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scPharmaceuticals Inc. (SCPH)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 net product revenue grew 21% sequentially to $12.15M, up 99% year over year; full-year 2024 revenue reached $36.3M, up 167% YoY .
  • GAAP EPS was -$0.35 in Q4; Primary EPS (S&P Global) was -$0.314, better than consensus of -$0.39, while revenue modestly missed consensus by ~$0.03M; full details in Estimates Context section . Revenue/EPS consensus figures marked with *; Values retrieved from S&P Global.
  • Key catalysts: FDA approved expanded FUROSCIX indication to CKD on March 6, with formal launch in April; management expects 2025 GTN discount of 30–35%—a headwind to net pricing but a tailwind to demand via lower patient co-pays and smoothing .
  • Operational momentum: Q4 doses filled rose ~23% QoQ to ~13,300; cumulative prescribers reached ~3,800; December fill rate hit 58% as co-pays fell, supporting near-term volume and adoption .

What Went Well and What Went Wrong

What Went Well

  • Revenue growth re-accelerated: Q4 net revenue $12.15M (+21% QoQ; +99% YoY) on stronger demand late in the quarter .
  • CKD label expansion approved; launch planned for April, with early nephrology scripts already observed: “We expect to fully launch the CKD indication in April and already have seen prescriptions from nephrologists” .
  • Prescriber reach and utilization rose: ~3,800 unique providers through year-end (+23% q/q) and average doses/Rx increased to 7.4, driven by more advanced heart failure use cases .

What Went Wrong

  • GTN discount stepped up to 19% in Q4 from 15.7% in Q3, pressuring net price realization; management expects 30–35% GTN in 2025 given Medicare Part D redesign .
  • GAAP net loss widened to $18.85M in Q4 as SG&A investments continued; SG&A was $21.37M vs. $16.24M in Q4 2023 .
  • Auto-injector sNDA timing slipped to mid-2025 (“though delaying the filing was disappointing”), pushing out expected gross margin improvement from device mix .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$8.054 $10.026 $12.150
Cost of Product Revenues ($USD Millions)$2.300 $3.311 $3.965
Gross Profit ($USD Millions)$5.754 $6.715 $8.185
Gross Profit Margin %71.5% 66.9% 67.4%
R&D ($USD Millions)$2.677 $3.541 $3.154
SG&A ($USD Millions)$17.508 $21.320 $21.374
Net Loss ($USD Millions)$(17.090) $(35.105) $(18.845)
GAAP EPS ($USD)$(0.44) $(0.75) $(0.35)

KPIs

KPIQ2 2024Q3 2024Q4 2024
Doses Filled~9,300 ~10,800 ~13,300
Doses per Rx (avg)6.3 6.8 7.4
Unique Prescribers (cumulative)2,713 ~3,100 ~3,800
GTN Discount8% 15.7% 19%
Fill Rate (December)N/AN/A58%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
GTN DiscountFY 2025N/A (Q3 actual 15.7%) Expect 30–35% GTN in 2025 Raised expected GTN (pricing headwind)
CKD Indication LaunchQ2–Q4 2025PDUFA 3/6/2025 (CKD) FDA approved 3/6; formal launch in April 2025 Finalized/confirmed launch
Autoinjector sNDA Timing2025Target end-Jan 2025 submission Target mid-2025 submission after further testing Delayed
SG&A Run-rateFY 2025N/A“Annualize Q4” as directional run-rate Provided qualitative frame
Revenue GuidanceFY 2025NoneNone; refrained due to GTN/smoothing uncertainty Maintained (no formal guidance)

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q4 2024)Trend
Medicare Part D redesign & GTNGTN 8% (Q2), 15.7% (Q3); price +5.5% late Sep GTN 19% (Q4); expect 30–35% in 2025; seeing $0 co-pays and smoothing uptake late in Q1 GTN rising but supportive demand via lower co-pays; positive fill rate impact
CKD label expansionsNDA accepted; PDUFA 3/6/2025 FDA approved 3/6; launch April; early nephrology scripts De-risked; near-term launch and TAM expansion
Sales force expansionExpanded late Sep (Q3) Coverage plan optimized for nephrology; possible further expansion considered Building reach/frequency across specialties
IDN/hospital systems14 direct purchases YTD (Q3) 123% IDN growth vs Q3 Strong institutional channel expansion
Utilization intensityDoses/Rx 6.3 (Q2) → 6.8 (Q3) Doses/Rx 7.4 (Q4); CKD expected 5–6 doses/Rx Increasing in HF; CKD likely lower but broad adoption
Autoinjector programPositive PK/PD; aiming sNDA by year-end Mid-2025 sNDA timing; ~70% cost reduction potential when introduced Slight schedule slip; margin lever intact
Fill rate dynamics—December fill rate 58%; overall Q4 ~53% and improving with smoothing Improving as patients reach catastrophic/smoothing

Management Commentary

  • “We expect the long-run GTN discount for FUROSCIX to be in the range of 30% to 35% for 2025… With ~70% to 75% of prescriptions filled by Part D beneficiaries, we believe the Medicare redesign will serve as a tailwind” .
  • “We expect to fully launch the CKD indication in April and already have seen prescriptions from nephrologists” .
  • “Average number of doses per prescription increased to 7.4… As CKD prescriptions begin, we anticipate… five or six doses” .
  • “Auto-injector… targeting a midyear submission… has the potential to reduce costs associated with FUROSCIX by approximately 70%” .

Q&A Highlights

  • CKD launch and payer access: Management highlighted existing plan notifications, same NDC, and no pushback when properly coded; primary CKD revenue lift expected in Q3–Q4 after April launch .
  • Medicare redesign mechanics: Observed more $0 co-pays and smoothing later in Q1; December fill rate hit 58%; company views redesign as demand tailwind despite higher GTN .
  • Coverage balance across specialties: Nephrology coverage will increase reach/frequency; cardiology focus stays on most productive prescribers; potential future dedicated nephrology sales force if warranted .
  • Financial guardrails: No formal revenue guidance given GTN/smoothing uncertainties; SG&A can be approximated by annualizing Q4; burn expected to decline with revenue growth .

Estimates Context

MetricQ2 2024Q3 2024Q4 2024
Revenue Actual ($USD Millions)$8.054 $10.026 $12.150
Revenue Consensus Mean ($USD Millions)$7.970*$10.801*$12.184*
Beat/(Miss) ($USD Millions)+$0.084*-$0.775*-$0.034*
Primary EPS Actual ($USD)-$0.440*-$0.371*-$0.314*
Primary EPS Consensus Mean ($USD)-$0.414*-$0.300*-$0.390*
Beat/(Miss) ($USD)-$0.026*-$0.071*+$0.076*

Note: Values marked with * were retrieved from S&P Global; consensus “Primary EPS” is normalized and can differ materially from GAAP EPS when one-time items are present (e.g., Q3 debt-related charges increased GAAP EPS loss to -$0.75) .

Key Takeaways for Investors

  • Q4 revenue growth and utilization trends were strong (doses/Rx 7.4; prescribers ~3,800), reinforcing adoption ahead of CKD launch in April .
  • CKD approval is a meaningful TAM expansion; management expects nephrology lift primarily in H2’25, with improved access via IDNs and a streamlined hub .
  • Medicare Part D redesign raises GTN (19% in Q4; 30–35% guided for 2025) but is driving lower out-of-pocket costs, higher fill rates (58% in December), and expected demand tailwinds .
  • Auto-injector submission timing slipped to mid-2025; if approved, it is a major margin lever with ~70% cost reduction potential over time .
  • Near-term financials: modest Q4 revenue miss vs. consensus; Primary EPS beat suggests underlying profitability trajectory excluding one-time costs, but GAAP losses persist given SG&A scale-up . Revenue/EPS consensus figures marked with *; Values retrieved from S&P Global.
  • Operating cadence: Management indicated SG&A should roughly track Q4 run-rate; incremental rep adds are possible depending on nephrology lift .
  • Watchlist catalysts: CKD ramp through Q3–Q4, smoothing/co-pay impact on fill rates in Q2–Q3, and auto-injector regulatory progress; institutional channel (IDNs) expansion supports wider access .