OptiNose (NASDAQ: OPTN) reported Q1 EPS of ($0.49), $0.04 better than the analyst estimate of ($0.53). Revenue for the quarter came in at $11.96 million versus the consensus estimate of $11.1 million.

“XHANCE net revenues increased 55% in the first quarter of 2021 compared to first quarter 2020,” stated CEO Peter Miller. “We believe this is strong growth, particularly in the context of the continuing impact of the COVID-19 pandemic on the number of patients visiting physician offices and pandemic-related restrictions that continue to limit in-person detailing of physician offices by our territory managers. Improvement to the business environment is just one factor that we believe will support XHANCE growth in the remainder of 2021. XHANCE growth and the completion of our clinical trials evaluating it for treatment of chronic sinusitis are the two most important objectives for our company right now and we are focused on achieving those as a team.”

Corporate Guidance

• XHANCE Net Revenue and Average Net Revenue per PrescriptionThe Company expects XHANCE net revenues for the full year of 2021 to be at least $80 million. In addition, the Company expects full year 2021 XHANCE net revenue per prescription to increase compared to full year 2020 XHANCE net revenue per prescription of $185.
• Operating ExpensesThe Company expects total GAAP operating expenses (selling, general & administrative expenses and research & development expenses) for 2021 to be in the range of $137 - $142 million, of which the Company expects stock-based compensation to be approximately $10 million.
• Chronic Sinusitis Clinical TrialsThe Company now expects to complete enrollment in the first of its clinical trials evaluating XHANCE as a potential treatment for Chronic Sinusitis in third quarter 2021 with top line results in first quarter 2022. The Company expects top line results from the other trial in the first half of 2022.
• OPN-019In March 2021, the Company announced its plan to conduct a randomized, proof of concept study in subjects who have tested positive for SARS-CoV-2 infection, are recently infected, and who have mild or no symptoms. This pilot study will evaluate both the magnitude and duration of viral load reduction after a single dose of OPN-019. Regulatory approval to initiate the pilot study is pending. The Company expects top-line results from this study in second quarter 2021.
• The Company is focused on supporting the initial stages of OPN-019 development within its current operating expense guidance and intends to seek grants, partnerships, and/or other sources of capital to fund future development.

For earnings history and earnings-related data on OptiNose (OPTN) click here.