@mikebrisy In the email to shareholders out this morning, its worded slightly differently.
"In addition, Sofdra will be government reimbursed for approximately 80 million government insured lives beginning in March 2025."
The way I read it, this is additional to what has previously been communicated to shareholders. I could be wrong.
Email to shareholders:
On behalf of the Botanix (ASX:BOT) Board of Directors, I am pleased to release the Quarterly Activity Report and Appendix 4C Quarterly Cash Flow report for the period ended 31 December 2024. At quarter end, Botanix held A$48.36 million cash with no debt.
The December quarter represented an important milestone for Botanix with first prescriptions for Sofdra being issued as part of the Patient Experience Program. Successful clearance of relevant payer requirements and frictionless buy down of the patients’ monthly copay (or gap payment), also meant that 100% of patients received their refills in January, proving up the telehealth and closed fulfilment system. Prescriptions were handled as negotiated, meaning that no additional requirements were imposed for insurance approval.
Botanix completed its arrangements with payers, which reflect the target financial and patient access compliance previously discussed with them and as communicated to shareholders. Botanix currently has 167 million commercial lives covered for the full launch of Sofdra this quarter. In addition, Sofdra will be government reimbursed for approximately 80 million government insured lives beginning in March 2025.
The Company’s 27 territory managers (sales professionals) include some of the most credentialed individuals in the dermatology industry, with 79 ‘President Club’ wins (top 10% of sales professionals annually) between them. Extensive training has now been completed and certified at the Company’s first national sales meeting concluded on 30 January. Botanix’s highly motivated sales representatives will begin calling on dermatologists next week, as part of the full commercial launch of Sofdra. They will be equipped with interactive tablet-based explainers and supported by the new full product website and telehealth and patient facing pharmacy portal.
The Sofdra Patient Experience Program has now ended, and first users have provided actionable feedback regarding the telemedicine and fulfillment experience that Botanix has used to refine its processes. Surveys of these users reported significant overall satisfaction. Amongst other questions focused on procedural elements of the Program, patients reported that:
- 87% rated the telemedicine experience as “better or much better” compared to 13% who were neutral; and
- 93% rated the home delivery of Sofdra as preferable to picking it up themselves at the pharmacy.
Q1 2025 activity, growth and revenue ramp
Following modest first revenues from Sofdra produced by the Patient Experience Program in December, Botanix expects that Q1 CY2025 will represent the first commercial revenue quarter. We expect that Q2 CY2025 will reflect a significant ramp on the Q1 revenue run rate, with the full deployment of both direct and digital sales channels. Botanix will be providing guidance to the market in relation to leading indicators that will be reported, in our half yearly update in February, which will enable shareholders and stakeholders to follow the development of the Sofdramarket from quarter to quarter as sales increase.