scPharmaceuticals Announces Preliminary Unaudited Q4 and Full-Year 2023 Net FUROSCIX® Revenue
scPharmaceuticals Inc. (Nasdaq: SCPH) anticipates Q4 2023 net FUROSCIX revenue to be approximately $5.9 to $6.1 million, with full-year net FUROSCIX revenue of approximately $13.4 to $13.6 million. Inventory levels at the end of Q4 2023 are consistent with Q3 2023. Unaudited cash, cash equivalents, and short-term investments are approximately $76 million as of December 31, 2023.
An evaluation of scPharmaceuticals Inc.'s preliminary financial results reveals a significant sequential growth in net FUROSCIX revenue, with a 55% to 61% increase over the previous quarter. This performance outpaces typical pharmaceutical market growth rates, suggesting an effective market penetration and adoption strategy. The company's gross-to-net (GTN) discount rate shows a slight improvement, decreasing from 21% to 18%. However, the anticipated increase in GTN discounts due to the addition of FUROSCIX to more payer formularies could impact future revenue recognition patterns.
With a robust cash position of approximately $76 million, scPharmaceuticals appears to have a solid financial foundation to support its operations and investment in further product development or market expansion. This cash reserve is particularly important for a pharmaceutical company, as it provides a buffer against the high costs associated with clinical trials, regulatory compliance and market access activities.
Investors should monitor the final audited financial results for any material differences from these preliminary figures, as they could affect the company's stock valuation. Additionally, the consistency in inventory levels suggests a balance between production and demand, which is crucial for avoiding overstocking or stockouts that could lead to financial inefficiencies.
The reported growth in net revenue for FUROSCIX is indicative of a positive reception in the heart failure treatment market, particularly among NYHA Class II and III chronic heart failure prescribers. The company's strategic positioning of FUROSCIX, focusing on optimizing the delivery of infused therapies, could disrupt traditional treatment modalities by offering a more convenient and potentially cost-effective alternative.
Furthermore, the company's ability to maintain inventory levels suggests a well-managed supply chain, which is essential in the pharmaceutical industry to ensure product availability and customer satisfaction. This operational efficiency, coupled with the reported revenue growth, may strengthen the company's competitive edge in the heart failure therapeutics sector.
It is also worth noting the potential market expansion as FUROSCIX gets added to more payer formularies, which could lead to increased market share but also to higher GTN discounts. Market analysts should consider the potential impact of these dynamics on the company's pricing strategy and overall profitability.
The clinical relevance of FUROSCIX in treating chronic heart failure patients is underscored by its reported revenue growth. This suggests that FUROSCIX is meeting an unmet need in the management of fluid overload in patients who are not in an emergency situation. The On-Body Infusor technology could be a differentiating factor, offering a less invasive and more manageable treatment option compared to traditional intravenous methods.
The safety profile of FUROSCIX, as outlined in the prescribing information, is critical to its adoption. The management of potential adverse effects, such as electrolyte and metabolic abnormalities, is paramount in chronic heart failure patients and the company's educational efforts on monitoring and management protocols may contribute to its market success.
As the company anticipates an increase in GTN discounts, it will be important to assess how this affects the overall cost-effectiveness of the therapy from a payer perspective. This, in turn, could influence prescribing patterns and the long-term market viability of FUROSCIX.
01/04/2024 - 04:05 PM
Company anticipates Q4 2023 net FUROSCIX revenue to be approximately $5.9 t o $6.1 million ; full-year net FUROSCIX revenue of approximately $13.4 t o $13.6 million
Gross-to-net (GTN) discount of approximately 18% from launch through the end of Q4
Inventory levels at the end of Q4 2023 consistent with the end of Q3 2023
Unaudited cash, cash equivalents and short-term investments of approximately $76 million as of December 31, 2023
BURLINGTON, Mass., Jan. 04, 2024 (GLOBE NEWSWIRE) -- scPharmaceuticals Inc. (Nasdaq: SCPH) (the “Company”), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care, and reduce healthcare costs, today announced preliminary unaudited fourth quarter 2023 net FUROSCIX revenue in a range of $5.9 million to $6.1 million , representing sequential growth of 55% to 61% over $3.8 million net FUROSCIX revenue reported for the third quarter of 2023.
For the full year 2023, the Company anticipates net revenue to be in a range of $13.4 million to $13.6 million . The gross-to-net discount decreased to approximately 18% from launch through the end of Q4 versus 21% from launch through the end of Q3. The Company anticipates the gross-to-net discount to increase as FUROSCIX is added to more payer formularies. Inventory levels at the end of Q4 2023 were consistent with levels at the end of Q3 2023.
“We are very pleased with the continued traction that FUROSCIX is gaining among heart failure prescribers as reflected in the preliminary fourth quarter and full year net FUROSIX revenue that we are announcing today,” stated John Tucker, Chief Executive Officer of scPharmaceuticals. “We believe this positive trend speaks to the significant value that FUROSCIX delivers to payers, physicians and patients.”
scPharmaceuticals also announced today that unaudited cash, cash equivalents and short-term investments were approximately $76 million as of December 31, 2023.
These preliminary select financial results are unaudited and subject to change. scPharmaceuticals will report its final and complete fourth quarter and full-year 2023 financial results in March. The Company has not completed its financial closing procedures for the quarter or year ended December 31, 2023 and its actual results could be materially different from these preliminary financial results.
FUROSCIX® (furosemide injection) 80 mg/10mL for subcutaneous use
FUROSCIX® is indicated for the treatment of congestion due to fluid overload in adult patients with New York Heart Association (NYHA) Class II and Class III chronic heart failure.
FUROSCIX is not indicated for use in emergency situations or in patients with acute pulmonary edema. The On-Body Infusor will deliver only an 80-mg dose of FUROSCIX.
IMPORTANT SAFETY INFORMATION
FUROSCIX is contraindicated in patients with anuria, patients with a history of hypersensitivity to furosemide or medical adhesives and in patients with hepatic cirrhosis or ascites.
Furosemide may cause fluid, electrolyte, and metabolic abnormalities, particularly in patients receiving higher doses, patients with inadequate oral electrolyte intake, and in elderly patients. Serum electrolytes, CO2, BUN, creatinine, glucose, and uric acid should be monitored frequently during furosemide therapy.
Excessive diuresis may cause dehydration and blood volume reduction with circulatory collapse and possibly vascular thrombosis and embolism, particularly in elderly patients.
In patients with hepatic cirrhosis and ascites, sudden alterations of fluid and electrolyte balance may precipitate hepatic encephalopathy and coma. Treatment in such patients is best initiated in the hospital.
Furosemide can cause dehydration and azotemia. If increasing azotemia and oliguria occur during treatment of severe progressive renal disease, furosemide should be discontinued.
Cases of tinnitus and reversible or irreversible hearing impairment and deafness have been reported with furosemide. Reports usually indicate that furosemide ototoxicity is associated with rapid injection, severe renal impairment, the use of higher than recommended doses, hypoproteinemia or concomitant therapy with aminoglycoside antibiotics, ethacrynic acid, or other ototoxic drugs.
In patients with severe symptoms of urinary retention (because of bladder emptying disorders, prostatic hyperplasia, urethral narrowing), the administration of furosemide can cause acute urinary retention related to increased production and retention of urine. These patients require careful monitoring, especially during the initial stages of treatment.
The most common adverse reactions with FUROSCIX administration in clinical trials were site and skin reactions including erythema, bruising, edema, and injection site pain.
For more details, please read the full Prescribing Information at FUROSCIX.com/prescribing-information.pdf and Instructions for Use at FUROSCIX.com/instructions-for-use.pdf .
About scPharmaceuticals
scPharmaceuticals is a pharmaceutical company focused on developing and commercializing products that are designed to reduce healthcare costs and improve health outcomes. The Company develops, internally and through strategic partnerships, innovative products and solutions that aim to expand and advance the outpatient care of select acute conditions. The Company’s lead programs focus on the subcutaneous, self-administration of IV-strength treatments in heart failure and infectious disease. scPharmaceuticals is headquartered in Burlington, MA. For more information, please visit www.scPharmaceuticals.com .
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding our anticipated financial results of the fiscal quarter and full year ended December 31, 2023. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk of any unforeseen delays or setbacks in the commercialization of FUROSCIX, the risk of the ability of the FUROSCIX On-Body Infusor to appropriately deliver therapy, the receipt of regulatory approval for any of our product candidates or, if approved, the successful commercialization of such products, risks related to manufacturing and quality assurances processes, and the risk that global economic factors and uncertainties, including as a result of the COVID-19 pandemic, will impact the Company’s operations. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the sections entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 on file with the Securities and Exchange Commission, available at the Securities and Exchange Commission’s website at www.sec.gov, as well as discussions of potential risks, uncertainties and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
Katherine Mirandakmiranda@scpharma.com
Investors:pkelleher@lifesciadvisors.com
What is the anticipated net FUROSCIX revenue for scPharmaceuticals Inc. in Q4 2023?
The anticipated net FUROSCIX revenue for scPharmaceuticals Inc. in Q4 2023 is approximately $5.9 to $6.1 million.
What is the full-year net FUROSCIX revenue anticipated for scPharmaceuticals Inc.?
The full-year net FUROSCIX revenue anticipated for scPharmaceuticals Inc. is approximately $13.4 to $13.6 million.
What are the inventory levels at the end of Q4 2023 for scPharmaceuticals Inc.?
The inventory levels at the end of Q4 2023 for scPharmaceuticals Inc. are consistent with Q3 2023.
What are the unaudited cash, cash equivalents, and short-term investments for scPharmaceuticals Inc. as of December 31, 2023?
The unaudited cash, cash equivalents, and short-term investments for scPharmaceuticals Inc. as of December 31, 2023 are approximately $76 million.
