Baudax Bio (BXRX) Tops Q3 EPS by $1.36

Baudax Bio (NASDAQ: BXRX) reported Q3 EPS of $0.62, $1.36 better than the analyst estimate of ($0.74).

“The third quarter of 2020 was marked by several important achievements, including continued progress with the commercial launch of ANJESO, the securing of group purchasing agreements with two leading healthcare improvement companies, Vizient and Premier, and the receipt and implementation, on October 1, 2020, of our permanent J-code from the Centers for Medicare and Medicaid Services (CMS), facilitating reimbursement in the hospital outpatient, ambulatory surgery center and physician office settings of care,” said Gerri Henwood, President and Chief Executive Officer of Baudax Bio. “We are pleased with the highly positive feedback we have been receiving from the vast majority of users about ANJESO, together with average monthly orders per account more than doubling. The commercial rollout progress continues, but remains impacted by the ongoing COVID-19 pandemic and as we have said, we continue to believe the launch revenue ramp will likely take more time than originally anticipated.”

“ANJESO has made progress with GPO organizations, formularies, and with meaningful use of the product in acute care centers where formulary approval and EHR, or electronic health record, incorporation has been obtained. The vast majority of users report a high level of satisfaction that ANJESO delivers at or beyond their expectations in terms of pain relief and duration of action. All of these factors give us reasons to believe that this product can continue to deepen usage, grow and ultimately fulfill its promise as a product. The combination of an ongoing pandemic, which has significantly impacted hospitals and other acute care settings, along with the natural adoption curve seen historically with hospital products, has caused us to adjust our plan during this early launch period.”

“Our adjusted plan is to focus on territories with high promise and with early indicators of adoption and usage with a reduced but very focused team during this pandemic of uncertain duration. This approach reduces the total company by approximately 40 professionals and includes additional cost reductions in other areas (manufacturing, out of pocket spend, etc.) which we believe will better position the company to sustain our efforts. We would like to convey our gratitude to the employees who are leaving and who have contributed to the accomplishments of the Company of ultimate approval and launch of ANJESO, as well as forging a path for continued growth of the product.”

“Looking ahead to the remainder of 2020 and beyond, we are actively working with the surgical and anesthesia community to drive hospital formulary adoption and the incorporation of ANJESO into standard pain management protocols, and look forward to reporting on our continued growth” concluded Ms. Henwood.

For earnings history and earnings-related data on Baudax Bio (BXRX) click here.

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