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scPharmaceuticals’ Q4 2024: Contradictions in FUROSCIX Adoption, Medicare Impact, and Fill Rates
Generated by AI AgentAinvest Earnings Call Digest
Wednesday, Mar 19, 2025 7:17 pm ET1min read
These are the key contradictions discussed in scPharmaceuticals' latest 2024Q4 earnings call, specifically including: FUROSCIX adoption and reimbursement paradigm, impact of Medicare redesign on demand and fill rates, fill rate improvements, and the impact of Medicare redesign on GTN:
Financial Performance and Growth:
- scPharmaceuticals Inc. reported a net revenue of $12.2 million for Q4 2024, reaching the midpoint of the $12 million to $12.3 million range previously announced in January.
- For the full year 2024, the company generated $36.3 million in net FUROSCIX revenue, representing approximately 167% increase in net revenue year-over-year.
- The growth was driven by increased awareness of FUROSCIX, further expansion into the Class IV heart failure population, and increased market penetration in Q4 due to the larger commercial sales force.
Impact of Medicare Redesign:
- The gross to net discount for FUROSCIX in the fourth quarter 2024 was approximately 19%, at the high end of the range provided in January.
- The increase in the GTN discount is primarily due to the continued payment of coverage cap rebates in Q4 and the impact of the Medicare redesign on inventory in the channel.
- scPharmaceuticals anticipates the long-run GTN discount for FUROSCIX to be in the 30% to 35% range for 2025, with the Medicare redesign serving as a tailwind for commercial strategy and supporting organic growth.
CKD Indication Expansion:
- The FDA approved a supplemental new drug application for FUROSCIX to expand its indication to include the treatment of edema in patients with chronic kidney disease.
- Fluid overload is prevalent in CKD, and FUROSCIX has potential to play a significant role in managing edema in these patients.
- The company expects a full launch of the CKD indication in April and anticipates this expansion to be a meaningful growth driver for the FUROSCIX franchise.
Autoinjector Development:
- Positive results have been seen with the enhanced silicone syringe in shelf-life testing for the Autoinjector, with plans for mid-year submission of the sNDA pending remaining testing.
- The delay in filing was disappointing, but the company remains confident that this advancement will be critical in its product pipeline, given the feedback received and market performance of FUROSCIX.
Financial Performance and Growth:
- scPharmaceuticals Inc. reported a net revenue of $12.2 million for Q4 2024, reaching the midpoint of the $12 million to $12.3 million range previously announced in January.
- For the full year 2024, the company generated $36.3 million in net FUROSCIX revenue, representing approximately 167% increase in net revenue year-over-year.
- The growth was driven by increased awareness of FUROSCIX, further expansion into the Class IV heart failure population, and increased market penetration in Q4 due to the larger commercial sales force.
Impact of Medicare Redesign:
- The gross to net discount for FUROSCIX in the fourth quarter 2024 was approximately 19%, at the high end of the range provided in January.
- The increase in the GTN discount is primarily due to the continued payment of coverage cap rebates in Q4 and the impact of the Medicare redesign on inventory in the channel.
- scPharmaceuticals anticipates the long-run GTN discount for FUROSCIX to be in the 30% to 35% range for 2025, with the Medicare redesign serving as a tailwind for commercial strategy and supporting organic growth.
CKD Indication Expansion:
- The FDA approved a supplemental new drug application for FUROSCIX to expand its indication to include the treatment of edema in patients with chronic kidney disease.
- Fluid overload is prevalent in CKD, and FUROSCIX has potential to play a significant role in managing edema in these patients.
- The company expects a full launch of the CKD indication in April and anticipates this expansion to be a meaningful growth driver for the FUROSCIX franchise.
Autoinjector Development:
- Positive results have been seen with the enhanced silicone syringe in shelf-life testing for the Autoinjector, with plans for mid-year submission of the sNDA pending remaining testing.
- The delay in filing was disappointing, but the company remains confident that this advancement will be critical in its product pipeline, given the feedback received and market performance of FUROSCIX.
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