OPTN - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the OptiNose's Q3 2020 Earnings 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] I would now like to hand the conference over to Jonathan Neely, VP Investor Relations. Thank you. sir. ahead, go Please

Jonathan Neely

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

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

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

Additional under these optinose.com. most Factors of issued XX-Q discussed Form the as that forward-looking on the Statements XX-K their recent and statements earnings and under the cautionary today, at release information is section our factors with website of OptiNose's Forward-Looking available we and elsewhere at filed and that well sec.gov the on website regarding SEC Form and as section are note Risk

reliance You cautioned on to are place not undue statements. forward-looking

during these any of and statements we revise no of this conference undertake date or as this in date Forward-looking of statement, such call to call original earlier the only speak indicated or any statements. obligation update

Peter? will that, to will call I over Peter will the prepared We then question-and-answer a now now make With session. and Miller. move remarks, turn we to

Peter Miller

grow To thank I'd our business presented We the coronavirus in face strong challenges by appreciate team everybody third for in the continued like morning to the very Thanks quarter joining you everybody. to and we good us which and on quarter a our pandemic. OptiNose of commend much, for start, update. Jonathan,

part with quarter become potential While belief reinforces right related to on key go there of its I'd more moment, a great for product from start this and care five providing large today's performance the a COVID-XX, We'll a to that detail my X. but presentation. to XHANCE, challenges market. in Starting of by will into we takeaways continued strong treatment team our like standard underserved on to likely have deliver Slide be

an challenging First third second With a new up environment XXXX. new the XHANCE quarter to patient decline in second ENT prescriptions quarter, by quarter volumes offices allergy over and activity to increasing XXXX significant experiencing in of XX% a high quarter global prescriptions and achieved increased in in third the third after caused patient due pandemic. volumes and in in-person are quarter the promotional compared XX% all-time

was with detailing and third October strong physicians. under leveraging Second, in-person kaleo relationships the pre-existing in representatives X XHANCE commenced way. completed training quarter the Kaleo they our co-promotion sales that on with have

reminder, healthcare called-on about a is of the promoting a of up XHANCE half to kaleo universe. whom incremental audience current As prescribers, X,XXX professionals to are OptiNose of to large office-based

frequency and the are forward excited I'm As look of are Having correlated the new demand. our increasing CEO historically to with a and Williamson, by meeting both Spencer launch relationship. product energy prescription sales brings and kaleo, a reach a promotional XHANCE, for result, -- representatives alongside kaleo which partnership to enthusiasm the both is attended kaleo productive

be for the we from expect continues under-appreciated. the XXXX. results come CS second lowering operating expenses and initial chronic our programs would development to believe guidance that are opportunity continue sinusitis We from indication half the in clinical development we successful growth financial of Third, for to of

door product never label potential available with the that the not could Both the up physician and treatments any our today on label Kaleo population substantial that are triple we to and largely indication Given patients of that the drivers. been the partnership seeking an by to has patient historically. CS with this the the product for number reach perspective, achieved believe has other indication growth. to potentially our our expansion by potential open with of new ineffective frustration due treatment continues CS represent Fourth, add headroom additional XHANCE potential to enormous were for that growth drug

still physicians performing while In recover. level, addition, are a current is details prescription high At face-to-face have volumes environment, levels. market norms. INS the a below pre-pandemic number yet of At granular still our our are level, completing business are solidly to with market below in historical total the conditions reps

is of in as distinct in for nasal public fifth, And we recognition $XXX thought there will of conventional We're target. societies strong steroids. with prescribe of with a publication the Chief XHANCE Rhinology step Dr. As our specialty face-to-face of as patients controlled patients inadequately population rhinosinusitis nasal increasing providers polyps chronic sheet polyps University steroids. that believe we Carolina increase, the in with growth acceleration. of by consider remain September by and XHANCE nasal data nasal squarely try patients conventional important new Hill they author, of others, peer-reviewed by Senior, at Brent fall XX. of million Concurrently, have North This and leaders support future cash treatment Chapel and at healthcare to a encouraging interactions also inhaled balance and by encouraged after who lead

option sales draw $XX.X as our In of quarter facility addition, the XXXX. result an $XX exceeding from for debt the net to we XHANCE a now third million million threshold additional have the

our start in collapse XHANCE part affected for After new physician to XX% in treatment the a XXXX, best quarter new of offices COVID-XX prescriptions second and for of the to XHANCE Turning a XX% to XXXX increase quarter and XXXX XXXX, strong third third for quarter X. quarter. Slide second XX,XXX compared quarter early initiations since target the In and in prescriptions first compared through were launch. quarter there patient the flow of related increase new XHANCE, negatively

continued quarter. third in trend new prescriptions Following that strong reset, returned the to growth which

performance refills this business. of by drive prescriptions two-thirds the encouraged XHANCE are currently new because up which make approximately We the

team in-person between our increase, new our in growth and to interactions own As confident kaleo continues ability drive in volume remain to the details sales and we prescriptions. begin have physicians of to impact

X. this to in to number to the are Turning the Refill quarter-over-quarter approximately of This new third XXXX. per the encouragingly, business prescriptions prescriptions, the Very Slide XX,XXX number who and together XHANCE is represents offered patients good third prescriptions quarter the the news Pulling quarter is and third to XXXX. XX,XXX. year over of solidly total XX% believe year-over-year continued the increase benefit are of increase that now product prescriptions XXXX was refill the patient per We continuing and of growth over is for four. of clinical experiencing. reflective and quarter in

Turning share to intranasal by steroid in physicians prescriptions XX,XXX to in roughly all continued written of market XHANCE Slide quarter Shares XXXX. target increase of proportion audience. third the expressed our a X. as

You XXXX pandemic doubled territory both to much can from the XXXX during quarter increase with of X.X% despite access quarter third see earned disruptive the shares that offices physician nearly period. and patients of to third of in manager X% in of flows

conditions improve, the off well we As and these build base. strength market positioned to are

of definition the from expect we our XX,XXX believe our OptiNose This team. to details As into share. we describe in to physicians. XX,XXX expanded when drive we move sales the physicianskaleo are will approximately This market XHANCE physicians the reaching will XXXX, physicians increase increase for for will market physicians number additional target approximately help this growth. plus of audience to total We us, we addition included of the reflect

short the this in of will term, lower However, a result prescribers larger in stated share. denominator

depth physician by physicians continued and as Slide prescribing total the patients measured of grow well. to XHANCE prescriptions X. Breadth who number have as of Turning filling to

patient at an X,XXX least increase to one quarter breadth, had XX% third physicians XXXX, quarter Regarding of prescription XHANCE, fill in a XXXX. compared third approximately of

filled depth, XX had the with increasing of third their X,XXX quarter has in physicians than of with by quarter from faster number the physicians this quarter prescriptions grown XXXX who to more in more segment. even number patients third by than that Regarding XXXX now of XX% XHANCE

provide in depth blunted and the strong we over for comments to regarding third I results a While Goldan CFO, in as quarter continued and I'll improve, XXXX But moments, pandemic few In Keith growth remarks. regarding perspectives the by our conditions breadth closing Keith? depth. call the environment, was turn market will both see will believe we trend growth first that our breadth guidance. and some corporate

Keith Goldan

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

Turning to Slide XX.

net of As in we $XX.X reported, XXXX. million of OptiNose third recognized the XHANCE revenue quarter

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

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

necessarily we patients for metric price and through result received this to quarter pharmacy programs, and factors prescription $XXX the is our factors. that to Based affordability of of in a our reflect proportion a of $XX benefit you the patterns, from XXXX change that unit quarter previously. in acquiring utilization compared directly, an available insurance third do expectations individual $XXX, directly on the patient However, XXXX that third-parties pharmacies ordering of an XHANCE and rates from per we remind That wholesale paid this data prescription with communicated we variability increase customers other for subject for inventory including network, on levels revenue average preferred not XHANCE net variability. sell a is we of XHANCE also was the and consistent of data purchased the to of second

is ended September prescription For nine months XHANCE the average revenue $XXX. net per XX,

morning, guidance trial XX. clinical previous and previous regarding This are Moving operating Slide maintaining to guidance expenses we lowering timing. for

be full-year expected of $XXX compensation. from expect our operating million to $XXX to $XX stock-based in to operating to in from be a was expected is were $XXX range operating compensation. $XXX of which which expected to approximately XXXX, $XX Total we in Previously, be be expenses, $XXX approximately lowering those expected to excluding to compensation to million. for stock-based be are million expenses. non-cash million, We expenses First, for range range guidance million, now from million million stock-based million the a non-cash are therefore $XXX the

conduct uncertainty, top clinical of we acknowledge of Second, second that potential worldwide some while related both trial we half trials fluid for treatment chronic to from challenges and with to trials pursuit add regarding our line sinusitis, the XHANCE of the a in expect indication continue results in COVID-XX remained XXXX. the new

threshold new, draw this million exceeded revenue our And is result, we third are to between now facility. and XHANCE the February of additional next eligible at quarter year. an XXXX net $XX million $XX.X in and our discretion XX now debt Third, a as

We by meeting continuing eligibility expect to early to XXXX subject draw million the requirements. $XX

subject closing available to a the million tranche least to to is as of addition, the In a I in back revenue quarter reminder, XHANCE facility $XX final million debt at Peter remarks. the call XXXX. give now is $XX brief the there will achievement of over Peter? second from of that turn net

Peter Miller

Thanks, Keith.

Before June. announced like closing moment on program to at end that the some of OPN-XXX the remarks to take I'd a XHANCE, discuss we

this address the initiated delivery new need of to cavity using nasal of this exhalation target our to during of that coronavirus are have antiseptic to throughout proprietary areas system infection. We a subject program by pandemic area deep an surface delivery the great nasal antiviral proven

reminder, published virus literature are developing already antiseptic in shown the broad we multiple a active SARS-CoV-X As the vitro in to the kill been and formulation of pathogens. ingredient spectrum review other peer has

that caused a is barrier and using promising often the is is so often factory We area by to deep and able important, to active airways, virus As high coat to ingredients respiratory cavity, use type physical it's virus. being COVID by this we the to infects area masks surface distancing virus and people is we upper of otherwise which believe affected the a through transmission. including reduce major all that but of kill why now, the entire nasal local also by that know

do that our approaches believe may the not. a enable nasal like way a in sprays Fortunately, standard we problem EDS solution for

because of home active and throughout this medicine Our delivery armamentarium multiplying well candidate The prior powerful More anticipate aimed planned supporting safe especially technology engaged to both both to drug nasal the the commercially where and include a is intervention of combination of there or available prophylaxis, coronavirus are addition Subsequent of easy EDS to has winning is pre-IND we treatment at submission, the fight an streamlined that anti-COVID of and research with to data for suggested that the known of and high-risk is the suited valuable combination delivery could specifically, be to clinical drug against OPN-XXX currently a active of reach IND our the the combination and need one technology a in both is Because test be believe who product, areas to a that to after drug early vaccines. the regions wealth including drug separately cavity, of role potential coronavirus. we for a antiseptic pressing approach pathway. including both components think and the that difficult this and deep the positive people appears to effective US shedding. potential spreading -- at We unique the fill, regarding novel use before we delivery and device. the device and a be that device intended have that societal product development. accelerated availability -- with prior development an FDA fills the in

addition, which reduction candidate vitro was which, virus testing in count a we expected. be result formulation four-log against to produced, is with a the that have performed SARS-CoV-X In we in in candid,

we against and other addition, tests November. performing In expect in results are pathogens

this ENT the to crisis, stages inexpensive growing a we parties our and to both by are on focus company. new of the and and while help our remains seeking future public device capital combination potential are expense XHANCE to within allergy current the and/or be committed excited To clear, pandemic support operating leading current We other building sources and initial drug combat grants health partnerships of and plan development. other supporting further are development of

been Turning not to to year it than a Slide calendar us expected when the XX. has any in turned certainly XXXX of be January.

and the CS and but growth. on be care could that to focused kaleo In of I'm considered had In audience. depth will year productive near you with treated emerging about created believe for very opportunities However, for now often patient were most continue Most all details. patients with launched very opportunities and are our this we provide what we potential for specialty co-promotion the can to that effort a that that clinical has And company. presented commercial growth more just about that limited. and results for XXXX pathway, outside up therapy. not and believe broader includes the of I'm number team to X,XXX physician prescribers, those to know the potential beyond whom plans half of themselves the immediately, so indication. call can proud next and be XXXX. consensus Their next emerging has adequate. with like conventional steroids, but the the it a of XHANCE trials. expand incredibly whom this team a Thank nearly stepwise business this in of made audience breadth you. we far, expert of I'm a their will universe call nice be on conventional sharing with Knowing build chronic XHANCE the we up optimize significant embrace to chronic accelerate it conventional dissatisfaction for this treatments medical current we XX,XXX when professionals physician managers. options time CS what the XXXX, open patients be of for rhinosinusitis in The appeared importantly nasal consensus, We catch Further that business territory with from should are the line Q&A. nasal building up tailwind fired of look nasal I'd nasal today progress about efforts out for we We an are a XXXX. in healthcare and called-on steroids first can expect is we top indication in approximately OptiNose sinusitis for and the data forward we if pathway polyps current great updates regarding the physician there and partnership also well the polyp for term, creates expansion patients considered produced

Operator

[Operator Instructions].

line from with First Ku comes question Stacy Cowen. of the

open. is Your line

Stacy Ku

nice questions and for my congrats on thanks taking Hi, a quarter.

second for million could quarter you And could terms a touch about in terms the from consensus so you question, This it numbers wondering a about above for the current we're we is you to me. discussed is few revenue, for price really Hoping really if the us, -- And then how is so, I QX, not could like QX expectations that of script, provide XX% a have but know sequential discuss could but the range strong if it year. $XX hoping your in for looks talk your per increase questions sharing guidance are you're comfortable you ongoing? thoughts achievable of QX.

Peter Miller

Keith, I'll those. both Keith of let take

Keith Goldan

the Stacy, good for question. morning, thanks

net thanks respect on question to and performance that say our for I'd So was the guided. for the per with we've on as comment script as revenue expected your quarter, average fourth XQ just the performance.

we've XXXX, launched response we us noted, about and we publicly in the third access at progressed board been new average the the seen what our market have patients. strong Going assistance It three when the some back that structured benefits net consistent the and pandemic, the was program, XHANCE, increases program for up as gradual it's revenue we the have to to a as -- it XX% commercial that second is which we that that call patients say year, really Again in the the way the you in in to prescription the share put place prescription. our as of increasing underlying to know decreases on different in that's the achieve continue assist received year, would remain to of talked we've out the around -- continue well we pretty maximums in co-pay did we the and the thing we prescriptions either pandemic. quarter, one reasons record per money X-XX-XX reaction place what us the and that program cost to second the the market -- to to net response call no thereby cost meet per provided helped assistance expect did or and patients This pocket what very amount to -- we've deductibles was is average co-pay we contribute of I those in getting revenue throughout but put years quarter.

that strength we've net of which the the about. did I continued response spite when see that that For had I the point recall, the of fourth give year prescription revenue, pandemic, will new though yearly net And to specific our the had, comment believe, the -- I you remains QX growth did revenue third our just, revenue going from I'll out quarter think the to in just in point, the to revenue per increase XQ QX full prescription that if mentioned script, May. we And, quarter, historically, if average We continued we've guidance but throughout above growth to not to every per not companies guidance out in withdraw revenue pre-COVID. we're there many guidance, same $XXX reasons per we we just pandemic per and TRx I look expect quarter we're With putting call, the I'll the of the continue and you fourth respect I'll as been guidance at because earlier. prescription in had for net year. to And guidance XX% I launch. average to comfortable we to this talked average

thinking what those So would you're as mind like. look in about of XQ keep would both

Operator

with Steinberg David question, Jefferies. Next

David Steinberg

three Thanks and I have good morning. questions.

the what is, one on are on until fact you that Update color finally, in to collaboration, of kind and thinking what help starting on in us they seeing year? then revenues of can need your thinking Thanks. first will actually breakeven? -- per just the more current you're next to and refills thinking years, Peter script So what's terms few average XHANCE refills, kaleo or of you give in terms and what's generate for be patient a year latest

Peter Miller

Thanks, David. the I questions. appreciate

our kaleo. -- a really in said remarks, David, their acute strong I'm I just As about team very with business excited They has product. built my

X,XXX in business, So they know have going a if to they it's call territory are overlapped pre-existing to already they the incrementally going prescribers be with other how to bid roughly to addition our relationships audience with managers.

about excited So I'm very it. very,

I literally, to kaleo. time, some early think see anecdotally trained hearing sure, it's really they already, to in really their impact the went we take first We're on going for them out David, of it October. calls

fourth is as impact think you'll So across my I start to the think expectation. really see and impact progresses, I you quarter I see will think XXXX, when is

again, as I'm in encouraged year. refills category steroid refills, two reminder, Regarding really the per about intranasal typical a that, David

currently patients really with fact year. of INS, monthly that's So target patients and work with some product. in we're and expect reasonable every importance in use because there and a it's about are just at part to many the we to going still We're typical X.X a the out of is clear satisfied that's messaging came trying per believing using on product in in that to We the to point refills. we of a product that I have start basis and and about really on it's year, top for a -- but isn't indication four the was well refills only David day, months gotten two good proper understand candidly, the before that deliver four so between growing it there and

Keith. it's if In pass that to terms forward, better looking of revenue, and breakeven, I probably to

of that. sort you let address I'll Keith, So

Keith Goldan

David, a I'll robust we have pretty before, said that comment infrastructure here. a make we've Yes, just, I'd

million was guidance million, gave just year, guidance is we that last right latest look the $XXX our to updated this for $XXX you for million now If OpEx today is at which year. our $XXX

going be OpEx. going we able continue That grow we as to to quite are We've grow infrastructure, to substantially. two continue have to leverage years flat on of revenue we obviously -- to XHANCE. we're get So basically

mid math, but you guidance, have and not So I'll I cost expect but incrementally. get gross but been we have think of on fixed in the have profit modestly, robust you let the can not going think 'XXs, a base. expense an I we do base that Again give guys to to lot with it leverage margins, historically I'm grow our to

So with I'm that And you think finally, the can I'm you math asked significant -- -- in into continue do turn of guys the this to can refills that's you corner. math, David terms number downstream. XHANCE I of again top the of comment mind, but needs the to making and do be new questions where in as the one glad of the comment, because the that to we on prescription, the that sort you in build funnel turns made refills of remarks then we caught the obvious,

good the now we as continue refill high rate why and right and feel combination NRx about it's increase, have we continuing of even the to business really very grow to So, just now.

Peter Miller

those And the I'll add, D this as next trials really XHANCE have investment two David, -- heavy of the X chronic full of both line trials pretty R&D, treatment data for guidance, per on in on all the the side in our we're of last year Phase is we year expect we sinusitis kind next year. that, and exploring top a thing in with

should R&D should costs as or I'll new development expectation have can 'XX say, decrease invest we trials so be our either that, the in optionality, in programs to the complete. those choose beyond and in So R&D we after line

Operator

Cantor from Folkes Fitzgerald. Brandon question, Next

Brandon Folkes

of the forward? maybe of that in-person the in about the just of, in terms taking thanks return benefit and space think versus maybe from do you any should of we Hi, ENT the think terms of down you is of I terms for And Is drilling are seeing you're and continues you quarter, maybe, And post or my factors bolus how there decline. revisit other I competitor CS, trial ways a there behind is kind to going comparative then be to that you in data COVID steroid it see when significant both lastly is you. consider? on the a all in intranasal used Do to can just products telemedicine to advantage quite maybe which on congratulations in visits questions first is market, going in results in the there come Do running of should think in secondly, think, end space? terms what comment quarter. on into results space? patients that And on quarter you in-person just can to market. and going that down the commentary [indiscernible] just they're that we ENT of, a the in

Peter Miller

a you clinical we -- not way and in that's that case I the at get of jump the return was it say the side seeing had the physicians by a volume and benefit clinically, was really I on think was an a in There Brandon. question physicians, see anecdotal day But so little a something world it was not that from do just way then where But that visualization or showed a couple take to telemedicine not clinical continue up on a a that opposed a provides back lot they're to on I'll value on talk the if much clinical the immediately the in of dinner We're comments by drew to in day why ENT that majority last nasal endoscopically there obviously we the return like pretty certainly cavity. the a days of did an -- ENT you'd are believe night sort physicians you reasonable that can really cases. of patient the of a sort in-person, your they questions. healthy leading a XX% telemedicine, I days, patients But to surgical happening And in bolus on encouraged they all that XQ, you obviously with average, back it XQ. a it of Relative range. distinction. Keith It's ENT from actual pre-pandemic, prescribed the to surgery going in I'd do because see benefit quite patients. from affected. is bolus. of on in we is the with, but what's and was examination, not the surgical a Relative on bolus they're not space, of probably with as patients of don't

there will space, So that there telemedicine be. is in and don't think I really minimal

space, noticed the year that much the has they've and Regarding But do the -- into to head allergy approached said, office, the market INS not But but quite require It's have be in been not it to INS as the in months. quite is, we back do reasonably historically. of appear telemedicine. market, to close returning ago. where fall, a to actual category not special telemedicine, another to is where back where a has Relative it good things of so there patients to specialty is summer we because the Brandon there again was quite been it sort I was. is the the news that shots that's telemedicine visit embraced as an allergy in that allergists an more

not think majority that we're we quite COVID-related. Despite Brandon said, I just that I the to volumes of pre-pandemic. the what back is were patient

that's impact. I an think So

year-on-year category. category decline will, But of some majority of add. that have the to our best do probably INS cause that don't Vic, I of terms anything an of is guess, in the for know you you in OTC if is COVID-related it that comparison. have if can option broader the You

Vic Clavelli

really Peter, I nicely. think that summarized you

you been XHANCE is and physicians helping nasal could office certainly why the would choose would that's diagnose visit. we've both understand are you that clinical think sort do I of telemedicine that focused XHANCE how thing reasons how nice on do that And approach. the our polyps. can an there they in And through why about they or

Peter Miller

I Brandon. the area, mean, huge I CS, think have the advantages we Regarding CS in two

audience believe And indication. of we being guys this that based audience. roughly of in will broader there physician get reminder, the roughly and people And ever lapsed well data, X.X going things XX about opportunity broadening ideally who we're are we treated be million from a we the cared think market I million X also presents to we're that via assuming it that on care. physician are way, you patients in to get product to it's CS million as on audience. are current into be are physician but to only trials, the calling the X first, a the aware for, by know an a partnership, million go treats will that to enable think the that that indication being back to first CRS timelines our patients We

we very think just for So very, generally big opportunity. the CS is opportunity a

way simple things inflammatory with we It's progress we're just polyps a really very the a very think by condition in more is recognized if going our and getting how the for Brandon, will effectively that that are are we first nasal very they and compelling progressing, and optimal I we've more established treatment reach physicians work candidly we nasal we an to think is rhinosinusitis population story. I we're device. have simple be behind it really reaching of with and well the to that cavity, difficult idea chronic -- more

view, message. have in being a I So we advantage first of more think and my obviously compelling

Operator

with BMO. Gary Nachman question, Next

RafaySardar

good hoping any Rafay coverage was and for an I could provide payer morning. Gary. into on on whether XXXX? you XHANCE heading you update anticipate changes It's Hi,

Peter Miller

very we remind question. as for Pfizer, made joined today. coverage us It's I to times, payer Clavelli has have was things from impressed the the Vic we've where him good several him achieved one really impressed a-I coverage that was the the Vic people, we a on Thanks the big of that and that running product. things always at this Pfizer, business was here sit like

So, on we as lives of to that, XX% that. benefit. we increase reminder, were -- horizon wins have Having a as covered a XX% said have the we XHANCE actually commercial to see

this Keith? just had recently, right, Cross Florida, big for October Blue is just I wins of think talk picked I a market So, our very can up year. Blue we coverage in some about business. Florida of we Shield

talk And leader So in I we're in mentioned call, continue to treat payers, the in community the of with their that XX% community recently Medicaid. becomes that's coverage conversations and that to we're to of this great just thought some paradigm societies really how a we gives talked and Rhinology, more the the more more Medicare that about that -- and sight for and recognizing disease, leaders to in thought in disease. really it's more the as recognized, the some payers and the recognition have more in and the to expand and public, achieved been and us publicly having in have continue because that as by the commercial ammunition XX% good this really more and to XHANCE how fits of grow there meetings believe by encouraged that line go very algorithm consensus team gets if more of we treatment win, to coverage had a

across see improvement year. So, next we in do feel that -- we

Rafay Sardar

Thanks. program about explore in And that mentioned bit of that duration new talk the effective the then past. program I was been how reaching it hoping you've expected more a has and could you What's prescribers? potentially your

Peter Miller

been interrupted effective. it got the Unfortunately, it. two had pandemic. It's waves of really We by

in the program first dabblers. -- quarter in terms read reminder that pandemic, physicians bit couple post of had have of impact, early got that by, too encouraged third into to targeted a as hundred back hundred and little really the got we I'm real year in of and a sort call of we we of program, program we year we it's specifically this the several we physicians but So this that the now quarter of enrolled we more as the in

more not They're who we the or to are these the So, XX just that quarter. physicians a group product. XHANCE into get writing writing that of in it want people in are prescriptions

is on doing on that the a post-treatment being users users on we move XHANCE. patient the have opt-in ammunition real So to survey and physicians obviously the own pivotal data we are in and with data may that is to their an seeing share side dabbling a of all the not hoping And being to that that we be and that able the addition that on is efficacy patients confidential we're committed in results we goal impact have our committed they're of sort from data have physicians of how the physicians trials. share HIPAA-protected real efficacy from and to

to timeframe, it, it's increase it looking it at, is prescriptions the way little not written read were prescribing a So, early because during honestly does we're reading months. we're three patients how months indications explorer quarter, it's the many third six several the having like the the completed running hundred roughly Early looks have impact. bit to started in once in the they've it

little -- bit but tell. to it's a early So too

Operator

question. David from Sandler. Last Piper Amsellem

Unidentified Analyst

Zack on taking for you David. for this questions. is my Hi, Thank

of me. couple Just a quick from ones

on could you with just prescriptions the you. be current on remind those then are nasal provide split were I side? you the with just on front, an Thank Medicare polyps that previously mentioned First, and that asset reimbursement us front I of up the on for update between following update also chronic sinusitis? would where you working could remember written D patients you you helpful. Part think And the

Peter Miller

Sure.

a for say versus polyp rhinosinusitis, a to have, share in roughly they a will, in for changes reminder, the thanks or way a you if as your By year, any past they question. not chronic have we rhinosinusitis to a we We incentive dramatic really haven't the perfect nasal haven't business. the nasal that that year have, it's the you chronic as outside that relative nasal seen for actually really allergic be third Relative dataset fact, half, the data want and a of in is the polyps -- reminder, set remind great may, business in it's patient. or to we nasal of a to change rhinitis. and seen the of because polyps, about physicians polyps that whether dataset I don't And can code and

So getting third than majority covered. we that is terrific -- roughly have polyps. Medicare there the in more source, the nasal in a of of data two-thirds data D are data is is Part reasonable actually in prescriptions source outside Relative prescribing but to number in a terms currently nasal Medicare polyps, Part the D, roughly not of coverage

we'd D I of XXXX. that. And so, in to in improvement don't improve it's think I think Part And but Medicare about we're as the like think early real see -- improvement to going there, we parts

business that of impact It's commercial of for a overall real Part a very want XXXX. the not see But for really and specifically. significant steroids we'll you Medicare probably think I remind intranasal is D business. I in business our to the part

Peter Miller

want as what and about of excited us on for And I Okay. everybody to With Company call. we I joining for the that next ahead to thank forward the year. sort really talking to we're look said, you lies

Operator

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

disconnect. You may now

OptiNose (OPTN) 7 Nov 202020 Q3 Earnings call transcript