Impel Pharmaceuticals Inc. (NASDAQ:IMPL) Q4 2022 Earnings Call Transcript

Adrian Adams: Yes. Thanks, Eddie. Nice to see you on the call again, I like. And clearly, as it relates to the overall kind of guidance range that we put in place, I think what we’ve seen over the course of the fourth quarter of last year and moving into this year, to the last point we just made, I think, is we’ve seen that enhanced productivity from the newer sales professionals. So clearly, I think we do see that kind of productivity build that — significant part of which we still yet to see from the additional 30 reps. I think it will start to manifest in terms of impact on that prescription guidance range. So — and clearly, I think as you well know from last year and generally within these marketplaces, there’s an awful lot that can happen in any course of one particular year.

So — and we’re trying to reflect so much uncertainty but just managing to make sure that in the event that we see any aspects that are outside of our control happening that obviously gives us that breathing room within the overall guidance range. But we feel good about that range and, clearly, our ability to be able to meet that. And clearly, I think if one looks at the trends over the course of 2022, on those quarterly trends in particular, where we saw that consistent steady growth as we went through the course of 2022, the additional 30 sales professionals which came in and started to have an impact in the fourth quarter, we feel that, based on the data that we’re already seeing in quarter 1 and as we go through the course of the year, should lead to that kind of enhanced productivity not just of our legacy target physicians but the additional target physicians we’re seeing at the moment.

And it’s that particular dynamic, I think, that will have an impact in relation to the — where we end and how we evolve during that range of guidance that we see. And I’ll come back to one of the other points. But Len, would you add — like to add anything else at this point?

Leonard Paolillo: I think as we look through ’23, the consistency in the refill rate which has been rock solid throughout ’22 is an important metric to watch. Our PODs per prescription on reimbursed fills is also an important lever in that forecast and that has been very, very consistent. So those 2 levers, we feel very confident in. If you look at our new patient start growth which is that leading indicator, we are growing new patient starts in Q1 over Q4 which is a good sign because Q1 is typically a bit softer. And if the refill rates and PODs per prescription stay consistent, you’ll continue to see building momentum. But the things to look for are certainly increases in the number of prescribers. We’ve shared with you previously that our prescribers are rather sticky.

Meaning once they prescribe one, very rarely do they lapse, meaning go more than 8 weeks without prescribing another. And so that’s the depth that we have to drive as well. So it’s the additional new prescribers. And then when we get them, we feel very confident that we’ll be able to drive depth among them.