The San Francisco, Calif.-based company posted a net loss of -$4.2 million on sales of $40,000 for the 3 months ended Sept. 30, for bottom-line loss of -60% on sales growth of 53.8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -20¢, behind consensus on The Street.
“We are surprised and very disappointed with the decline in sales of Probuphine in the third quarter [compared to last quarter]. Based on feedback from Braeburn and key opinion leaders we believe that access to care for patients has been negatively impacted by issues related to the timing and amount of reimbursement to patients and their doctors from insurance providers, as well as the requirements of the REMS program,” president and CEO Sunil Bhonsle said in prepared remarks.
“We are in ongoing discussions with Braeburn senior management to fully understand all of these issues as we evaluate possible means of overcoming the impediments to Probuphine uptake experienced to date.”
TTNP shares were trading at $1.62 apiece today in afternoon activity, down -9.7%.