- Flexion Therapeutics released preliminary fourth-quarter revenue and guidance for 2019. The company said it expects fourth-quarter revenue of $9.5 million and full-year revenue of $22.5 million. Wall Street analysts polled by FactSet expected sales of $10.2 million for the quarter and $23.1 million for the year. The company also said it expects $65 million to $80 million of product revenue for 2019, while analysts modeled revenue of $97.8 million.
Flexion Therapeutics sees Q4 and FY19 revenue below consensus as Zilretta ramps
Sees Q4 revs +36% Q/Q to $9.5 mln vs $10.16 mln S&P Capital IQ Consensus; Total revenue for the full-year 2018 is estimated to be $22.5 million.
Flexion anticipates 2019 ZILRETTA product revenue $65-80 mln vs. $97.8 mln consensus.
"2018 was a foundational year for ZILRETTA, and in the first full year of the launch, we saw strong product uptake as we established a broad and growing base of prescribers. Furthermore, the clinical feedback on ZILRETTA from physicians and patients alike continues to be overwhelmingly positive and gratifying," said Michael Clayman, M.D., President and Chief Executive Officer. "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. 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."
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