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Jaguar Animal Health, Inc. (JAGX)
Q3 2018 Earnings Conference Call
November 15, 2018 08:00 AM ET
Lisa Conte - President and CEO
Pravin Chaturvedi - CSO
Karen Wright - CFO
Robert Griffing - Chief Commercialization Officer
Jason Kolbert - H.C. Wainwright
Jon Glaser - JMP Capital
Good day and welcome to the Jaguar Health Company Updates Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to [indiscernible]. Please go ahead, sir.
Unidentified Company Representative
Previous Statements by JAGX
» Jaguar Animal Health's (JAGX) CEO Lisa Conte Hosts Company Updates Conference Call (Transcript)
» Jaguar Health's (JAGX) CEO Lisa Conte on Company Updates Conference Call (Transcript)
» Jaguar Health's (JAGX) CEO Lisa Conte on First Post-Merger Earnings Call - Earnings Call Transcript
Forward-looking statements are subjects to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management current assumptions, expectations and projections about future events. While management believes that it’s a function of expectations and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements.
The company's actual results may differ materially from those discussed in this call for a variety of reasons including those described in the forward-looking statements and Risk Factors sections of the company's Form 10-K for the year ending December 31, 2017, which was filed April 9, 2018 and its other filings with the SEC which are available on the Investor relations section of Jaguar's website. Except as required by law, Jaguar Health undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events or otherwise.
After the prepared remarks, we will be opening the call to a question-and-answer period. On the call today, we have Lisa Conte, President and Chief Executive Officer; Karen Wright, Chief Financial Officer and Treasurer; Dr. Steven King, Executive Vice President, Sustainable Supply, Ethnobotanical Research and Intellectual Property; Dr. Pravin Chaturvedi, Chief Scientific Officer and Chair of Napo Scientific Advisory Board and Robert Griffing, Chief Commercialization Officer.
At this time, it's my pleasure to turn the call over to Lisa Conte, President and Chief Executive Officer of Jaguar Health. Lisa, the floor is yours.
Thanks a lot, [indiscernible]. Thank you all for joining us. I appreciate this opportunity to update the Jaguar Health Napo Pharmaceuticals community today. To clarify, Napo is a wholly-owned subsidiary of Jaguar and I therefore may use the terms Jaguar, Napo and the company interchangeably during my comments on this call.
We had the extraordinary opportunity to be commercializing and when I say commercializing, I mean Napo reps directly marketing and selling. Our first in class FDA approved anti-secretory, anti-diarrheal agent, crofelemer, trade name Mytesi for a specialty market in people living with HIV AIDS. Our near term focus is to become a stable cash flow positive business, supported primarily by growth in Mytesi sales for its current approved indications.
Longer term, we have a remarkable risk mitigated product crofelemer is our pipeline within a product. Crofelemer is the source of multiple novel important potential follow-on indications for an FDA approved drug, Mytesi, approved for chronic indications and therefore supported by a chronic safety package, with GMP commercial manufacturing in place and proof of concept clinical data for most of the follow-on indications.
The depths of the pipeline provide supportive care solutions for large patient populations across multiple disease indications, it will fuel long-term value creation for investors and it provides non-dilutive funding opportunities for partner collaborations around the globe. In addition to informing you this morning about our financial and operational progress, a key goal of today's call is to share with you what makes Mytesi a unique treatment option.
Dr. Pravin Chaturvedi, our Chief Scientific Officer and the Chair of Napo Scientific Advisory Board who designed the successful pivotal program that resulted in Mytesi’s FDA approval will shortly provide more background on Mytesi’s novel mechanism of action and broad application across multiple conditions.
Moving on to review our latest financial results, we're quite pleased with the healthy growth we're experiencing. Mytesi gross sales in the third quarter of 2018 were approximately $1.6 million and Mytesi net sales were approximately $1.1 million, growth of 36% and 28% in gross and net sales respectively compared to the second quarter, the previous quarter of 2018 and an increase of 242% and 154% of gross and net sales respectively over the third quarter of 2017 a year ago.
This important growth has continued in October 2018 with unaudited results of more than 700,000 in Mytesi gross sales and anticipated October Mytesi net sales of approximately $475,000. Mytesi gross sales are reduced by Medicare ADAP 340B chargebacks, returns and wholesale distribution fees based on historical trends to determine the estimated net sales.
In 2018, our animal product research and development efforts have been intentionally minimal and our animal related sales are expected to stay minimal and flat. Total Mytesi prescription volume, which is a combination of new prescriptions and refills grew 36% in the third quarter this year versus the second quarter, and increased 122% in the third quarter versus the same period last year.
This strong growth in both sales and prescription volume can be attributed to increased tenure of our sales representatives coupled with improvements in effectiveness and productivity in communicating Mytesi’s key distinguishing benefits. It's worth mentioning we've only had resources to fully support commercialization of Mytesi at Napo since April of this year with the hiring of our final wave of sales representatives to cover the 18 key metropolitan areas. And prior to the merger of Jaguar Napo on July 31, 2017, there were no sales attributable to Mytesi, included in the Jaguar financials.