BXRX - Earnings call transcript Q3 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

[00:00:05] Good morning and welcome to the final third quarter Twenty twenty financial results conference call at this time, all participants on a listen only mode. Later, we will come back to my question and answer session and instructions will be given at that time.

As a reminder, this conference is being recorded at the company's request, I would not like to turn the call over to Claudia stifling of investor relations.

You may begin.

Claudia Styslinger

[00:00:29] Good morning and thank you for joining us on today's conference call to discuss Botox bias, third quarter Twenty twenty financial results. Commercial and Chief joined Chief Executive and Carlo, Stifling Henwood, by Financial Claudia John and president Officer Chief is I today am Jerry Officer, This Officer. Ryan Lake, provide On today's introductory and corporate some call, updates. remarks will Gerry on progress gesso. discuss launch commercial made will of the John the an remarks And we'll prepared discuss and John highlights financial Gerry, the Ryan. today's following from

press financial call We Investors site at release, Web reference twenty a press issued this morning, will we quarter slide a open Viacom. the with on the our for. Biotics third detailing along call events results our presentation for twenty will News the your of of page the is questions. Earlier we the for release section that available Today's

you approval constitute covid-XX consequences Our commercial harbor the [XX:XX:XX] Reform make that various disruption social forward projekt plan begin those including we Securities maintain supply launch expressed or the forward ninety that to and Before a remarks to some and of gesso may These to related five, from our are forward materially the pandemic, safe could uncertainties any anticipate, to statements be results intend, materially statements differ remind will. forecasts The differ the looking today and in cause adverse ability or INJ. results expectations statements. pursuant expect, following estimate, provisions financial our In and other identified ongoing may from words, to The on of of regulatory factors nineteen and of subject of such including predict Litigation and Private impact the meaning. our risks economic formal could similar are our actual our Act underlying for chain. cause I'll looking we believe, as words to can actual outlook. looking by statements that comments,

ability And ingest. to just commercialize. the acceptance our of So successfully so

raise formularies, process. our our and to and ability patients, manufacturers community, commercial scale manufacturing quantities our produce So to gesso financing involve Any satisfy third party These important as November provided call update forward day call, future this Twenty information only of undertake account of in to health guarantees successfully statements and looking this twenty. December and including to Form is demand, product may we not events Franchesco, risks are we nine. of Commission medical care on of on on ability of biotics. uncertainties. physicians, sufficient market are This is commercial factors for by such Any and the factors a development and commercialization. and of the FRANCHESCO that hospital the Tenke analysis quality providers Form on inclusive. supply on fiscal available the list and future Securities website. new and and with described file information, on all our conference up forward of report BIO's this quarterly obligation ability year and our continued certain future twenty looking And and any for are the risk make not statements risks management's performance nineteen which section call annual to we Tinku that or provide otherwise. discussion any ended thirty the reports no on Exchange one

Henwood. to to In company's of preliminary project is financial like would results any results may turn to does over materially. I the positions may forma and addition, call Gerri or provide operating unaudited now we the that actual or information Gerri. pro differ financial purport not

Gerri Henwood

of the covid-XX happy navigate that profile had we the majority this their who feedback them vast believe to have all deliver have have those Jasso well. and continue you, through in of from to or the expectations keeping meeting the for [XX:XX:XX] exceeding everyone. healthy many to ongoing Claudia, that I'm pandemic. continues it. product positive the morning, product morning good that us Thank use extent We hope as safe The and those on they are and patients is joining today described had to received that that as we product report who

that able We to way. sustainable we forward of impacts. traction, are focused progress accounts is progress. of we over get not electronic That's early And good so we've this there spite in those pace all to we model There elective sustainable also as We're the the an begin is in [XX:XX:XX] making of formulary It are which go a where to navigate further or to covid-XX. where John just our of success impacted on prompted telling opportunities. a And more license. that can an to get and a for have continue around out some is still through to we media. But see BD has opportunities will where try impacted usage. pandemic of interest. believe surgery to on few records that and a good pursue new. post footprint are us received the move into base meetings see going and to to and rates. specifics bit more I'm products, deepening We pipeline anything the opportunity seen has disrupted formulary care, little of you we up progress even all by has the

continue to in to some so, the so or and to on with months reasonable forward of we a can bring We work if conclusion do terms. try those six next those

in we what are that but those additional in costs. hand, In are could do could Those and there to we in that are some we potential projects licensing addition, that as not pursuing are a absorb well. opportunities have the bag, actively few add

period, reducing announced the also of the release are we've are and balance are we and We this the the morning the company that's our XX sheet working why about reducing and that force expenses whole persons. focusing where taken about to in in steps this manage by

I'm the John talk pass as commercial that to to baton to highlights. with about launch going an So intro,

John Harlow

[XX:XX:XX] morning, and everyone. good Thank you

seeing that highlight just we're in with wholesalers several through wide became While modest, reported in five of months and procedures. market variety launch, just were utilized what the encouraged available and on will gesso metrics associated third this has sales moment, we're a a June year across in over I quarter an other which and by surgical of just been

and October third the billing of In pass of Franchesco significantly took And secured settings commercial Premier, through During July, these quarter, group Francesa, care. which reimbursement status gesso. across and agreements CMS the care. of with granted in and unique effect established major reach we agreements purchasing CMS two VISIÓN Xst expand collectively, facilitates simplified settings on across outpatient a the August, code separate which transitional

our presentation, surgical state positive for product have of formulary, uptake. well it's performing health be us to to and slide upcoming of then be that mandatory is and different satisfying appears equally needs. record protocols Byul beginning is reviews vast Despite end institutions sold these monthly, The signs, to electronic using with gesso is over it to and turning incorporated our who very orders. surgical seven XX impact the now their rate across users, in the and growing added number Sex continues into And to centers, increasing. Now, covid customers earnings meaning gesso majority customer hospitals procedures. in surgical encouraging of to many of important

for limited professionals. assizes our including many As Gerry and highlighted, have patients, hospitals access non sales

key team are building cases time sold twenty [XX:XX:XX] fold eight restrictions growth QX. occurring spikes and QX we in significant further in. up in covid-XX Almost at anticipated. in and three are and highlights as in to of October around mass first taking half from Unfortunately, critical sold accounts. support twenty is country. necessary QX, Byul So strategic least customers areas we seen from champion Slide more and of maintain October one anticipate the Therefore, sales than our QX to we've QX a the through restructuring the step of Viall

starting twenty larger And indication percent Additionally, since make our the one monthly is purchases. average newer approximately are accounts is and this to account per and five customers hundred monthly launch. repeat an our that units up

hospital both outpatient, usage percent orders while formulary ordering process hospitals sales strategic hospitals typical and remain of the an have number an and had product for since on the from quadrupled hospitals. of tripled launch. point a total It's and ACS acute is the our reminder hospitals, the the each of of care increasing. The process. Lastly, of has important launches encouraging covid in Slide our that is number are it nine from step inpatient growing, entry sign that impact

most hospital to in the a pandemic adoption formulary placed physician is launches, into product backlog there has order slow despite sets. are the gesso reviewed. agents increase dampened and We scheduled historically is seeing and be seen curve with usage of naturally implemented But the ongoing once protocols further being product on

increase. this we of the seeing the hospital are We process added in progress months steady [XX:XX:XX] of accounts We each number ahead. believe further and will in at to gesso getting formularies make quarters step

restructuring as are the Moving to focused to we be during Slide sustainable release ongoing the organization earnings highlighted, more XX our and pandemic.

With usage received. preparing focus opportunities upcoming with reviews. We and strategic this covid formulary and gradually accounts product strategy, should on gesso physician usage implemented territories once can through add champions P.A. as cases and where we formulary deepening will for as demonstrate back then and are on early pull wins, expand

vast to made the formularies date. of report the of within to any ultimately a us be fulfill its leaving to grow promise reasons will other by board every my to especially customer who collective to formulary more over customer level to is telo This contributed of convey restrictive can efforts will Jessell, covid-XX providers. factors with gratitude have who covid and believe high supported satisfaction us It's a usage, team those turn the allows With of to Engeström virtual more in the I'll health and now, like call reviews. Ryan. a product care has who and and all awareness areas critical the access where continue tactics related the team, deepen cercas. Our exile users of that, that team, progress today and increase to sales I'd accomplishments to is these company and departing, the adapt to drive facing employee, because majority The and even future product. as including be and give organizations, those flex

Ryan Lake

September zero into through at is chain versus wholesale the sold end million the related time represents primarily channel the what in four of we shipment This point what period user. and to everyone. I'll [XX:XX:XX] Thanks, was we third three year this our ended for product million morning, TENGKU the the months and zero revenue cover the quarter. filed twenty Since Net one quarter highlights the for morning, Twenty Good point to XXth, earlier U.S.. date ingestible to John. the recognize sales of the

As our to includes earlier, under John at September three September point six during twenty dollar million just quarter payment the was were agreement. end amended an approximately cash Alkermes under equivalents as cash of that four And described million a you'll and payment milestone for milestone that of the that XXth. recall

made reducing we highlighted, both we're cost launch other of did Twenty expected there savings being Warren and XXth, As and this related under restructure result As in costs. October Exchange. other Xth, of the John manufacturing cap in are just our activities. million reductions significant our November structure also workforce of related with one, as also [XX:XX:XX] personnel twenty for and annualized highly today, in is XX to And

warrants there's was one six million November been and outstanding outstanding of that the remaining twenty have transaction. from Xth, As million point there point not nine two exercised shares

XX Turning expenses. selling the now as administrative it relates and general slide to to

back net relate for launch three consideration, jasso, present increase prior point and sales quarter marketing warrants million. of four flows change expenses same due to half year within million expenses items contingent the months charges million risk to of the million two or Those a XXth. to on reflecting non-cash the of couple the thirteen I'll increased turn million included The the was For an and September current in value A eight connection commercial call another XX charges that, with. here ended were discounted they cash XXth, in nine three With of point million the as highlight point adjusted four non-cash compared Gerry. the seventeen and are in to Mark-To-Market third the period. eleven September to for estimates primarily of the and point

Gerri Henwood

[XX:XX:XX] Thank you, Ryan.

of the spite process, just we of what even certain said, covid are summarize that in So accelerating, making to if of steps way. we that we progress with in is perfect progress think not it, slowing a the that

think and we is today deepening high. our goals have see live with to this the and the efforts customer and progress our for we expense to showing very those of help through and sustainable rate product to be to And All that usage as growth to continuing to going into pandemic think need to have to that a possible acceleration accelerating we satisfaction opportunities as licensing opportunities where are us in We reduced some and this modest ability ultimately as our more product, we company, the that's select cash important. pursue expenses we sale get licensing managing available coming they for have balance in this point this at of product, further some as with and may generate the looking way obviously well be through sheet same and process. of the

get delivering our we're that that at Forex In to for receive and say business today to for our to upside have the shareholders we product, helped over may to meantime, remain questions like forward the any turn employees, be with and on committed committed pending. here the well fire. like to those operator patients to both to institutions it partners, at as physicians that to that the the would as our and and going our who us point us those I we'd closing, in So

Operator

press by to reminder key a as on while your your telephone And Q&A roster. the withdraw need [XX:XX:XX] press the we to one and you question, a ask stand to please hash or compile pound question, star

GMP. comes the Jason Our of first from Butler question line of

Jason Butler

more formulary and regularly launch are questions the this ballpark on what Thanks many us accounts Brett of that could using can the a concentration growth give Hi, utilization. Can latest XX product the of [XX:XX:XX] think it clarity the then just a happen or you broad? the taking decisions you appreciate so accounts by us or the reflective for the a have proportion thanks I the of approval of morning. is you Thanks. of the just on sense year? all And for the guess of of that the and you in more for formulary give October? end that how Is where

Gerri Henwood

could your John clarity questions, just if going in more [XX:XX:XX] what be do answer I'll those the quarter, in So Kovács a question you give fourth and to to it say on jumps first last before me attack little would John some a to response. in formulary formulary little because because But forecast we of let a easier right little quantitative for circle institutions. us have give decisions to outbreaks seen their back bit sliding the more and covid I'll

John Harlow

we're thanks they bearing five for What for two is come questions [XX:XX:XX] from seventy centers So, accounts. the rate Jason, on the surgical That first when that and varying all Batory reorder to a questions. now is is on hospitals percent about seeing board. right based

is, process, and get sets a when about track thing three you. are is the direction the and what and you taking other order secure months the moving seeing get to protocols formulary, have to electronic we The the so that in records implementation know, in from are once two we things into it right to from

are things right from the direction October in signs. So early moving the

are those, ago. should you We those, large majority the repayed in two had months wins are that And formulary to from purchases seeing a probably of coming of the then happened, I that three month handful were October we've of know, accounts. some say,

orders know, you their initial through starting product we are that place, now increase hope pulled to the and the So gets will they institution. And and anticipate online those as orders.

are commentary Gerry we formularies, And hopefully get to, some in anticipating as reviews an uptick seeing relates number So and in moved of impact said number meetings number and the on it gives local that we months covid one and believe around that that color Jeffrey the know, are alluded December. in as we of pending shuffled are to, But geographies. you as November two.

Jason Butler

helpful. really That's the right. all Ok, [XX:XX:XX] Taking questions.

Gerri Henwood

Jason. Thanks, [XX:XX:XX]

John Harlow

[XX:XX:XX] you. Thank

Operator

[XX:XX:XX] David Piper And of your question comes Amsellem from next Sandler.

Unidentified Analyst

this Hi, [XX:XX:XX] Thank my question. you for is Zach. taking

longer couple Estes our to expect of me, for of bone of tissue that how evolve and the over out sticking between of Thank sort were know hoping to We've and far just so time, team, How I been and over at sense ways just Hospital and you mix you. also? soft the get do time similar. but a a you then that couple a couple procedure. see looking looking between a we Just term different Similar. mix mix

Gerri Henwood

Sure. [XX:XX:XX]

of has as hospitals a So, trial again, then little give convert John, being with point details. the an been are of of go a usage, are and then the get working entry the in into to the a on us the high for surgeons benefits, But, bit helping who our to to an with Azeez bigger big that? were usage, of volume utility strategy John and practices want to the with umbrella general, Indians drug and a hospitals. some trial give way hospitals where part you of the can the and But do functional and associated often its physicians prize update we that

John Harlow

[XX:XX:XX] Yeah.

you'll as about of So our slide all sales were XX earnings of see units on in of to hospitals. eight so October, percent our release,

So ambulatory XX the other were centers. surgical to

We I And and launch being to more that's facilities. inclusive units hospitals progresses, than both more outpatient inpatient say of ACS. hospitals. seeing, and are when again, I'm going as

are that in an ACS of size favor as a trend think important hospital. would hospital point. But significant alluded size the as Jeffrey of that anticipate of is I to we strategic continues, to, is these relative of the very entry

old. very outpatient both it to is are surgical to and as getting mix. to know, the the data The formularies through extremely on important claims the actually getting relates future pulled So, the you inpatient settings and

and team to But through usage have mix. a we speaks We're field broad I So procedures what customers we the And our that types to provide it in medical about the data continue look surgical gesso hearing procedures. a But to usage can to at are in that soft from it's in hard utility getting to number and sets. any team different tissue to closely. probably we'll procedures. of and of tissue a and don't is insights point think that specific yet and

Unidentified Analyst

Thank [XX:XX:XX] Great. you.

Operator

from press [XX:XX:XX] Trevor question next one. And a the your again, question, Oppenheimer. of ask comes line Allred to of And star

Trevor Allred

affected places taking looking morning. adoption also, to on your Are want where Hey, bit you're indicators on my then elaborate are [XX:XX:XX] that Thanks less you know little question. for at coronavirus? regions. at? the I focus a was And the good could specific just looking that you by of

Gerri Henwood

Sure. [XX:XX:XX]

talk let's than So about to little trying next like others. to we predict where mole, outbreak may result a where an It's whether an a quicker visiting the covid. might be or are in area trying outbreak play bit whack

is So we of to we've then looking some traction. at sort what the opportunities This second have made trying we have potential. you a But are progress, center guess high that little not point where specific? where to more are want been we areas of and had get

John Harlow

[XX:XX:XX] little Yeah, specific. more a

trying very in going where covid future. to difficult. is predict is the Obviously we're So very,

saw Jeffrey we product we greater formulary. and were have those champion therefore, they And what our were there able access support you know, that less prioritized build is August, to June, those states geographies. and July to, seen had As alluded team and and in restrictive were on

on at of champions, So we factors formulary, the number that the it's P.A. restructured of like a of country the looked a But view retrospective more around as reviews. upcoming were being covid of things prospective we covered. view than

IDRs other where important those of that So it to our and gradually to as then of if up. that other momentum making in work we deploying country. parts continue can looking well at when make to also down, bottom deep build I accounts expand tactics top types account nationally we makes as decision directors and it's and the And are in strategic the and and think large talk from sure the can process that really drove to usage other the sense geographies we

repeat that positive has saying has important. question, to, of we've the customers, month, a formularies the your of be In size indicators are repeat number covid had order would And we're look looked at impact over orders, last know, in Getting an what you of size We important. is of and I and KPIs slowed of have it and terms adoption. signs alluded of the indicators orders, month adoption, Jerry albeit, sets obviously progress. are as at

Trevor Allred

[XX:XX:XX] Ok, thanks.

Gerri Henwood

Thanks. [XX:XX:XX]

John Harlow

[XX:XX:XX] Thank you.

Operator

at no back and there call [XX:XX:XX] are turn closing this And I'll further Handlock over for time, the to remarks. questions Jerry

Gerri Henwood

and to those very [XX:XX:XX] Thank to us. who to both to product our I much, the shareholders as a in you to mode believe stuck cost in as the appreciate term this committed sustainable potential much believe described great being rapidly to day. business product, our we're operator. our have are we team, we remain that Thank being those have believe Again, go we efficient, that we through manage and We situation. receiving evolving earlier, using reasons continue with stakeholders, to committed this are you the through this. in a progress we very We seeing will and still prudently that long product, of the economic

Operator

this And gentlemen, for call. conference and ladies you participating. today's [XX:XX:XX] Thank concludes

You disconnect. may now

Baudax Bio (BXRXQ) 9 Nov 202020 Q3 Earnings call transcript