Insys Therapeutics (INSY) Provides Prelim. Q3 Subsys Revenue; Notes Drop in Prescriptions
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Insys Therapeutics, Inc. (Nasdaq: INSY) announced that its preliminary estimated revenues from Subsys (fentanyl sublingual spray) for the third quarter of 2016 will be in the range of $54 million to $55 million. The Company believes it will be cash-flow positive at this level of sales and will be able to meet its overall objectives of new product development and future growth.
(NOTE: The Street is looking for total Q3 revenue of $63 million from Insys.)
Estimated revenues for the quarter reflect a decline in prescriptions as the Company continues to believe that the ongoing and heightened publicity surrounding the national opioid epidemic and continuing governmental and regulatory scrutiny of the Company and the transmucosal immediate release fentanyl (“TIRF”) class has resulted in a sensitivity by some healthcare providers to prescribe and dispense TIRF medications. The Company also believes that continuing scrutiny by third-party payers has resulted in patients having more difficulty obtaining reimbursement for their TIRF medications.
Today’s preliminary estimate of revenues from Subsys, which is unaudited, is based on management's preliminary financial analysis.
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