Flexion Therapeutics (FLXN) Reports Prelim. Q1 Revenue, FY21 Guidance
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Flexion Therapeutics, Inc. (Nasdaq: FLXN) today announced preliminary ZILRETTA (triamcinolone acetonide extended-release injectable suspension) net sales of approximately $24.6 million for the quarter ended March 31, 2021.
(*Consensus sees Q1 revenue of $25.2 million and FY revenue of $137.4 million)
“Overall, we were pleased with our commercial performance in the first quarter. ZILRETTA net sales were broadly in line with our expectations, in spite of facing some unexpected delays in intra-articular procedures associated with the rollout of the COVID-19 vaccines and the extended power outages that affected Texas and other key markets in February,” said Michael Clayman, M.D., President and Chief Executive Officer of Flexion Therapeutics. “While the impacts of the COVID-19 pandemic continue to affect patient flows, barring any unforeseen resurgence or outbreaks of more virulent strains, we anticipate 2021 ZILRETTA net sales in the range of $120 to $130 million, reflecting year-over-year growth of approximately 40 to 50 percent. The opportunity ahead of us is tremendous, and we remain tireless in our commitment to make ZILRETTA a leading intra-articular treatment for the millions of patients confronting osteoarthritis knee pain.”
Preliminary Q1 2021 Results and Financial Guidance
- ZILRETTA net sales for the first quarter of 2021 are estimated to be approximately $24.6 million.
- Flexion anticipates full-year 2021 ZILRETTA net sales to be in the range of $120 million to $130 million.
- Full-year 2021 total operating expenses, including cost of sales, research and development expenses, and selling, general and administrative expenses, are anticipated in the range of $195 million to $205 million.
- As of March 31, 2021, the company had approximately $154 million in cash, cash equivalents, and marketable securities.
ZILRETTA Commercial Metrics
Since the launch of ZILRETTA in November 2017 through March 31, 2021:
- 4,417 accounts had purchased ZILRETTA, reflecting growth of 169 new purchasing accounts versus December 31, 2020, when 4,248 accounts had purchased product.
- 79% of purchasing accounts (3,470) had placed at least one reorder, up from 3,321 accounts that had reordered ZILRETTA as of December 31, 2021.
- 1,358 accounts had made ZILRETTA purchases of more than 50 units; 1,186 accounts had purchased 11 to 50 units; and 1,873 accounts had purchased between 1 and 10 units.
- Accounts that had purchased more than 50 ZILRETTA units accounted for 360,209 of the total 398,786 ZILRETTA units purchased.
As of March 31, 2021, the aggregate inventory levels held by specialty distributors were within the one- to three-week range the company targets.
This financial information is preliminary and subject to adjustment. Flexion expects to report its complete first-quarter financial results in early May.
Conference CallFlexion’s management will host a conference call today at 4:30 p.m. ET. A live webcast of the conference call can be accessed through the “Investors” tab on the Flexion Therapeutics website, and a replay will be available online after the call. For those planning to ask a question, the dial-in number for the conference call is 855-770-0022 for domestic participants and 908-982-4677 for international participants, with Conference ID #7060346. Please dial in at least 15 minutes in advance to ensure a timely connection to the call.
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