p strong OptiNose Inc Announces Second Quarter 2024 Financial Results strongpp strong YARDLEY PA J
Intellectia.AI Updated: 1970-01-01
OptiNose, Inc. Announces Second Quarter 2024 Financial Results
YARDLEY, PA, July 31, 2024 – OptiNose, Inc. (Nasdaq: OPTN) today announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $20.5 million | $14.9 million | $19.5 million | +5.1% | +37.6% | $20.58 million |
| Earnings per Share (EPS) | $-0.11 | $-0.20 | $-0.16 | -31.25% | +45.0% | $-0.08 |
OptiNose’s total revenue for Q2 2024 was $20.5 million, an increase of 5.1% year-over-year and 37.6% quarter-over-quarter. The earnings per share (EPS) showed a loss of $-0.11 per share, compared to $-0.16 in Q2 2023, representing a 31.25% larger loss year-over-year but an improvement of 45.0% from the previous quarter. The revenue for Q2 2024 was slightly below the consensus estimate of $20.58 million, and EPS was lower than the expected $-0.08.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| XHANCE Sales | $20.5 million | $19.5 million | +5.1% |
XHANCE sales accounted for the entirety of OptiNose’s revenue in Q2 2024, amounting to $20.5 million, a 5.1% increase from the $19.5 million recorded in Q2 2023.
Management Commentary
According to Chief Executive Officer (CEO) of OptiNose, the company continues to see strong demand for XHANCE, particularly following its recent approval for a new indication. The CEO highlighted that the revenue growth is indicative of increased market adoption and successful implementation of their updated co-pay assistance program.
Dividends or Share Repurchase Program
There were no dividends or share repurchase programs announced in the earnings report.
Forward Guidance
For the full year 2024, OptiNose expects net product revenues for XHANCE to be in the range of $85 million to $90 million. The company also stated that they anticipate average net product revenue per prescription for XHANCE to exceed $250 for the year.
Stock Price Movement
Following the earnings release, OptiNose’s stock price saw a decline, showing a percentage change of -12.857% post-event.
In summary, OptiNose, Inc. reported robust financial performance for Q2 2024 with a notable increase in total revenues and significant improvement in EPS from the previous quarter. The company remains optimistic about the continued market adoption of XHANCE and has provided positive guidance for the remainder of the year despite a notable post-earnings decline in stock price.
