Flexion Therapeutics sees revenue jump 36% in preliminary 4Q results
Flexion Therapeutics Inc (NASDAQ:FLXN) reported a double-digit revenue boost in its preliminary fourth-quarter results after the bell Thursday, but the numbers still fell short of Wall Street expectations.
The biotech expects fourth-quarter revenue to total $9.5 million, a 36% jump compared with this year’s third quarter, while full-year revenue is expected to be around $22.5 million.
READ: Biotech CEOs see Bristol-Myers’ $74B acquisition of Celgene as a win
The preliminary guidance fell below analyst estimates of fourth-quarter revenue of $10.2 million and full-year revenue of $23.1 million, as per a MarketWatch report.
Shares of the Massachusetts-based company dipped more than 5% to $11.70 in Thursday after-hours trading.
The pharmaceutical company specializes in the treatment of musculoskeletal conditions, including osteoarthritis.
Its product, Zilretta, is an injection intended to manage osteoarthritis pain in the knee.
“Each year, roughly five million people in the U.S. receive intra-articular injections for osteoarthritis knee pain, and we believe ZILRETTA will play an increasingly significant role in the treatment paradigm for this large and growing patient population,” said CEO Michael Clayman.
Flexion’s initial product revenue guidance for Zilretta is between $65 million to $80 million, below analyst expectations of $97.8 million.
“We now enter 2019 with a product-specific J code (J3304), which we believe will be a key driver of continued ramp, as it provides prescribers with a well-known and clearly defined reimbursement mechanism that is utilized by both Medicare and private payers,” noted Clayman.
The company announced earlier this week it enrolled its first patient in a Phase 3 clinical trial of Zilretta.
–Contact Lenore Fedow at [email protected]
–Follow her on Twitter: @LenoreMariee
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/211932/flexion-therapeutics-sees-revenue-jump-36-in-preliminary-4q-results-211932.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).