Thinly traded OptiNose (OPTN -23.3%) slumps on almost triple normal volume after it posted better-than-expected Q2 results earlier today.
The culprit may be management’s commentary on revenue and average selling price (ASP) for XHANCE (fluticasone propionate) Nasal Spray, approved by the FDA almost a year ago for the treatment of nasal polyps. The company expects higher gross-to-net deductions on the price due to most units being sold through its Xperience program (slide #14), designed to accelerate demand. July subscriptions, however, showed a slight downtrend (slide #12), implying a potentially tougher slog to penetrate the market than originally planned.
Q3 ASP should be on par with Q2 which was significantly less than Q1 (due to Xperience).
Revenues: $1.3M; net loss: ($24.6M).
Cash and equivalents at quarter-end were $245M.
XHANCE for chronic sinusitis clinical program to launch in Q4.
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