Cadence Pharmaceuticals CEO Discusses Q4 2012 Results,prada sneakers
Good morning and welcome to the Cadence Pharmaceuticals Fourth Quarter and Full Year 2012 Financial Results Conference Call. On the call today are Ted Schroeder, President and CEO; Bill LaRue, Senior Vice President and Chief Financial Officer; and Scott Byrd, Senior Vice President and Chief Commercial Officer.At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen only mode. At the request of the company, we will open the conference up for questions and answers after the management presentation.Our first speaker is Bill LaRue. Please go ahead, sir.Thank you,cheap true religion, good afternoon everyone. Before we begin,bottega veneta, I would like to remind you that statements included in this conference call that are not a description of historical facts are forward looking statements. Forward looking statements include statements regarding cases expectations regarding the time when it will be able to offer OFIRMEV in flexible plastic bags and the market for that product, and the number of size participating in the clinic pediatric trial for OFIRMEV. You are cautioned not to place undue reliance on these forward looking statements, which speak only as of the day hereof.Our actual future results may differ materially from our current expectations due into the risks and uncertainties inherent in our business. These risks are detailed under Risk Factors in our most recent Form 10 Q and upcoming form 10 K as well as elsewhere in our periodic reports and other filings made with the Securities and Exchange Commission from time to time. All forward looking statements are qualified in their entirety by this cautionary statement which is made under the Safe Harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and we undertake no obligations to revise or update the information disclosed during this call to reflect events or circumstances after this call. We also post and maintain the current version of our corporate presentation on the Investors portion of our website under events and presentations and then corporate overview. Additionally, this conference call is being webcast through our website and will be archived there for future reference. We use the Investors portion of our website as one means of disclosing material non public information, so we encourage you to monitor our website in addition to following our press releases,north face, SEC filings, and public conference calls and webcasts.Thanks Bill. Good afternoon everyone and thank you for joining us today. I will open by providing a brief overview of our accomplishments for the fourth quarter and the full year 2012. Next, Scott will provide an update on our commercial activities and the progress with OFIRMEV and then Bill will discuss our financial results.Following our prepared remarks, we will open the call to your questions. Cadence had a great year in 2012, culminated by an excellent fourth quarter. The metric that we track most closely is net product revenue and during the fourth quarter, our net product revenue increased to a record $17.1 million. This level represents an increase of 3.2 million or 23% from the 13.9 million in net product revenue generated during the third quarter of 2012.Our fourth quarter 2012 revenue exceeded our guidance of 15.9 to 16.4 million as we ended the year with strong sales growth and momentum. We believe that these results demonstrate a consisting growth story for a firm ourselves.For the full year, we achieved net product revenue of 50.1 million which was more than four times the 11.4 million in net product revenue generated during OFIRMEV launch year in 2011.As we look back at what laid to these gains,cheap true religion, we believe that our early strategy of creating access and obtaining formulary wins in 2011 set the stage for expansion during 2012.Our enhanced relationships with doctors and pharmacists resulted in a broadening of the number of patients and varieties of procedures where OFIRMEV is utilized. As these healthcare professionals have positive patient outcomes and gains familiarity with the OFIRMEV,coach outlet, our experience is that the number of vials the use per patient as well as their utilization of the product across their patient population as a whole,cheap jordans, increases.We are pleased that we increased our efficiency during the fourth quarter of 2012 as evidenced by our gross margin on sales of the OFIRMEV improving to 58%. This represents an increase of 200 basis points from the third quarter.We had two additional positive developments during the fourth quarter that strengthened our balance sheet. First, we entered into an agreement to wave our option to purchasing Incline therapeutics in order to allow Incline to be solid to a third party. Incline sale was completed until early January so this isn reflected in our year end books but we were able to monetize our investment in Incline such that we received 13.1 million in cash for the waver of our option plus an additional 1.5 million in cash for the shares of Incline stock that we held.As a reminder, we previously paid a total of $7 million to incline in connection with our option agreement. Second, we were able to refinance our credit facility to delay the repayment of principal by an additional 12 months to January 2014. This will differ approximately 11 million of principal payments originally scheduled for 2013.Within the past two weeks, we have taken significant steps to fortify our supply chain for OFIRMEV. Scott will discuss this in greater detail but we extended our existing supply arrangement with Lawrence Laboratories, a Bristol Myers Squibb affiliate and entered into an agreement with Laboratorios Grifols to supply us with OFIRMEV in inflexible plastic bags. These moves coincide with our mutual agreement with Baxter Healthcare to terminate our supply agreement.At this point I would like to turn the call over to Scott who will discuss our commercial operations and sales performance during the fourth quarter.Thank you, we sold approximately 1.7 million vials of OFIRMEV in the fourth quarter 2012. This represents an increase of approximately 300,000 vials or 22% as compared to the previous quarter. This level represents incremental market share gains and OFIRMEV quarterly IV analgesic unit market share was 2.52% in the fourth quarter versus 2.37% in the third quarter.Since launched in January 2011 to the end of 2012, we sold more than $6 million vials of OFIRMEV. We estimate that during this period approximately 2.5 to 3 million patients have been treated with OFIRMEV using an estimated average of 2 to 2.5 vials per patient. I would like to update some of the factors that we believe are key drivers for the growing demand we see for OFIRMEV; growth in the number of new customers, increase in order frequency,ray ban wayfarer, and the increase in average quantities of product ordered by our customers.We made improvement in each of these areas during the fourth quarter. The number of unique accounts that have ordered OFIRMEV as of December 31st of 2012 increased to 3,750 accounts, which is up approximately 80% from the end of the third quarter of 2012. This represents an increase of nearly 1500 new accounts over the course of 2012.OFIRMEV is now been used in more than four out of five of the top 2,000 hospitals in the United States, when ranked by the quantity of IV analgesic products purchased. We believe this is indicative of physician demand for new methods to manage pain and the recognition of the role that OFIRMEV can play in acute pain management.The number of our repeat customers is also increasing. As of December 31, over 3,100 accounts or approximately 82% of our customers have placed multiple order for OFIRMEV. This is an increase of almost 300 accounts more than that in the third quarter and an increase of nearly 1,polo ralph lauren,500 repeat customers since the beginning of the year.Average order frequency for all customers grew approximately to approximately 4.7 orders per quarter during the fourth quarter, an increase of more than 16% versus the previous year.Finally, our average order size rose during the fourth quarter by approximately 7.3% as compared to the third quarter. During 2012, our average order size increased by approximately 40%. Three years into the launch we are pleased that we continue to fuel sales growth across multiple dimensions a growing customer base, increasing order sizes and more frequent orders than in prior periods.We believe that the breadth OFIRMEV adoption represented in these results provides further evidence that physicians and hospitals believe that they can approve acute pain management using OFIRMEV as the foundation of the multi modal approach.As we communicate with our customers, we are finding out that more and more of them are including OFIRMEV as part of a standard of care for patients who cannot take oral medications.The results from our awareness trial and usage studies indicate that as physicians increase their utilization of OFIRMEV, their overall satisfaction and projected future use increases. For example and the most recent ATE study conducted in December of 2012, physicians' satisfaction and intense prescribed scores were the highest we have measured since launch. Anesthesiologists and surgeons indicated that they expect to treat up to 55% and 60 % of their patients respectively with OFIRMEV within the next three years. In that some study more than three out of four physicians indicated that they are very or extremely likely to recommend OFIRMEV to their colleagues.On this dimension, OFIRMEV ranked first among the seven injectable analgesics included in the research including morphine,mcm handbags, Sentinel, hydromorphone and Contralac. The continued improvement in our key sales metrics and the increasingly positive experience physicians are having with OFIRMEV give us confidence in the growth potential for the product.

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