The following is a summary of the Evoke Pharma, Inc. (EVOK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Evoke Pharma reported net revenue for GIMOTI doubled over the last year.
New prescriptions grew by 86% and total prescriptions dispensed increased by 101% year-over-year.
The company forecasts a net revenue of approximately $14 million for 2024, nearly tripling its performance in 2023.
Q4 net product sales were roughly $1.7 million, a noteworthy increase from $796,000 in Q4 of 2022.
The company's net loss for Q4 was $2 million or $0.59 per share, compared to $1.8 million or $0.54 per share in the corresponding period of the previous year.
For the full year 2023, net product sales were about $5.2 million, compared to around $2.5 million in 2022.
Operating expenses for 2023 totaled around $12.6 million, up from about $10.3 million in 2022, primarily due to higher marketing royalty and Eversana profit sharing costs.
Business Progress:
Evoke Pharma expanded its prescriber base by 72% and deepened their prescribing by 36%.
The company has reported positive patient experiences related to GIMOTI.
Evoke Pharma transitioned its pharmacy services to ASPN to meet its distribution needs better, enhance patient access, and streamline services.
The company doubled the patient count on GIMOTI therapy in 2023 and anticipates further growth in 2024.
Evoke Pharma started partnering with ASPN Pharmacy to access a wider pharmacy network and improve GIMOTI fill rates.
Through increased communication and education about tardive dyskinesia, Evoke Pharma aims to shift the narrative from fear to informed prescribing.
They plan to invest in patient and provider education, aiming to shift the narrative around tardive dyskinesia and promote informed prescribing.
They have evolved their distribution and pharmacy capabilities; from implementing EvokeAssist, upgrading to VidaCare, to partnering with Asembia; enabling them to scale their reach further.
Growth has been driven by relationships with ASPN Pharmacy and high real-world data comparing GIMOTI to oral metoclopramide.
The company is monitoring the potential impact on its business from the situation with Change Healthcare.
Evoke Pharma is exploring a possible correlation between the use of GLP-1 agonists and the increase in the number of people suffering from gastroparesis, anticipating a potential market opportunity if a link is confirmed.
More details: Evoke Pharma IR
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