Business
Heron Therapeutics Announces Financial Results for the Three and Six Months Ended June 30, 2022 and Highlights Recent Corporate Updates
- ZYNRELEF® launch trend continues at a strong pace with sequential quarterly product sales increase of 140% and unit demand increase of 47% - - Oncology Care
About this update from Heron Therapeutics, Inc.
[{"type":"text","content":"- ZYNRELEF® launch trend continues at a strong pace with sequential quarterly product sales increase of 140% and unit demand increase of 47% -\n- Oncology Care Franchise net product sales grew 12% over the prior quarter to $25.1 million in Q2 2022, leading to an increase in full-year 2022 net product sales guidance to $93 million to $95 million -\n- Improving operating margins, the implementation of a restructuring announced in June, and other cost cutting activities are projected to achieve over $50 million in reductions in annual operating expense in 2023 -\n- With the proceeds from the recent private placement, pro-forma cash at the end of second quarter was $158.7 million, which is projected to provide a cash runway through 2024 -\nSAN DIEGO, Aug. 9, 2022 /PRNewswire/ -- Heron Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care, today announced financial results for the three and six months ended June 30, 2022 and highlighted recent corporate updates.\nRecent Corporate Updates\nAcute Care Franchise\nZYNRELEF:Net product sales of ZYNRELEF (bupivacaine and meloxicam) extended-release solution for the three and six months ended June 30, 2022 were $2.5 million and $3.6 million, respectively. During the second quarter, ZYNRELEF net product sales grew by 140% over the prior quarter. Heron currently expects third quarter 2022 ZYNRELEF net product sales to increase in the range of 40% to 50% over the prior quarter.ZYNRELEF end-user (ambulatory surgical centers (ASC) and hospitals) demand unit sales were 12,773 in the second quarter of 2022, representing an increase of 47% over the prior quarter.During the first year of commercial launch and as of June 30, 2022, 602 unique accounts purchased ZYNRELEF with 84% of those accounts reordering the product.As of July 31, 2022, ZYNRELEF has received 384 formulary approvals, reflecting a greater than 90% approval rate of formulary evaluations, with an estimated 68% of approvals supporting unrestricted use. Approximately 80 additional formulary review meetings are scheduled for the remainder of 2022.Effective April 1, 2022, ZYNRELEF became the only local anesthetic separately reimbursed for Medicare patients in the Hospital Outpatient Department...