Heron Therapeutics, Inc. (NASDAQ:HRTX) Q1 2023 Earnings Conference Call May 11, 2023 4:30 PM ET

Company Participants

Craig Collard - Chief Executive Officer

David Szekeres - Executive Vice President & Chief Operating Officer

Conference Call Participants

Brandon Folkes - Cantor Fitzgerald

Rohit Bhasin - Needham & Company

Carl Byrnes - Northland

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Heron Therapeutics Q1 2023 Earnings Conference. Before we begin, I would like to remind you that this call will contain forward-looking statements, concerning Heron's future expectations, plans, prospects, corporate strategy and performance, which constitute forward-looking statements for the purposes of the safe harbor provision under the Private Securities Litigation Reform Act of 1995.

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in Heron's filings with the SEC. In addition, any forward-looking statements represent Heron's views only as of the date of this webcast and should not be relied upon, as representing Heron's views as of any subsequent date. Heron specifically disclaims any obligations to update such statements.

Now, I'll turn the call over to Craig.

Craig Collard

Thank you, operator. Good afternoon, everyone, and welcome to the Heron Therapeutics First Quarter 2023 Earnings Call. I'm Craig Collard, the new CEO of Heron Therapeutics, and I'm thrilled to be leading this organization, as we continue to make headway in the hospital and oncology markets.

Today, I'll provide an overview of our recent performance, highlight key achievements, but more importantly, give some insight into my assessment of the business in my first four weeks and discuss our strategic vision moving forward. Total product net revenues for the first quarter were $29.6 million, up from $23.5 million in the same quarter last year, an increase of over 26%. We continue to make steady progress on the oncology side of our business, but we remain excited about the market opportunity for both ZYNRELEF and our newly approved product APONVIE, which was launched in March of this year.

Starting with ZYNRELEF, I realize the product has had a slow uptake since launch for a variety of reasons. Despite competing in a huge market, the product has a differentiated clinical profile that works well when used. The label has limited our ability to be the drug of choice across a variety of indications. To counter that, we filed an sNDA within October 23 PDUFA date, that if approved, will expand our indications and number of procedures we can treat.