ECOR - Earnings call transcript Q4 2018

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Operator

Greetings, and welcome to electroCore Fourth Quarter and Fiscal Year 2018 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I would now like to turn the conference over to your host Hans Vitzthum. Thank you.

You may begin.

Hans Vitzthum

thank for and call. in Devon, you, you participating all today's Thank

Financial electroCore me Executive and of Officer; press and Chief Chief Frank year website. and the company's release Earlier J.P. Vraniak, Joining XXXX. Amato, the Science ended Officer; December are A the results released for Errico, XX, Chief Glenn is Officer. quarter on today copy Strategy available

statements call within the cause events material made that to risks limitation, Securities that the statements. safe should and be begin, harbor that results forward-looking or provisions forward-looking meaning management statements facts this trends company's not remind will you by historical that Reform of Any I'd include these our of future statements. All call during upon contained deemed these of to statements pursuant assumptions. expectations those in including, Private various from XXXX. place we federal to forward-looking Before Act statements not are the Litigation you be this current These the and and are of securities statements like anticipated make which should to statements. the examination could operating based involve differ Accordingly, are reliance financial estimates of forward-looking our materially on implied uncertainties without actual undue statements or laws,

over information the is conference Frank information, financial the uncertainties intention today, filings Amato. or with with because as associated XX, any live projections any of call and by except XXXX. I'll the accurate future only the or please risk contains electroCore events or of description of Securities the to with company's call whether required and and see obligation, turn update otherwise. now business, list the new forward-looking that, a Exchange And revise to For March broadcast or law, as This disclaims company's Commission. that time-sensitive statements,

Frank Amato

up I for our J.P. Strategy Then today. development our Financial pass an an made progress on joining and XXXX, the will our June and infrastructure research and public to in building patients. year to you financials. for call drive update a and your commercial launch, questions. gammaCore everyone of Science significant Thanks Officer open and We've Hans. will thank Officer, highlights since awareness I'll payers, our offering physicians Glenn And our amongst to Errico, these begin establish our gammaCore and begun a with finally, I'm few say fourth Chief for quarter us over Hello solid and update Chief then call year. full to begin that commercial full have efforts discuss from with to we fourth future Vraniak, for on a quarter today, the growth. pleased initiatives the foundation initial

an were more of the quarter the XXXX, there favorable quarter XX% fourth the XXXX with prescriptions building During into quarter. third over of ramp. increase fourth written, than Momentum a continued

as will However, this these started the yet individuals by well Department Federal largely Highmark, Caremark, effect the gammaCore, which of the CVS Veterans positive that reflect Schedule results specifically managed includes have reimbursement Administration in year. to for Defense. more Supply and and as Reimbursement have

Our reported XXXX $XXX,XXX. GAAP was fourth quarter revenue

known designed of prescriptions yet pursuant for ongoing approximately programs. worth gammaCore dispensed programs demand These who as $X.X revenue. otherwise reimbursement, to also have promotional We million not are do patients

quarter value sales was As of $X.X fourth million. prescriptions XXXX dispensed gammaCore during of the such approximately the potential demand product

team the of had quarter. on goal our target had the the X,XXX unique produce Our XXXX, physicians more physicians ongoing written to quarter increase sales sales By X,XXX Through gammaCore. continue year of that prescribed efforts physicians. most X,XXX of through therapy third our results. A fourth XX% for prescriptions nearly than the its from to had accomplished of the end the positive calling

prescribing it's pharmaceutical industry, like by of to who for to prescribing As four are an it behavior product. the influence physicians average to interactions will these our take six typical

And by with a call, the momentum to experience say to reimbursement team the increase third patients this our on physicians. continue track have therapy. we clinical monthly will received building we back to cluster story, pleased for is out our we our the headache. may We treatment sales through FDA the be We nerve force. developed reach to we of and achieve cluster focus to headache, treatment target may goal. a therapeutic on on label of acute as and migraines. migraine XXXX our Stepping highest can the they number so first have and of our other late build XXXX, XX,XXX received treatment who that Strategically it episodic sales believe acute clearances moment, then In our vagus using non-invasive the capability stimulation targets, of for receive who I'm proprietary, new noted increase therapy. remain expansion for headache, quarter We this gain the gammaCore We a and headache of you of applications. prevention primary our those initially for number of the for for it cluster and first

of specialty like version In been device in Key on it our DOD. version Sapphire, million among X.X covered in rechargeable models therapy. States. approximate gammaCore a gammaCore of In past lives of that earlier handheld quarter-over-quarter of commercial shipped to quarters. with in of million United to as end XX million lives announced by XX the distributor partners currently an from up or growth achieve a the year in covered QX on directly and patient, the ongoing either XX the the is is From expansion Sapphire, our just We track indications, have X to more directly is middle pharmacy or expanding year. the this VA additional reloadable have lives the the two growth case last adding and continued XX The over QX from insurance the remain our our year, addition had XXX we device, million an and to covered as to million gammaCore we million enhancing we we We August recently, well. the payers. the by the in reimbursement or impressive coverage introduced

largest represents now supply within federal to XX Delaware Our prescribed market these the on schedule, team Including just U.S. Administration and of efforts. VA team begun I'm This important the gammaCore and And medical to allows Blue of in In inclusion Blue the access initiatives. our and the headed their agreement West military care facilities another families. personnel, country veterans, an Pennsylvania, and plan be decision lives. and covering proud of across favorable notable a to announced have number by million gammaCore gammaCore treatment spearheading agreement as the lives military Cross change managed last Highmark, additional access for which to nation's veteran collectively our we which and impact order and Virginia, we paid hospitals that is completed advance, already critical Defense. third across and Shield Her Veterans month. have Ferris positive by had a and to has an report coverage access for Ardelle for myself, tangible Department very the policy our active

issues codes have with Scripts. our logistical a we the to challenge. of making benefit especially These had Express compendium negotiations managers have previously, the our challenges pharmacy one with availability organizations some affected discussed product As of

Drug As a in National code late now has GammaCore the coming in report am February, a peace to now of overcoming for Programs, NCPDP. standard additional by Databank. recognized step First I all that forward across compendia, we the months. regarding positive positive reimbursement announcements Council place, including identifier to look was With expanding gammaCore this that the pleased lifted challenge, Prescription unique in recommendation for unanimous dosing in

It favorable therefore, revenue sequential Specific outside on Health medical we We coverage quarter timing online. a accelerating anticipate States. National progress also November, This Institute build. or quarter headache momentum Medtech for for calendar dispensed decisions to our of in gammaCore System will the revenue covered stimulation in a I'd United we payer a to that a and briefing how progression of estimates see demand of as of Innovation prescriptions that Due throughout treatment than the cluster and step In of is XXXX, the United with new revenue, noting of its of published to of backend be of year. NICE, that diagnostic will the indicate. the technologies. gaining there decision when year. Excellence fourth National saw increase validation the And vagus considering come consensus anticipate year. recent comment growth the growth continue from first loaded fourth use throughout November during the the to the the briefing GAAP number report developed more devices reimbursement implementation, of significant XXXX, make toward quarter anticipate Kingdom. promotional NICE, like and a widespread to nerve under from build by Kingdom in technology, supports make revenue worth final we patients programs currently a refills, continues another XXXX This the about expected progression Clinical the and we underlying suggesting in majority in the newly their were this or our United substantial XXXX represents

drive will more sequential and coverage question of we revenue receiving the significant we these anticipating favorable these growth prescriptions As is a and are leading company, that are quarterly There base for very a very this positive indicator. these factors our strong build that reimbursed, is no year. the decisions

have lives to lives bodes million This on growth and end. million and covered future year track XX remain growth. we covered mid the we prescription XXX for and XX revenue impressive that from approximate Importantly, by 'XX achieve well million is currently by

leading new. are growth which of prescriptions, indicator refills revenue the of Another versus our strong is percentage quarterly future

XX% During saw satisfaction. in compared to which the demand and the of refill and underlying XXX% fourth as quarter, quarter, prior represents increase total prescriptions reflects patient an written, now prescriptions approximate our we

be translate our purely payer reimbursed, of timing year a As recurring into of more that function refills loaded revenue. Again, strengthening and is this fundamentals. expectation this reflects coverage revenues are will our will backend

prescribing our base to the continue the of lives, Strategy covered future. Errico this physicians continued Founder, I'd to revenue J.P.? to like the expect growth in and Science drive As J.P. turn these patient refills increase, over call Chief Officer. to and point, At we

J.P. Errico

Thanks Frank.

As signaling demand peer payer metabolic clinical presentations based reimbursement by even on approval. into and publications. researchers evidence supported studying elements. variety the of result VNS, scientific for over we've the vagus nerve world ever body growing before, the of is interest of potential potent the and Translating ultimately payers clinic are busy proteins success mediators, demonstrating commercial clotting a the of inflammatory this neurotransmitters, into stimulation medical requires effects This shared factors. research And reviewed

clinical average highly which published is of is which down attack to the of number this, furtherance the decrease one a in XX% Fortunately, continued XX.X control attacks at most therapy study data our reduction mere of cluster and XX.X did chronic recently Journal centered in confirmation analysis and Headache weeks retrospective within third announced that Pain, a in months. and provides of the in outreach regarded for nearly Furthermore, X.X patients initiation episodic of a least cluster by per PREVA of showed frequency Data or were paper duration XX%. than to improvement study, in I'd a cornerstone headaches showed our week our attacks more of efforts decreased trial, in eight for the from than using data showed the from recent we to more that this the six was This like highlight three multi to payer minutes. of two gammaCore paper the publication, published further and from who cluster headache the of randomized out occur a weeks.

we are year of third claim, follow working we cluster our received up front, to the which clinical for past headache. this hard the prevention On label

will that we prevention for for With to are end, will the and migraines. To year. clinical support began enroll to extend be trial, in the the is last data the an we around discussions potential that this from in plan of with to United our fourth the additional indication claim our Providing sites PREMIUM prior ongoing to XXX FDA across findings label States II in patients quarter submit for PREMIUM of enrollment this label. trial. application support It to it which up the XX designed I getting clearance

the study treatment two As is in the is look a quarters, cluster will for be we be as that headache. next of trials the initiated and going an as while study and initiate formal will real is and we pilot the the adolescents, be used out use the it acute gammaCore gammaCore to will migraine preventive Not treatment our as headache is and this in preventive ATOM over an both migraine will acute is currently as well. that be used trial an of year the first real gammaCore in to study acute therapy which forgotten manner treatment. later ATOM post-traumatic investigation of of both

impacts particularly be form We of are On Vargas. in the concussions posttraumatic Americans the of brain of pleased one field through traumatic millions with headache, to Bert headache leading of working which voices this and Dr. injuries.

the initiated arthritis from non multiple clinical of arthritis deformity of of medical the in such systemic The the bone of see like of typically opportunity recently to therapy biological that the demonstration as and therapies systems rheumatoid previously, TNF Humira, of is gammaCore first is basis this of urgent treat gammaCore arthritis. who few of our arthritis. this also therapies world arthritis painful often And Enbrel current discussed an And efficacy for leaves dominated effective no failed inhibitors these and tens of in have line patients the treatment continuum to population X.X before that as population will conference immobility. patients inflammatory regarding rheumatoid effects among are cost conditions upcoming the have the RA patients the the us options. open this a even we estimated for of rheumatoid biologic biological with that treatments. the treating therapies treatments. belief there are to in believe there supports by and biologic continued door study, rheumatoid device with segment using significant our in We treat It Genius of we've the U.S. billions employed. We unfortunately, million As perhaps support the gammaCore suffer failure Recent this patients to very of approved expensive and up presentations rheumatoid people failed loss, advance for results therapies Remicade dollars. believe unmet need alpha the therapies, clinical care, who patient more failure current are healthcare

around clinical publications generated forward partnerships grants, look we bench sharing pre-clinical to updates and and and progress physicians and through clinical public private in our includes scientists the months, other multiple coming funded conditions. study the additional research regarding with CNS world. over and Finally, translational through both and studies Largely clinical academic this work science inflammatory

Glenn? that, Given field vagus financials. therapy, in to gammaCore stimulation with detailed become the and intend across has advancing globe. call partnering of leaders innovative we to thought instrumental non-invasive of a of the nature our for the turn nerve the With I'll the Glenn continue review over

Glenn Vraniak

you, Thank J.P.

Let's about talk financials the now.

increase and nearly Sapphire. third reflecting XX% This $XXX,XXX of increase of of sales the of quarter sales an is XXXX fourth quarter the an XXXX, $XXX,XXX the an December from increase $XXX,XXX. XXXX, from a electroCore For quarter net of reported ended XX, of overall of gammaCore or

noted of earlier, gammaCore prescriptions promotional the Frank dispensed majority during quarter As were under programs. the

and our free co-pay assist patients co-pay As we're value report obtained through dispensed. commercial of proud million we've an our with gammaCore that result, co-pay to assistance or assistance. patients that gammaCore time of the includes to therapy additional $XXX a program, their This therapy vouchers at of programs. have coverage sales product promotional we up Through delivered to who $X.X

benefits promoting patient patient result commercial programs demand. to the U.S. in million from third $XX.X million demonstrating operating Operating million XXXX. the XXXX the $X.X continue write no providing is are was quarter discussions at payer marketing and the physicians and $X.X quarter quarter a our as an therapy and therapy and of who objectives which expense gammaCore to of of of expenses as We prescriptions for to were coverage coverage million, $XX.X of the of charge, This physician these fourth total The of compared quarter of million increase quarter period accomplishing same were fourth to believe related to of XXXX. the increase for primarily the XXXX and by of costs operating functions. driven of company's an XXXX losses XXXX, loss sales in million the $XX.X in operating fourth $X.X the third increase compared of an in expansion

representing of increased XXXX. to Fourth year. is sales Now, full result year in increase sales XX% net generated at net net a of year, increase a launch of in compared full products as the $XXX,XXX our the of commercial attributable gammaCore of looking sales $XXX,XXX to for full This $XXX,XXX we as the U.S.

our by business change the partnership. offset was However, German in

As as of operating as the million of XXXX. expansion product the loss prescriptions compared the to the full to as value our the for full total were primarily gammaCore losses profit for of fourth to XXXX. the to promotional XXXX the compared delivered company's with was year million XXXX The driven of previously for $XXX,XXX $XX.X a year the sales the a these for year, of $XX.X approximately million And and of for full increase operating again, year we the sales by were full And related full costs in year expense operating marketing for of an as functions. of the were $XX.X million, XXXX this $XX.X majority year dispensed of programs. described full full under million patients year quarter $X.X and compared therapy programs, XXXX. expenses to was gammaCore $XXX,XXX through operating gross for The of result

And XXXX sheet, cash burn will short were $XX.X approximately as since our sheet and been be we investments part anticipate a a for gammaCore as years. of to undertaken the it potential that balance indications. of XX, company. I infrastructure and term electroCore course that to $X cash a a on like high that month, build team XXXX. a the thank standard was witnessed over solid build take and cash, approximately upon closing, equivalents past world of commercial that foundation December joining to million entire per million created class of of to the to best. significant XXXX, been QX in value And in I all and as August this it has has I to the I'll Frank. believe will that leave broad wish have of in knowing very, balance here care And can at I of in continue them initiatives Now, now few the moment and positive the would call very we've a And range back very that turn the results. the yield over Frank confident evolve into I'm the the of change

Frank Amato

Glenn. gammaCore, Thanks to ongoing commercial offering out be initial instrumental announced our opportunity. public in our and build We the infrastructure. leaving of pursue Glenn recently will Glenn electroCore successful been the of that launch another has

the of our nerve over prescribing vagus generation contributions increased wish XX%, the physicians our sales are rolled stimulation refills and XXX%. Sapphire him prescriptions We're for by gammaCore best force over thankful we endeavors. and XX%, fourth the We as by his non-invasive gammaCore number during his sequentially next performance well with out by and nearly the quarter future pleased successfully platform, very the in grown

benefit large care discussions constructive with We managed managers continue organizations. and to pharmacy have

we updates XXXX and As we our development up I the that line entered momentum initiatives, commercialization significant operator, our mentioned the the of to progress. across open and both please for with questions. future call, look on providing at research forward top And as with

Operator

ISI. line question the with of first Evercore Our Vijay Instructions] comes from [Operator Kumar

Vijay Kumar

topic the Maybe Frank one, of reimbursement. this big I'll is start the first

ID Bank. I think given unique a you code by mentioned was First Data

the particularly express the in of procedural for of one that's have focus us the terms steps just in of you net is code? next through terms this steps in right, will been Just investors. think next when that now Can ESI, the big sign PBMs, walk I a you

Frank Amato

PBMs Scripts, to discussion once that contract back and the a can others in over number then name out in a a term they OptumRx, with the they in been Involve a up then ensuring there First moves to the been and when toward past discussions code, that sheet namely been Express starts they Obviously, back here, have us, gammaCore get weeks Rx can conversations to we've that with ESI their their few Databank, back, that code We've reach they get compendium gammaCore few. of comes bring with into with, contract the committee.

code to the those a through access now into don't compendia over that, we make with be coming likely of who working available every First more to NCPDP able they couple not the we'll I'm each are, have and quarter weeks, sure should work to think and with there. other unanimous our the PBMs, months OptumRx United out opportunities. just of necessarily both code second and ensure their for pull or With of compendia So to have that know, Envolve, to that you compendia it matter one States it's have here it's across particular to our that to Databank, that some it. compendia the their available recommendation PBM The

Vijay Kumar

up financial reimbursed, prescriptions, the $X Because via you nice you're looking prescribers. volumes, I I of current guidance burn burn in up that'll be number will patients million. Glenn that I of the saying the sequential step refill really side, is going improve, think number million, right? in one mix of I continue unique prescribers. is what sequential at of that of guess on mix that $X rate implicitly script But at we're burn, step rates, cash to guess prescriptions cash at the know, the obviously some here maybe cash And of look and in growth mentioned

All to XXXX. is cash the stepping, of going up throughout burn ramping that levels. be constant But current at

the PBMs ESI revenue maybe the the of versus and big that burn, maybe the net number close and in that we assuming some in cash coming gross implicit anything shifts million on revenue, the $X gap? reimbursement So, of are

Frank Amato

Yes, million what I most a cash expect. average the Glenn that part, think burn the burn Glenn you've a head. for until references year month this is point nail on $X up an that's hit We've the is the reporting When for had that burn, we outflows on.

With that are and to to our comes I offset do that's through to revenue So we to on in be going some that the be. the mentioned expenses earlier. as accelerated call respect of that burn, what sequential year, expect

monthly on average, some here, So, the will Cross up and when we that Company. to the that'll through supply headquarters, is, year, and/or on add the of for force pop want burn reimbursement one and will federal PBMs and come that burden. just this a months expense monthly expecting burn that commercial in exact, of will to insurance we'll other degree have cash and Blue folks or for have additional that $X a schedule on Shield million, outflow plans CVS to that here where in great also average I But to the million we we're offset Caremark, Highmark, there comment a although be we'll be on expect new any plans this pay Blue bonuses basis. some sales to and $X

Glenn Vraniak

territories force add base. expense larger increase prescribing that of other sure into expand to thing we plan additional One the to the comes make online would a I each is to sales as we coverage would that continue

well through as So, component the I go you'll of an we offsetting year. as see think as kind that's

Frank Amato

in Yeah. as And call, we'll we've I additional the U.S as life we force, mentioned in discussed the reimbursed that get additional add sales market.

opportunities it'll to be drive an align So, where investment have that we revenue. strategy will to

Glenn Vraniak

use not net one as of would outflows, burn, that's cash thing, I we Frank only We're which when more Vijay, revenue. talking say term And is just the mentioned.

have is you revenue that. to to offset input keep going in So that mind

Vijay Kumar

XX%, a that versus because hand, two, was net look That of question of mix do What trying helpful. that's revenues. ESI versus XX on revenues the going gross to that the the cues, to the big post end and you outflow I'm it you any be you at at XX% And some gross. look obviously would I that that out is a what mix month would of looks just had if gross think the be because mix Maybe to to X cash if look I was XX XX, realized maybe figure like to or would of was realized be the like my that's gross, take guess of mean, that twelve next think net just the comments net PBMs, months, helpful. a I trying cash

Glenn Vraniak

cards offsetting the gross therefore low refills drop an for But deliver say would increase and to there overall. increase to sales less your course, as a very there's expect, lives as gross gross refill more I some of increase, covered that cost. gross factor to we at your profit rebates Yes, would your profit therefore line the well net net that sales to reduction from and we as

a that So there's into that equation factors playing of Vijay. and number question,

Operator

your of comes Please question proceed question. the line of from next Charles Our Cantor. with Duncan

Charles Duncan

growth, the, all call refills. appreciate then really them prescriptions, I physicians information, it, and granular writing

appreciate about, scripts. writing to so I wanted that. ask physicians you And

prescriber prescribers number could example, prescribing gammaCore it guess is same-store the XXXX but those XX%, initial you versus I broadening specific have, saying: base. so a continue prescribe to more?" going the goals you and more guess I'm docs. about back "Where up gammaCore XXXX or physicians So, in sales quarter, for think, And sequentially I your within sales do you're wondering, to for I of that to said You XXXX you your or to grow have targeted practice force

Frank Amato

the basis. are our reach into that we prescribe as a have the cases insurance on clinical we in marketplace pre-regular and number a the with and have the give officers also and individuals are monthly for the adopters, Sure, of early some those on real letters quarter-over-quarter, do reach regional a willing which daily, weekly at insurance therapy several have probably and in and carriers basis we show and of to XXX expected – patients frequency chief our presentations these of write those Company. directors kind for to medical advocates their with XXX carriers today become up our medical have to a that physicians force for say sales commercial we the out brand that about goals on become get commercial find that and I'd product advocates

like, much we regional Pennsylvania, we folks Virginia, that, on states as we and rate. approval require Highmark get have Otherwise, And they're also in the a have them send some at documents coverage coverage, with to product a Delaware other to additional paperwork West and higher which medical cases. will prescribing fill indicated addition out amount example, prescribing come lengthy to. more for are as patients in that of in letters the the authorizations, get who the start us and in to physicians fair In pretty regional necessity that for prior companies these insurance of

out that prescribing of that patients some their And much out currently physicians these cases, the are our who see pretty do the portion we get those because run are coming they've product with larger willing to options of they're who for on. plans to fill So, within In much growing paperwork prescribing patients of XXXX them practice. pretty as those dramatically on. number additional we we are see prescribing,

see a So, we variety that and as but additional coverage. get in to I include goals we addition in Charles. more for to expand the starting in market, sales physicians have reps quotas factors There's answering really frequency to I'm your we're different question, prescription think, out of reach the do

Charles Duncan

hear you regard I mentioned substantial And patients the that. to pretty was then increase prescribed pretty rate, in with refill gammaCore, happy and to being

could current cluster for headache are prescribed of you I using the think or migraines being that patients I'm you or patients if patients said or one Just chronic two are of with characterize, I are written refills. more you X/X getting penetrating the wondering characterize prescriptions migraines are of traction guess for kind markets gammaCore. you more? about gammaCore, patients, prescriptions

Glenn Vraniak

the I the headache the majority over right a in cluster When the of written are the fold market our migraine, XXX for written of United States. prescriptions market say migraine is now. being Yeah, size migraine for

there. in market of have With to you cluster headache, portion So those a XX% episodic. coming good have, we did about scripts of is expect the

go some cases. into remit on no about require to period in any to of X longer So and for or time type therapy for that X longer XX will patients XX then therapy of months our to weeks go and

coming So, they're some reports patients back physicians cluster on success from headache we are anecdotal the on getting see and do having.

than In fact, we for the that in that at and we clinical in Europe and had our patients trials. been even over better our saw on who looking U.S. a market analysis study was a J.P., in fact published. referenced results therapy cluster just retrospective It what those have headache, were the

and for of we we prescriptions new therapy are do seeing that driver patients both realize largest on number for the but So that largest adoption the and the the feel of refills our as total cluster, be prescriptions we'll migraine will driver prescriptions grow.

Charles Duncan

a to lot market, terms just being migraines of prescribed of, last I'm gammaCore scene says migraines. to monoclonal that heard the one being and wondering And or actual top question data of you've for antibodies or anecdotal second-half call over out the J.P., of in of had to patients follow-up on And new I'm curious came if therapy, drugs of, those year a antibodies just I question, any migraine? the the for treat it, but course the

Glenn Vraniak

are the Sure. in were those prescribing both across would U.S. earlier, In physicians so headaches. with XX still July which if four of when the especially somewhere XX% product a about headaches that we be perfect They're six CGRPs the a to the the cover remainder early they would who headaches patient option. year, along last CGRP through a to indicated a CGRPs will two their we IPO, the antibodies, be between month, is prevention. referenced an And XXXX has XXXX, to to where gammaCore that with they of adopters, month, indication eight because left fully those the have launched manage market us for monoclonal the antibodies gammaCore, of after

FDA on adjunctive them that of able prevention early bit the year for with end label, prescribing see into We're hopeful put prescribing our now a competitor which our physicians tandem. we right some us based as in perhaps year, CGRPs. of with on next then advance would But going seeing of we're or this indication to regard. through be to in a So, the the quite migraine direct

Charles Duncan

I'm And prevention the that then label more be you that Baseline the if that Are of in trial Patient ones efforts, sure talk data not my trial, could episodic enrolling I generally few any have follow-up for migraines for trial? but about missed of and relative help a question, the you did or migraines? adolescents to us patients would PREMIUM with for all have J.P., sorry frequent II expansion that questions. timing on it, you enrolling regard But ATOM, to you in do then characterized information terms you're additional

J.P. Errico

order, The in PREMIUM, the study is the of to began the quarter enrolling PREMIUM stages of all in We fourth middle reverse up we're believe getting running. the well. II in early I'm I enrollment and and sites start the going of

more them point. have I this enrolling at than think of we half

to of we're the So of in going we'll before adolescent next six prevention that the has confident nine be patients, then, last months beginning for these course, And by have last visit. complete to the late study, being that months enrollment. year, to be study complete terms them in is patient a of this year,

the that. confident will well But some there's it is results and augment study we go study that very from dossier this are talk out still our payers and about on of I that study that So on value designed to the we PREMIUM reflecting hope and time got is we our prevention. the the when priorities designed using of that we're

age treatment XX of of reasoning of is study migraine, our study, is XX which of expand from course doing adolescent terms years ATOM the to that age. of down years behind In the label to the

this penitence study many therapy. heard of therapy, a range women an designed that puberty running peak prevention not as XX. have but to think talk the we're I me as for the the XX of The in people is before, about happens acute population clinical there age and post into migration

looking Acute and question? covered the we're want asked. have your So the everything that our to for basis I certain Does advance as was Migraine the you the make to in PRESTO expanding work of label, answer that use label. which the I did that study, basis we

Charles Duncan

helpful. that's Yes,

on Although use I adolescent data sense of - us with would so that mean, timing when intrigued I timing. could Can really of atoms? the wondering a I'm come you I'm give and from the

Frank Amato

the months. Migraine, trial take XX us took the of PRESTO to would I of expect for treatment that expect would about you that same acute pivotal study study will a XX which in the amount time

going So probably XXXX. to expect it's that end I of take would time,

Operator

of Our next question your line question. comes from BTIG. Please Lavin the with Sean proceed with

Marie Thibault

luck next Glenn, questions. to It's Thibault for wanted you, Sean so we I say, with working enjoy Marie Lavin. on your And of you taking also for Thank know, in you the role. best

Glenn Vraniak

Thank much. that. And appreciate very I you

Marie Thibault

in your wanted I briefly to touch Frank, on about XXXX. comments revenue cadence

and hard to consensus you I million very the the cadence pointing see know, in hope $XX kind obviously might board. consensus, XXXX. understand year it's a I range revenue out But of turn early mentioned is think total how for reimbursement You to I on with in launch and to coming project versus revenue the since -

with? range you're the So comfortable

Frank Amato

how and more anticipate out reimbursement of speaking more to that far the I'm more reference more come as we online I quarters Marie kind revenue as the think I when obviously. rolling online, to yes, we cadence here see as comes goes,

right part for XX into, FSS including you marks we contract you added the high For million so now example, that look lives if of just December us. latter and over last days, have and know, the the XX

we we more more having as growth, those drive come of the lives and have will unfold. and grow linear. We do, online. online, into add the more realize then more as being growth however, come quarters we that see As folks revenue see We don't reimbursement will plans more, they refills especially as

or fourth spike part So, those really consensus for latter think Will lives difficult that are you revenue. come now is and us the see going part the second we'll third of in to quarter will the more will, on we third to subsequently in quarter. and in right online of if when come the and when the quarter into expected, the project, quarter that I as some have revenue the

number looking us for you're know now I project for of to the guidance and end that chunky. really a number can year. confidently kind the It's So, we hard a it's through right land of

Marie Thibault

many give refills been refill of Can Since me turning you briefly, into prescriptions that to third have same number, guess, terms wanted were you turned sort prescriptions touch I of prescriptions I know in first your refill into how that total or on mentioned lunch? in of order. refill prescription

J.P. Errico

appears has the rather to answer growing to XX%, Yes, growing to Marie, therapy because that the around the XX% take on order at The cost for that in and the this it We come is or time, the it's believe online, that outlay on reason is as J.P. it's payers question is present to patient be that but significantly. is reduced. to remain

to right grow caution XXX% as result, mentioned, fourth saying to into continue a be in what anything quarter-over-quarter to because now saw anticipate continue expect as taking it's quarter from so refills would to numbers and so, forward, going that that to the Frank as And I quarter I'm increases, going grow. and third we and we first these

Glenn Vraniak

continue acquisition. to And patient increase we

changes is perspective. obviously, know, that growing how top percentage works, as number which, from So, well, a you the dynamic

Frank Amato

continue they forth their really allowing payers. the This and is spoken through Partners between patients different the by Frank, we've the company to program, the that and rounded wrestle go we various that, previous is insurance you our calls out therapy and have while Care to it on which to also in I've have using also for saying appeals with and enhance, denials back as commented

somewhere, denials XX day pharmacy and side benefit those in take, to XX PBM the the or the approvals side, range. On can

can benefits medical the taking, some in see On months. four it five you side, cases to

benefit medical going both to we at and of the have and continue So that, patients grow. refills on benefit, more here to will to to to continue do different the access be are as sides we're then and us plans we think willing looking pharmacy therapy there'll fight to since the being coin allow

Marie Thibault

Highmark that them. lot question again of since win there see was being patients that's first great taking and factors a gammaCore. yes, consider. in Last for nice providers The last it's payer me, the high Okay, for just thanks regional that, month to covered those love regions probably hear, part, of a month seeing to a for hear was proportion their how to to looking, underlying are certainly I'd given most anecdotally

Frank Amato

Yes, on think, it for occurred us, February. the XXth of I

in in start So refills. their those three then to see to patients patients therapy in them on to And back get who to that physicians product. coming there to are are physicians bring identifying are states their are the currently prescribe

those has on have the now. of right namely therapy in specifically areas, patients them Pittsburgh, We a in of that XXX one Pittsburgh couple in doctors

that medical getting of indicates right has patient month. gammaCore for to policy Highmark. So also and have to least are patients failed we so waiting number now for cover out to at Partners paid them states Care to they non Triptan's. there those or be the that right are refills. but on to anti When our therapy in before, folks the The for run revenue their to speak would multiple a inflammatory don't for are I candidates store really hundreds number who to and answers for the in change therapy are, beginning through a now, - program get

side. And refill in are benefit of of that also then on had physicians the the order using therapy that have the patient going the ensure has So ensure to meet some to paid. that for positive they to to policy they the have requirements type medical get

get other patient first the get have paperwork and therapy benefit. out So to patient that's for to the then the they'll half did indicating on paperwork to fill to out that with, month fill the the start

Beyond that, reimbursed. then the will get patient

pharmacy go the they as get by As filled forward. the refills

Operator

question question. JMP the Please line from of Securities. Turkaly with with the comes Dave next proceed Our

Dave Turkaly

[indiscernible] of kind guys you drug device continuum. given First

update about the from and Genius from XXXX, you're ad coming where and quick study. mentioned there in hiring where carriers, any the a to You looking timeline sales the there Any be one as they're reps most progresses RA you're just you're targeting where would from appreciated. successful on details just think add then folks, you

Frank Amato

study. J.P. over it with the sales we'll here So, team turn in working Genius Dave, I'll then reps maybe closely cover on the since to the clinical, and RA he's been

the have the been done few working sales the what companies years So very that over if we here predominantly been assets is the pharmaceutical experience, headache with field them. There past headache we've years have from can in we've XX targeted in start five about branded find representatives with marketplace.

Allergan So with likes reps from to Botox, find it was unless of are sourcing had the hard you experience. headache who recent

the in who we have neurology to into access products folks These experience those and/or that. and had epilepsy neurology were then continue So moved the fulfillment practices. to space. selling disorder We'll do building appropriate They resources to understand any specialty also with getting how them assisting in with to coding within operate or they and the have the questions - neurology may offices pharmacy. our

that source J.P. representatives. RA. Genius align that's over we'll it to and and I'll of continue competent let our sales turn So said, kind him to With to how

J.P. Errico

results do, on for our was gained is in patients had using allowed as is using gathered the largely also he's of anecdotal a study. number positive some and of an RA that. device out for other enroll Denmark area, the positive who will in as Florida. and He based the the from from These stimulation vagus Florida patients will of study to is lead his treatment the prescribed presented in our investigator which therapies. we RA have devices, patients. failed has of open that has be experience XX has So work results nerve designed aware label He - already very patients It

he So helped his Florida of from data area is have number who the he's colleagues drawing studies. in previous in very him a and the in interested

patients. that will significant should same are be that sites the to that done the that on feeding with expecting he's he we able So gain traction imminently enrollment prior begin him work and based

Operator

back have reached And I for closing to our would We turn the call like question-and-answer to Amato, remarks. the session. Frank end over of

Frank Amato

to update for Operator. look joining Thank call afternoon. Okay. forward quarterly in this May. We next Thanks, you, everyone, our providing our

Thank a have So day. great you.

Operator

concludes teleconference. This today's

for this your participation, wonderful day. disconnect Thank now at your may lines time. you a You and have

electroCore (ECOR) 27 Mar 192018 Q4 Earnings call transcript