Second quarter 2021 Mytesi® net and gross sales were approximately $0.4 million and approximately $4.9 million
Company transitioning to primarily selling Mytesi directly through selected specialty pharmacies as part of Company’s market access strategy
Company to host investor webcast Friday, August 13th at 8:00 a.m. Eastern regarding second quarter 2021 financials & business updates; Webcast registration link appears below
SAN FRANCISCO, CA / ACCESSWIRE / August 13, 2021 / Jaguar Health, Inc. (NASDAQ:JAGX) (“Jaguar” or the “Company”) today reported consolidated second quarter 2021 financial results.
2021 Second Quarter Company Financial Results:
Three Months Ended | ||||||||||||||||
Financial Highlights (in thousands) | June 30, | |||||||||||||||
Gross product sales
|
2021 | 2020 | $ change | % change | ||||||||||||
Mytesi
|
$ | 4,922 | $ | 6,288 | $ | (1,366 | ) | -22% | ||||||||
Neonorm
|
6 | 14 | (8 | ) | -57% | |||||||||||
Total gross product sales
|
4,928 | 6,302 | (1,374 | ) | -22% | |||||||||||
Medicare rebates
|
(1,354 | ) | (592 | ) | (762 | ) | 129% | |||||||||
Sales discounts
|
(2,600 | ) | (1,828 | ) | (772 | ) | 42% | |||||||||
Sales returns
|
(48 | ) | (78 | ) | 30 | -38% | ||||||||||
Wholesaler fee
|
(541 | ) | (637 | ) | 96 | -15% | ||||||||||
Net product sales
|
$ | 385 | $ | 3,167 | $ | (2,782 | ) | -88% | ||||||||
Three Months Ended | ||||||||||||||||
Financial Highlights | June 30, | |||||||||||||||
(in thousands, except per share amounts)
|
2021 | 2020 | $ change | % change | ||||||||||||
Net product revenue
|
$ | 385 | $ | 3,167 | (2,782 | ) | -88% | |||||||||
Loss from operations
|
$ | (11,580 | ) | $ | (8,451 | ) | (3,129 | ) | 37% | |||||||
Net loss
|
$ | (14,081 | ) | $ | (10,597 | ) | (3,484 | ) | 33% | |||||||
Net loss per share, basic and diluted
|
$ | (0.10 | ) | $ | (0.44 | ) | 0.46 | -82% | ||||||||
Three Months Ending | |||||||
June 30, | |||||||
(in thousands)
|
2021 | 2020 | |||||
(unaudited) | |||||||
Net loss
|
$ | (14,081 | ) | (9,238 | ) | ||
Adjustments:
|
|||||||
Interest expense
|
2,009 | 479 | |||||
Property and equipment depreciation
|
8 | 11 | |||||
Amortization of intangible assets
|
422 | 422 | |||||
Share-based compensation expense
|
1,032 | 749 | |||||
Income taxes
|
– | – | |||||
Non-GAAP EBITDA
|
(10,610 | ) | (7,577 | ) | |||
Impairment of indefinite-lived intangible assets
|
– | – | |||||
Loss on extinguishment of debt
|
– | – | |||||
Series 3 warrants inducement expense
|
– | – | |||||
Series B convertible preferred stock inducement expense
|
– | 3,696 | |||||
Non-GAAP Recurring EBITDA
|
$ | (10,610 | ) | $ | (3,881 | ) | |
Note Regarding Use of Non-GAAP Measures
The Company supplements its condensed consolidated financial statements presented on a GAAP basis by providing gross sales, non-GAAP EBITDA, and non-GAAP recurring EBITDA, which are considered non-GAAP under applicable SEC rules. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which Company management assesses and operates the business. These non-GAAP financial measures are not in accordance with GAAP and should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss and are not substitutes for, or superior to, measures of financial performance in conformity with GAAP.
Gross sales percentages issued by the Company are based on gross sales figures that represent Mytesi orders placed by wholesalers with Jaguar’s third-party logistics warehouse, less allowances for rebates, chargebacks, and discounts, which generate the cash flows for Napo Pharmaceuticals, Inc. (“Napo”), Jaguar’s wholly owned subsidiary. Gross sales are used internally by management as an indicator of and to monitor operating performance, including sales performance of Mytesi, salesperson performance, and product growth or declines. The Company believes that the presentation of gross sales provides a closer to real-time useful measure of our operating performance. Gross sales are not a measure that is recognized under accounting principles generally accepted in the United States of America (“GAAP”) and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross sales may not be comparable to similarly titled measures used by other companies, as gross sales have been defined by the Company’s internal reporting practices. In addition, gross sales may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers. Mytesi gross sales are reduced by Medicare, ADAP 340B chargebacks, returns, and wholesale distribution fees based on historical trends to determine net sales.
The Company defines non-GAAP EBITDA as net loss before interest expense and other expense, depreciation of property and equipment, amortization of intangible assets, share-based compensation expense and provision for or benefit from income taxes. The Company defines non-GAAP Recurring EBITDA as non-GAAP EBITDA adjusted for certain non-recurring revenues and expenses. Company management believes that non-GAAP EBITDA and non-GAAP Recurring EBITDA are meaningful indicators of Jaguar’s performance and provide useful information to investors regarding the Company’s results of operations and financial condition.
Participation Instructions for Webcast
When: Friday, August 13, 2021, at 8:00 AM Eastern Time
Participant Registration & Access Link: Click Here
Replay Instructions for Webcast
Replay of the webcast on the investor relations section of Jaguar’s website: (click here)
About Jaguar Health, Inc., Napo Pharmaceuticals, Inc. & Napo EU S.p.A.
Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, plant-based, non-opioid, and sustainably derived prescription medicines for people and animals with GI distress, specifically chronic, debilitating diarrhea. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human gastrointestinal pharmaceuticals from plants harvested responsibly from rainforest areas. Our Mytesi® (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy and the only oral plant-based prescription medicine approved under FDA Botanical Guidance. Napo EU S.p.A., the wholly owned Italian subsidiary of Napo Pharmaceuticals, focuses on expanding crofelemer access in Europe and is the named target of Dragon SPAC S.p.A., which closed its financing in July 2021 for gross proceeds of approximately 8,830,000 euros.
For more information about Jaguar, please visit https://jaguar.health. For more information about Napo Pharmaceuticals, visit www.napopharma.com. For more information about Napo EU, visit www.napoeu.com.
About Mytesi®
Mytesi (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).
See full Prescribing Information at Mytesi.com. Crofelemer, the active ingredient in Mytesi, is a botanical (plant-based) drug extracted and purified from the red bark sap of the medicinal Croton lechleri tree in the Amazon rainforest. Napo has established a sustainable harvesting program for crofelemer to ensure a high degree of quality and ecological integrity.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements.” These include statements regarding the expectation that Jaguar will host an investor webcast on August 13, 2021, the Company’s expectation that the ongoing process of transitioning to primarily selling Mytesi directly through specialty pharmacies will decrease distribution costs and have a positive impact on net product revenue on a moving forward basis, and the Company’s belief that the $0.8 million true-up charge in the second quarter of 2021 is non-recurring. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to several risks, uncertainties, and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar’s control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Contact:
Peter Hodge
Jaguar Health, Inc.
phodge@jaguar.health
Jaguar-JAGX
SOURCE: Jaguar Health, Inc.
View source version on accesswire.com:
https://www.accesswire.com/659584/Jaguar-Health-Inc-Reports-2021-Second-Quarter-Financial-Results
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