Aug. 2 at 10:16 PM
$PHAT Total prescriptions grew from about 268k in Q1 to 325k in Q2, showing strong patient demand and continued prescription growth.
Revenue increased from
$58.3M to
$74.3M, also demonstrating that patients are getting on therapy.
Investors expected Q2 to show a more dramatic migration away from BlinkRx/cash-pay after the Q1 insurance reset period. Instead, the mix was:
•Q1: ~37% BlinkRx
•Q2: ~36% BlinkRx
which is almost unchanged.
So the concern isn't that BlinkRx was higher than expected. The concern is that it was not materially lower, suggesting payer friction and access barriers are still limiting the transition to higher-value covered prescriptions.
Revenue per script
Using reported figures:
•Q1:
$58.3M / 268k ≈
$217.5 per script
•Q2:
$74.3M / 325k ≈
$228.6 per script
The increase from about
$218 to
$229 per script is real, but many investors were hoping for a much larger improvement if covered prescriptions had accelerated more strongly.
