to

to see, and of we drive -- Gary, we tracking day of are What awareness and to the product, going physician we both looking But obviously prescriptions. need are patient. it’s -- tracking are are we the physician to at the end

are we important going we see most proceed whether the will pilot pilot, with in broadening So drive to if the prescriptions the new or proceed those of markets. measure we

patients have early. am we far, anecdotally, you say lots seen hearing in just both too market, to the going I early, Gary, from are what positive things I and too of of terms In we but tell so it’s will physicians it’s

is too say, it’s just but would We what I early. are encouraged

Regarding the prior have Officer, us think, heard Chief of Commercial you I our calls. in status saying

sorry and we contributor terrific see he’s all, go. are guy of was a a First to Tom that

we was team an built very did the are things Tom of fortunate exceptional underneath that him. One

Those reporting Ramy and are reporting who always business. leaders senior very actually pretty Ramy, five involved Tom. involved in have strong as I into to are think, have leaders and I, who We been now the very

have sure take we look honestly making slow, not our great only ambitions candidate. for And are but are not we on of but a great opportunity -- leading we allergy time we focus think that Optinose have and XHANCE, we we are sort building make at a But current really company. because to and sure trying we with the trying the we a to ENT here to not for be

search would the we going well, for Tom. -- for expected on So for replacement as exactly it’s have a new

Gary Nachman

Okay. Thanks a lot.

Operator

from Jefferies. David comes the of Steinberg question line of next Your

open. is line Your

David Steinberg

Yes. three Thanks very I have much. questions.

Keith, First, taking range ballooned you down guidance also $X.X quarter. your $X $X I other million. notice for this mentioned, that are that and up about from your you million XHANCE kind expense like line It looks averaging by million of

XX% you allergic what questions, are point, order finally, in last I of from So first on bigger with in next just a increase And less then, that, of call expenses, than is or And retail the the expenses promotion? of And off-label that simply expense in housekeeping just that was use. particularly question can less off-label is, then, a shifting percent on Thanks. use update reallocation our more and or second rhinitis, we mail IQVIA is see year I lower this at something like think, are the a last said XX%? you R&D in think, to scripts what other XX% to then my quarter else. line, us that total

Keith Goldan

last, will it turn maybe the second this David, Peter your question. over Keith. to and handle off and and to use first -- talk the first about then I -- label is the

expense, whole is the well paid. There up the first, that respect amount interest as make prepayment the So expenses to were debt. payable, of with penalties other interest, related to with we showed those retirement as that -- an of in primarily expenses Athyrium

were recorded So in these other expense.

my it related year expand I question that from? of they some to as where as have this departmental decrease it be a always focused -- a to of kind prudent the prepared will is overall are I are heads as is -- say just, the in some mentioned of next they some often could respect your thought remarks, expenses just would being is into to some our of the lot -- case, we With on the it you year. moving thought with is coming we that But cash. our going mix,

careful I spending. some So just of it think is

are by we Jumping question, of your proportion to capturing IQVIA period. prior last is the with the range and the between to scripts, quarter. what The is IQVIA. XX% XX% We in that respect dispensed that with TRxs consistent reported of captured believe are TRxs

Peter Miller

clarify, order? or proportion just just mail versus was what in retail the truly answered question And in that’s David, was to your it Keith

David Steinberg

No.

prescriptions, Keith see a got get we question, just the of percent sense think, think to he what the weekly just answered. I data that total is we when is IQVIA I of wanted which

Peter Miller

by Relative to honestly area, split of docs, nasal rhinitis. reasonably Terrific. written -- the or as of much Yeah. than the we allergic polyp non-nasal not to Dave, polyp continue the rhinosinusitis majority has use product changed half chronic see in between XX% we less the prescriptions and sinusitis half patients and chronic and

David Steinberg

much. very Thanks Great.

Operator

comes question Amsellem the next Jaffray. David Your of Piper line of from

open. is line Your

David Amsellem

Thanks.

just So commercial the has you know payer outs before. guess, in terms would the to And an terms anything call get portion meaningfully how you on if also changed hassle talk prior out ups metric are what in to about qualitatively? step step covered of of it’s onerous you that, and what is and update of landscape talked have, onerous. access, lives I Can I free wanted

opine net revenue two Rx So if you that’s give XXXX is, be at color one. head, on to helpful? or that on might that number some Thanks. where in number us will least share can directionally per And

Peter Miller

the first, will Keith, I Yeah. I you. and pass second will take to

the coverage, XX% focus about between are said as terms changes, this contracts. that, on terms half very to In David, the payer we hovering have across of XX% back to government historically continue feel coverage, real in of meaningful we we we good year of

is in access certainly those get prescription sure to will and But, business the I majority potential want And the you to in are we make remind the medication. this by patients commercial. of there government category nonetheless, way huge that

making I a And know, work to you real are that tell to coverage. the on government we that sure you I contracts as for progress formulary signing while am side, through can it takes

I you side. on the government potentially see across really to start that think will XQ, showing XQ, up

of terms the consistent XX%, free form David versus And of question we last over quarters, by in XX% that quarters work, in change, your It’s of doctor, terms a an of three or requiring pretty commercial about some report. hassle to that in some roughly XX%, XX% on really additional no real meaning the it’s coverage four office. a additional work

and or you onerous is focused Some about not reasonably XX% we think know are I free and reasonably so. historically that most defined we simple, are part And that -- hassle the unchanged. a what would on prior put as authorizations they for and

Keith Goldan

And David…

David Amsellem

helpful. That’s

Keith Goldan

total guidance question we at XXXX per expectations. to this average with are net your David, revenue not respect point giving on TRx, on

year I Although, really last as well. will year expect we as year a comment this would and saw trend next that we similar

assistance then or first we TRx quarter, in resets co-pay in And average the that if our in we plan expect out-of-pocket we program XQ. occur deductible would that in place affordability in lower were that assuming typically program we had because the per same would January, of revenue the see costs, to covering place, current net is keep current many plans in

has not it’s patients and deductible plan. if the patients to some the through a threshold growth And high high whether in plan and more just or more out-of-pocket a an thresholds out it a meet then be meet or their HMO in typical as gradual deductible of max pocket plan in year

out-of-pocket and So our the proportion you would of to those less of a Affordability in know Patient proportion we patients hit average per go have through TRx. higher maximum threshold therefore, coverage insurers’ revenue -- contribute would would their as assume resulting up, thresholds net our program, we

David Amsellem

Thanks. Okay.

Operator

Capital comes the Stanicky line Your of next RBC of Randall Markets. question from

open. Your line is

Randall Stanicky

Great. a initiatives, is reps a began that Peter second most so whether then called in sample in I the addition order and Thanks. with with, what have them XQ, the of XX impact guess, quarter. six mean, six -- relative so question number -- you these two, having do So guys months to that’s even couple, the of question here, impact number positive or others? one. of of wins behind to initiatives an four out. more pilot what have sense it in I at there? the be new with May those have some trending of seven-day using I By this year per have biggest then the or the second DTCs, I which guess, seeing point, patient to the sales just positive the how started any And That’s year, and question you magnitude, many I the average back believe months you far I the of are contract are -- the is follow-up. scripts you per one having outsized

Peter Miller

Yes.

is the the easiest answer -- say on question. easiest to and reason the that’s impact that’s test a The and one the is, DTC one first pilot. the for Randall, On thanks a I

So three we broadly very on were even if not test going is prescriptions substantial, to the markets. the impact be in successful

not national So that sure impact. for will have

markets have said, Even in substantial impact not even they those are enough. significant we as just I if

that territory the where I am Relative feel year. are seeing versus in going to from territory answer of sort contribution tell seeing added new we terrific to as, we that the managers the April we you, will tease contribution, of sample, Randall. managers XX from yes. about seven-day it are I last that the hard apart It’s we to

that tracking obviously are We group.

on legacy growth seeing the about honestly in And we group we of feel new our great accelerate, territories, to part we the territory And nice are really well. as that seeing are beginning encouragingly managers. growth good, just

from continued for -- are hoping we territory the and So we but will see good acceleration contribution managers.

analysis have done we seven-day have impact going that the as The that’s to suggests well. sample,

a imagine, But the than significantly of as them to with were our view tease as have can I just won’t day. it you, seven-day and you seven-day with that sample are sample more it’s did, same As the the distributing will result samples we hard tell we XX-day XX apart. cannibalization the the

are we where starting to offices, growth. samples, in seeing nice are we And increase

you pulling So wasn’t specificity we you I wanted. are tell good both we that feeling probably levers will But are that about that the there.

Randall Stanicky

Did on to what you percent get patients? patients who a prescription sample guys disclose of move

Peter Miller

I level. have we the even thing at am can not to honestly level. We have not. a -- It’s not disclosed it. But don’t sure we tough at track patient it track we that

Randall Stanicky

Okay.

Peter Miller

four Relative that Keith. have historically I drive though, sample the we am effective way to you sorry, prescriptions we -- about Rxs data Randall, says per tell business. have good to will -- an that is talked Relative I per seven-day year, year

Keith Goldan

PPN. the In

Peter Miller

network data In we that’s -- a We good isn’t at in a to have be to believe this don’t number. good believe number. it looks and point the that PPN any that time

Randall Stanicky

Okay. And of guys the selling to talked it of on I things is that for that you to is market business consolidation more in XXXX, this base you have launch? more then And that’s rep are list you is to a that within drive -- something another you are as one therapeutic a pretty helpful. high big mean, the the is Where glaring is XHANCE of a there’s setting products, focused executing burner development on infrastructure then back your on a it themes about before. a guys nice of have give or notion this, the is up product, cost on the of last ton number just opportunity for big this picture, sector, question relatively I and my small try

Peter Miller

the I will have that’s company And to which always has top -- we really hear build are the are with primary and a of to for not driving the so focus that business. Randall company, full immediately focuses trajectory know the five XHANCE critical to the surprised believe I you that. it’s I business on start start, is strong what

into something infrastructure, on. Relative the products additional to are putting working absolutely it’s we

I against. you focus we been Michael think It’s the real hired to in of we Michael to terrific beginning addition that an year. announced, August has a area that this are create saw We team. Michael Richardson.

that ENT as the product. leading one talked ambition we absolutely allergy the In can’t you but about and near-term, focus is build have to we a do have and specialty with company XHANCE, historically,

we something be focusing to So are it’s on. absolutely going

to certainly months on it’s I to low, want medium, XX XX focus in that the try just I high, that going about don’t happen. are will to something say, it’s, we make next months, talk to Randall,

Randall Stanicky

there there? are out And assets

Peter Miller

Absolutely. Absolutely.

Randall Stanicky

Thanks Great. guys. Okay.

Operator

the Your line Fitzgerald. next Cantor Brandon the Folkes question of comes from of

open. Your line is

Unidentified Analyst

Thanks. for This the any My believe you about Brian a sinusitis differ asked into nasal is and patient just while this is insight is, all hopping year persistency do calls. is think still per already, chronic on prescriptions Brandon. between have if at have a you for through early, [ph] you does Apologies patients? to number and polyps Hey. XHANCE, question first four do this still it

Peter Miller

Yeah.

said we [ph] as are answer We producing -- per asked I I -- we as But did Brian. expected that prescriptions four you said, worries year. that, again. just it No about had

it the tracking We good think the are number. and and still PPM network in channel preferred still we that’s reasonably pharmacy a

I I the nasal am and frankly and in refills we cut have say, CS, differences both prescriptions. growth really feeling I have historically, to fine. about don’t said But Relative as new in polyps will good a that

this we launch the in months, launch, months At of product. into XX are point the XX the

really growth real We meaning seeing this expect real refills, real contribution view. there’s our on business in upside nice as continued -- seeing new prescriptions are potential and in still on are would you nice we

Unidentified Analyst

Great. of see chronic just market, through they And and development the then dynamics fitting us how XHANCE biologics, to for into and product you that some sinusitis, to come market treatment Thanks. could the were if do help you paradigm? and

Peter Miller

it and the it studying will maybe Ramy the Number that, to I one turn is over pre-severe start are we population. I will biologics you.

we our view are view of So is in in severe probably to going begin certainly terms doctors patients, where population. likely that a where think more from our is fits in where

biologics the probably the the how therapy point important most were are how they and studied intranasal steroid It’s But, in clinical with an about is, combination used those spray. market. products trials being in

we for before So a that treatment should doesn’t spray. just are we competitive, to that -- go patients don’t biologic. physicians adequate think patients think started necessarily is reason, try we -- is on the most intranasal are and going a view to biologics biologic. option to a And an the patient recommendation the get If a because very we treatment, effective

anything see as have don’t I for it if to reason, I we you So said, don’t as know Ramy, that competitive. really add.

Ramy Mahmoud

be The add-on two that that that remind sense exclusive the has in can used than products narrower I only that would therapy not granted our just in patients mutually is narrower narrower you ways, together. indication it’s it’s these are been unlike indication for they only. Peter and some to alluded Dupilumab that, sense in the for refractory

from a as of we a factor and a favor, that is market of different think view continue our plays sort difference potentially as perspective, payers. perspective then major complementary access with clinical from have in of conversations that to we sort sort the price and marketplace we So

Unidentified Analyst

Thanks. Good.

Operator

call There time. over the at to Peter. like go ahead, I turn this further Please are back no sir. now questions to would

Peter Miller

look -- Well, next we us. call. everybody thanks for actually forward joining We to our

Operator

this you today’s Thank gentlemen, conference concludes and participating. call. for Ladies

now may You disconnect.

OptiNose (OPTN) 12 Nov 192019 Q3 Earnings call transcript