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GW Pharmaceuticals PLC (NASDAQ:GWPH)
Q3 2019 Earnings Call
Nov 5, 2019, 4:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen thank you for your patience. The conference has now resumed. Please go ahead.

Stephen D. Schultz -- Vice President of Investor Relations

Yes welcome all of you. This is Steve Schultz Vice President of Investor Relations. Thank you for joining us for this third quarter results call. I apologize for what you just heard which was actually a recording of our last quarter conference call which for some reason they started playing versus us providing this quarter's results. So we'll reset and begin right now with the third quarter results conference call.

Today I'm joined by Justin Gover GW's Chief Executive Officer; Darren Cline U.S. Chief Commercial Officer; Chris Tovey our Chief Operating Officer; Dr. Volker Knappertz our Chief Medical Officer; and Scott Giacobello our Chief Financial Officer. We hope you've had a chance to review our press release issued a short while ago. We expect to file our Form 10-Q tomorrow. As a reminder during today's call we'll be making certain forward-looking statements.

These statements reflect GW's current expectations regarding future events including but not limited to statements regarding financial performance clinical and regulatory activities patent applications timing of product launches and statements relating to market acceptance and commercial potential. Forward-looking statements involve risks and uncertainties and actual events could differ materially from those projected herein. A list and description of risks and uncertainties associated within an investment in GW can be found in the company's filings with the U.S. Securities and Exchange Commission.

These forward-looking statements speak only as of today's date November 5 2019. Finally an archive of today's call will be posted to the GW website in the Investor Relations section. I now turn the call over to Justin Gover GW's Chief Executive Officer.

Justin D. Gover -- Chief Executive Officer

Thank you Steve and welcome to all those who've joined us today. We're once again pleased to report continued Epidiolex growth in the U.S. with sales in the first three quarters of the year totaling $188 million including $86 million in this most recent quarter. We are proud of the success of the launch to date and our experience suggests that Epidiolex has all the characteristics necessary to be a blockbuster brand.

We see a medicine that is in high demand by patients warmly welcomed by physicians and that payers recognize as providing meaningful value. Beyond the U.S. we are now starting to commercialize Epidiolex in selected major European countries and looking into 2020 we look forward to adding a new indication of tuberous sclerosis complex around mid-next year. In a moment Darren will provide more details on the U.S. commercial opportunity as it moves into its second year.

I've also asked Chris Tovey to review the European launch status. Understandably in the Epidiolex launch year there has been focus on commercial performance but it is important to remind investors that GW is a platform company with an exciting pipeline which is going to be the subject of investment in 2020. Volker Knappertz will review the pipeline with you later on this call. Finally on this call Scott Giacobello CFO will review our financial results. Let me begin by asking Darren to provide a U.S. commercial update. Darren?

Darren S. Cline -- Chief Commercial Officer

Thank you Justin. Epidiolex U.S. net sales were $86 million in the third quarter and $188 million year to date. We continue to be very pleased with the progress of this launch and the impact Epidiolex is having in patients and caregiver lives and their prescribing physicians. We feel very confident in the future direction of the brand as we complete our first year of commercialization and believe that the fundamentals to make Epidiolex a highly successful brand continue to demonstrate themselves.

These fundamentals include strong conviction among prescribers in the clinical benefits in both LGS and DS an increasing interest in the potential for Epidiolex to treat other rare and refractory epilepsies and confidence in prescribing a very positive patient experience being shared through very active and vocal patient and caregiver groups physician feedback of positive clinical benefit and tolerability in these patients and lastly positive payer coverage which we expect to continue to widen.

Our market research as well as key KOL interactions reinforce our long-term data safety profile and our novel approach to treating seizures are key differentiators for the brand. Highlights for the quarter are as follows. Since launch over 15000 patients have received Epidiolex up from 12000 through the end of last quarter. Reflecting on our comments last quarter when factoring in the Q2 impact of pent-up demand and EAP transition on the Q2 numbers we believe that the underlying rate of new patient acquisition in Q3 remains very healthy.

Over 3000 physicians have prescribed Epidiolex up from 2500 through the end of the second quarter a trend which we also see as highly positive. Patient retention remains high as physicians continue to see the clinical benefit while maintaining the tolerability as they seek to gain seizure control. Patient dosing during the quarter continued to rise as more physicians gain experience with the therapy.

Our pediatric-to-adult mix remained roughly 60% 40% respectively. The time to fill a prescription remains very stable as our specialty pharmacy and payer partners adjudicate claims and ship product. On previous calls we've discussed the positive impact of significant pre-launch awareness and pent-up demand on the initial wave of new patients and sales in the first half of the year.

As we evaluate the epilepsy market and other AEDs that have preceded Epidiolex such as ONFI I believe this provides useful context for the next phase of this launch and how we think about the next wave of prescribers and patients. Early in this launch most of the new patients came through a concentrated number of specialists and institutions and our initial targeting and deployment appropriately ensured that we spent our time in these top-tier centers. Virtually all of the healthcare providers or HCPs in this top tier prescribed Epidiolex in Q3.

We are encouraged by the market share penetration in this group of physicians. We expect to continue to see these top-tier HCPs introduce new patients to Epidiolex evidenced both by internal and external physician market research. Looking forward we see an additional next wave of significant opportunity and increased prescribing from our middle tier of our HCP targets which represent just over 1000 prescribers.

In this 1000-prescriber universe we've also experienced a high level of early adoption with over 80% having prescribed in Q3. As is to be expected however in year one of the launch of a new AED this group of physicians have generally prescribed to a small number of patients each while just beginning to gain experience with the product and have not yet moved to adoption in a wider group of patients.

A priority moving forward will now be to spend more time effort and resources with these physicians which we are confident represents a large pool of potential new patient growth in 2020. Beyond this there remain further waves of both prescribers and patients that we see. Our target prescriber universe numbers 6000. Hence we will over time focus on the remaining 3000 prescribers in our call file which consist of mainly adult neurologists nurse practitioners and physician assistants who see a wide spectrum of epilepsy patients including those with diagnosed and undiagnosed LGS and DS.

An additional area of opportunity as we prepare for 2020 is the long-term care segment. We know from our market research feedback from customers and other analogs that this could be an important growth driver for Epidiolex. We will be deploying resources next year to ensure we capture the opportunity this segment provides. Of course 2020 is also expected to see the launch of a TSC indication. The prospect of the launch of this new indication in 2020 provides needed hope to patients with difficult to control TSC-associated seizures. The most prevalent neurology comorbidity in TSC is epilepsy in which most are treatment resistant and the primary seizure type are focal onset seizures which are also the most common seizure type in all epilepsy patients. The effectiveness of Epidiolex in the TSC population greatly expands our understanding of the drug's potential to treat a broad spectrum of both focal and generalized seizure types which we believe will be an important driver of Epidiolex peak sales potential.

Turning now to payer coverage as a reminder our current payer mix remains approximately 45% commercial 40% Medicaid and/or managed Medicaid and 15% Medicare and other. As to be expected our priority for the first year has been to ensure smooth patient and physician access for Dravet and LGS patients to the labeled indication. This has been highly successful and we see very little pushback in these patients. As we approach the end of 2019 it is important for investors to understand that payer coverage for the remainder of this year will remain as is and that widening of coverage is being targeted for 2020.

Indeed as we start to prepare for 2020 we are holding positive discussions with our commercial payers as they approach their first annual evaluations of Epidiolex utilization and expect that these discussions will enable further broadening of access next year. We anticipate the utilization review will highlight several positive observations. First physician utilization is contained within our epileptology and neurology targets thereby reassuring payers that Epidiolex is being prescribed by appropriate physicians. Second Epidiolex is being used in the appropriate patients with an LGS and a DS indication.

Third upon appeal payers are ultimately approving Epidiolex for use in patients with other rare refractory epilepsies and that there is a clear unmet need for such patients. Fourth patient compliance is high indicating a positive physician and patient experience and receptivity. And lastly the average price of Epidiolex is considered reasonable and provides a positive value proposition for the plan and their patients. Overall these factors we believe will position Epidiolex well for broader payer coverage in 2020 and beyond.

The other important payer segments are the state fee-for-service Medicaid and managed Medicaid. Medicaid prior authorization approval rates are in line with the commercial segment. One important difference in the commercial and Medicaid coverage landscape is the variability of initial coverages within each Medicaid agency and the subsequent county counties and managed Medicaid plans.

Hence we are aware that investors have noted changes in coverage conditions in certain states for example in California and Colorado and I'd like to emphasize that these kinds of changes are positive for Epidiolex. They represent statewide coverage decisions which replace previous inconsistent county-by-county policies and procedures. We expect to see further progress with Medicaid plans in 2020. Overall with $188 million net sales in the first nine months of the year this launch continues to track extremely well.

The pre-launch awareness dynamics have created an unusually steep uptake pattern which has led to a large number of patients at an earlier stage than would normally be expected. Moving forward as we stated on our last quarterly call we are seeing a healthy rate of new patient starts which is more consistent with other successful analog product launches. The potential market opportunity for this brand is very compelling. As a reminder between the three target indications of DS LGS and TSC we estimate there to be 70000 addressable patients in the U.S. More broadly looking at analogs peak usage of branded ONVI indicated only for LGS approached 50000 patients in its final year of exclusivity.

Overall one-third of patients with epilepsy have seizures that are not controlled. We are laser focused on continuing to expand the market opportunities for this product as we move through 2020. Thank you and I'll now turn the call over to Chris to discuss our progress in Europe. Chris?

Christopher John Tovey -- Chief Operating Officer

Thanks Darren. In Europe our European Commission approval for Epidiolex came in late September wonderful news for those European patients and families that have been waiting for access to a fully regulatory approved CBD medicine. In the months leading up to approval our early access program allowed us to provide Epidiolex to over 1100 patients across the major five EU markets including more than 400 key prescribers from more than 250 top specialist centers.

We've now begun the formal launch phase in the EU five major markets something that will occur market by market over the next 12 months as we secure national pricing and reimbursement. The first market to launch was Germany where a full commercial launch took place in mid-October. In France we're also now active in the market through a sales team of neurology account managers supported by a team of medical science liaisons.

In France we're in a relatively unusual position of having early reimbursed product available as part of the national ATU early access scheme which supports early patient access to important new medicines in serious diseases. In parallel with this early access the formal reimbursement process has commenced the outcome of which is expected later in 2020. The third of the EU five countries where we're making major progress toward commercial launch is the U.K. We continue to work productively with NICE and remain confident of a positive recommendation in the near future that would lead to the NHS paying for Epidiolex. We plan on launching in the U.K. when the NICE process is complete.

Continuing on across the EU five Spain and Italy launches are expected during 2020 once appropriate pricing and reimbursement negotiations are finalized. We remain encouraged by the quality of our ongoing pre-launch pricing and reimbursement discussions with those authorities in the markets. Underpinning our activities in Europe is a highly experience team in both epilepsy and specialist disease product launches. The field-based team has been created to accommodate the specifics of the European medical environment where typically physicians have high patient workloads and access to epilepsy physicians is limited proving a challenge not only for GW but even patients and families themselves.

Consideration of what EU physicians need from GW has prompted a customer-facing team that is equal in numbers between neurology account managers and medical science liaisons. This staffing model is different in that aspect from in the U.S. and it is also relatively smaller reflecting the opportunity of a much more concentrated epilepsy specialist prescribing base of about 1600 key clinicians across the EU five. What doesn't differ from the U.S. though is that market research and all our market feedback suggests that we're launching into a very receptive environment.

Research tells us that physicians are eager to have access to a new therapy to treat these difficult cases and that there is a high level of awareness among patients broadly equivalent to that of the U.S. at a similar point. This data is very reassuring and along with the physician experience and patient base created by the early access program offers us a strong head start as we begin the formal launches.

Moving away from European commercialization our global commercial manufacturing and supply chain which also falls under my responsibility continues to run smoothly. In addition our longer-term future capacity manufacturing expansion plans are on track to service what expect to be robust long-term demand for Epidiolex. Thank you and let me now hand the call to Volker for his update.

Volker Knappertz -- Chief Medical Officer

Thank you Chris and good day everyone. Looking first at Epidiolex we look forward to presenting at the upcoming annual meeting of the American Epilepsy Society our positive Phase III trial data in the treatment of seizures associated with tuberous sclerosis complex or TSC. We are in the final stages of preparation for submission of a supplemental application to the FDA for this new indication. While this application timing has shifted into early January we still expect approval of this indication in mid-2020.

The European submission of the TSC data is due to be filed in Q1 2020. The addition of TSC and its associated seizure types which are predominantly focal in onset will be important new features in the prescribing information. Beyond Epidiolex for seizure syndromes we are now actively recruiting patients into a placebo-controlled Phase III trial in Rett syndrome.

In this 252-patient trial we have focused our investigations on the non-seizure aspects of the disease. We see this trial serving as an important source of information on the potential for Epidiolex to address many of the symptom complexes that are commonly seen in patients with autism spectrum disorders and are also common in several severe neurodevelopmental disorders outside of epilepsy.

Success in children with Rett syndrome would corroborate the many anecdotal reports we continue to hear from clinicians and parents relating to improvements in social interactivity and in cognitive and behavioral functioning. Before moving on let me address comments we have heard from some investors regarding Epidiolex and its safety profile. Since launch the safety information we have seen is consistent with the labelled safety profile in the U.S. prescribing information and is as expected.

Beyond Epidiolex we are advancing plans for Sativex in the U.S. and see this product as a major late-stage pipeline opportunity with potential for extended exclusivity. We have spent the last several months evaluating the development strategy and commercial potential for Sativex across a range of neurological and psychiatric indications. This work has reinforced our view of the significant market potential in the U.S. for Sativex a botanically derived product containing THC and CBD as well as other cannabinoid and non-cannabinoid components.

We look forward to sharing further insights into the extent of this opportunity early next year. The fastest route to market for Sativex in the U.S. is via the indication already approved in Europe and for which we have reported three positive Phase III trials namely the treatment of spasticity due to multiple sclerosis. Over 35% of MS patients have moderate-to-severe spasticity and represent candidates for this treatment. In discussions with MS experts in the U.S. it is clear that Sativex would bring a welcome novel mechanism of action to the spasticity space where there continues to be a substantial need for new therapies as there have been no new oral anti-spasticity treatments introduced to this field for over 20 years.

Based on an ongoing dialogue with the FDA our plan is to perform one additional Phase III placebo-controlled trial of approximately 450 patients to supplement positive data from three European Phase III trials and is intended to address FDA's preference for a primary endpoint that focuses directly on the physical manifestations of spasticity. To complement this trial we are also initiating two mechanistic studies of about 35 patients each. This clinical program is expected to commence in the first quarter of 2020.

As a reminder with this product already commercialized in Europe we have a comprehensive CMC data package in place together with over 80000 patient years of safety data. In parallel with the Phase III MS trial we anticipate during 2020 and 2021 initiating clinical programs in additional follow-on indications for Sativex and see a truly exciting opportunity for this product to address market needs in several indications over the coming years. Beyond Sativex we are particularly excited about the prospect for the treatment of autism as we have seen a potential beneficial effect for both Epidiolex and CBDV in several symptom complexes associated with autism spectrum disorder.

This is of particular interest as there are currently only a few options to treat these symptoms. These are largely antipsychotic agents which are especially challenging to use in children. The effects of CBDV and CBD in autism have been explored through a range of genetic phenotypic and environmental insult-based animal models. These demonstrate efficacy in social impairment visual recognition memory which is a key component of social recognition as well as repetitive behaviors and hyperactivity.

A small expanded access program study with CBDV and ASD reported beneficial effects on social engagement and communication in five patients. We are following this initial experience in ASD with a 30-patient open-label study which is about to commence and we expect the first set of data from this study to be available by the end of next year. In addition an investigator-led 100-patient placebo-controlled trial in autism spectrum disorder has been actively recruiting since earlier this year. Finally an open-label investigator-led study in Rett syndrome with seizures in ongoing.

Looking at our program in neonatal hypoxic ischemic encephalopathy or NHIE we have open trial sites and expect shortly to treat the first patient in this initial safety study of our intravenous CBD formulation for neonates. There are currently no FDA approved medicines indicated for NHIE. Clearly a product to address this patient population would represent a major breakthrough and we look forward to advancing this program. Finally I am pleased to announce today that we are now moving forward a clinical development program for schizophrenia.

This is an area which GW has been researching for approximately a decade. CBD has demonstrated efficacy in multiple preclinical models for schizophrenia and there have been two randomized controlled clinical trials evaluating the efficacy of CBD in the treatment of schizophrenia one of which was a placebo-controlled GW-sponsored study. In this study in 88 subjects with schizophrenia who experienced partial response to antipsychotic therapy GW's investigational CBD containing product was superior to placebo on positive symptoms as well as on the clinical global impression of improvement which were both statistically significant.

Having reviewed this data package with experts in schizophrenia we are now moving forward with a follow-on Phase IIb study. This study will involve patients who despite receiving a stable dose of antipsychotic therapy continue to experience psychotic symptoms. The study aims to further estimate the magnitude of treatment effect of an investigation of CBD-containing product on positive negative and general symptoms of schizophrenia as well as to evaluate effect on quality of life cannabis use and cognitive function in a well-characterized population. We expect to initiate enrollment into this study in mid-2020.

Thank you and let me now hand the call to Scott Giacobello to provide the financial review.

Scott M. Giacobello -- Chief Financial Officer

Thanks Volker and good afternoon. I will now provide high-level comments on financial results for the quarter and nine months ended September 30 2019. More detailed discussion of results will be provided in our 10-Q to be filed with the SEC tomorrow.

I'll start with revenue. Total revenue for the quarter was $91 million compared to $2.4 million in the prior-year quarter. This increase is due primarily to Epidiolex U.S. net sales of $86.1 million in the quarter. Net sales of Epidiolex outside of the U.S. amounted to $1.9 million consisting largely of sales to early access programs in Europe. Total deductions from gross sales for allowances were $18.6 million for the quarter related mainly to Epidiolex. Gross to net is in line with our expectations at this point in the launch.

For the nine months ended September 30 total revenue was $202.3 million driven mainly by Epidiolex U.S. net sales of $188 million. Cost of sales for the quarter amounted to $8.2 million or 9% of net product sales compared to $1.4 million or 60% of net product sales in the prior-year quarter. This improvement is due to the launch of Epidiolex in the U.S. In the prior year net product sales consisted of Sativex sales outside of the U.S. through licensed partners.

Cost of sales continues to be favorably impacted by Epidiolex inventory produced prior to approval which was expensed in accordance with U.S. accounting guidelines. Moving to R&D spend total research and development expense for the quarter was $36.3 million compared to $28.9 million in the prior-year quarter. This increase reflects expenses related to the ongoing Epidiolex development program including preparation of the supplemental NDA for TSC as well as advancing the Sativex clinical program and our other pipeline programs.

Turning to SG&A selling general and administrative expenses for the quarter increased to $64.2 million from $52.7 million in the same period in 2018. This increase is primarily the result of costs related to the launch of Epidiolex in the U.S. and the buildout of our commercial operations in Europe in preparation for upcoming launches. The third quarter spend was in line with the previous quarter's spend of $62.3 million. This has all resulted in a net loss for the quarter of $13.8 million compared to a net loss of $79.9 million in the prior-year quarter. Moving to cashflow net cash used in operating activities for the nine months ended September 30 amounted to $107.5 million compared to $180.3 million for the prior-year period.

Net cash provided by investing activities for the 9-month period was $73 million compared to net cash used in investing activities of $24.1 million for the prior-year period. The current-year amount includes $104.1 million in net proceeds from the sale of our priority review voucher in the previous quarter. Capital expenditure for the 9-month period was $31.1 million compared to $24.7 million for the prior-year period reflecting continued investments in the expansion of our cannabinoid production facility.

Resulting net decrease in cash and cash equivalents for the 9-month period amounted to $36.8 million. For the quarter ended September 30 the net decrease in cash and cash equivalents was $29 million. At September 30 we held cash and cash equivalents of $554.7 million. Turning to guidance regarding operating expenses for 2019 we are narrowing our guidance range to $415 million to $430 million from our previous guidance range of $395 million to $425 million.

This spend reflects the continued ramp-up of the Epidiolex launch in the U.S. launch preparations in Europe and continued investments in our R&D portfolio. As previously guided we continue to anticipate capital expenditure in the range of $35 million to $45 million related mainly to manufacturing expansion. Thank you and I'll now hand the call back to Justin.

Justin D. Gover -- Chief Executive Officer

Thank you Scott. Before closing the call I just want to comment on intellectual property which remains an area of great focus at GW. First in respect of Epidiolex there are nine granted patents in the Orange Book that run through 2035. Further we are developing novel formulations with IP potential that have yielded promising PK data this year and which are moving into additional studies in 2020.

In addition we have been exploring whether Epidiolex is different from synthetic CBD and recently a patent application was published that indicates Epidiolex is more efficacious than synthetic CBD in animal models of seizures based on the key difference that Epidiolex comprises up to 2% of other cannabinoids.

The patent if granted would be a useful addition to our portfolio and we continue to produce more data to support new patent applications and our understanding of the mechanism of action of Epidiolex. With respect to our pipeline we believe that Sativex CBDV and a number of other pipeline products will benefit from strong IP protection given their complexity and novel application.

Overall I believe that GW is at the most exciting point in its history. As we move into the second year of Epidiolex commercial availability we have established an enviable base of patients and see major growth opportunities in 2020 as more and more patients gain access to the medication. Beyond Epidiolex we believe that our pipeline will start to emerge as a major value driver as we advance multiple late-stage opportunities and consolidate our leadership in cannabinoid science.

Before I hand this call over to questions let me highlight an upcoming GW-hosted KOL dinner at the upcoming American Epilepsy Society Annual Meeting in Baltimore on December 9th. If you're interested in attending please reach out to Steve Schultz. Thank you for your time today and for your interest in GW and I would now like to open the call for questions.

Questions and Answers:

Operator

Thank you. At this time, we will be conducting a question-and-answer session. [Operator Instructions] Your first question comes from the line of Phil Nadeau Cowen and Co. Please go ahead.

Philip M. Nadeau -- Cowen and Company -- Analyst

Good afternoon. Thanks for taking my questions. First just a quick question on the Epidiolex revenue. The press release mentions $86.1 million in U.S. revenue. In your prepared remarks you mentioned $1.9 million from x-U.S. So is total Epidiolex revenue for the quarter $88 million or was that $1.9 million not actually booked because it's early access payments?

Scott M. Giacobello -- Chief Financial Officer

No no no the total revenue wouldn't the total Epidiolex revenue globally would include the $1.9 million.

Philip M. Nadeau -- Cowen and Company -- Analyst

So the total global revenue is $88 million.

Scott M. Giacobello -- Chief Financial Officer

No no U.S. revenue for Epidiolex was $86.1 million and then there was $1.9 million of Epidiolex revenue outside of the U.S. related mainly to the early access programs.

Philip M. Nadeau -- Cowen and Company -- Analyst

Got it OK. That's very helpful thanks. And then second question on the Epidiolex launch in the U.S. now that it's been on the market for approximately a year do you have any quantitative understanding of what persistence and compliance is for patients on therapy? In particular do you have a sense of what the current drop-out rate is?

Darren S. Cline -- Chief Commercial Officer

Phil it's Darren. I'll take the question. You know we're not providing specific metrics on this but if you're thinking about modeling retention I think it's helpful to remind everyone the data that's already published. You know across our four Phase III trials the withdrawal rate for patients on Epidiolex was on average 10% over the 14-week trial period.

And for those patients that completed the trial then entered the long-term open-label expansion and this was presented at AES in 2019 over a 1-year period we saw retention rates of 80% for LGS and 70% for Dravet. So again this is of course in the context of a clinical trial environment and worth noting that these numbers are those typically seen or above what we see in the AED class so I think that's how you probably should consider modeling retention.

Philip M. Nadeau -- Cowen and Company -- Analyst

Great and then last question from me is just on toxicity. In your prepared remarks you mentioned that it was that thus far it's been consistent with the label. I think the concerns investors had were around perhaps the death rate. Can you discuss deaths specifically? Anything surprising there or different than what you'd expect from the natural history of these diseases.

Volker Knappertz -- Chief Medical Officer

Well thank you this is Volker Chief Medical Officer for the question. Just to refer back to my prepared remarks we have carefully looked at the post-market surveillance. We do this on an ongoing basis. We're aware of all the data that's out there and there's really no change from what is on the label and it is consistent with what we've seen so far in the clinical trial program and what is known from the epidemiology of those diseases.

Philip M. Nadeau -- Cowen and Company -- Analyst

Perfect. Thanks for taking my question.

Operator

Thank you. Your next question comes from Salveen Richter with Goldman Sachs. Please go ahead.

Salveen Jaswal Richter -- Goldman Sachs -- Analyst

Thanks for taking my questions. On the floor can you just put the -- or elaborate on the healthy rate of new patient starts you mentioned in the context of the third quarter trajectory? And then secondly with regard to the payer process when we think about the refractory epilepsy patients how are these patients you know in terms of them going through appeals process or being able to get drug through the first pass you know how does that I guess rate of success play out here?

Justin D. Gover -- Chief Executive Officer

So regarding the new patient adds you know as we've stated with the large uptake early on in the launch and now kind of the settling out in the third quarter we still you know the patient adds for the quarter remain very healthy in our view as we kind of move and transition into 2020 and beyond. Regarding the payer front and the rare and other refractor epilepsies as I alluded to on the call we feel very good about the LGS Dravet.

What we have found are those physicians that want to prescribe in these other areas that have an unmet need once they go through the appeal process and/or a peer-to-peer conversation with a payer we're seeing a very high number of these get through and get ultimately paid.

Salveen Jaswal Richter -- Goldman Sachs -- Analyst

Thank you.

Operator

Thank you. Your next question comes from David Lebowitz with Morgan Stanley. Please go ahead.

Ishmael Asante -- Morgan Stanley -- Analyst

Hi this is Ishmael on for David. Thank you for taking our questions. Can you remind us of your expectations for the European ramp in 2020 and the dynamic that may differ it from what you experienced in the U.S. launch? Thank you.

Justin D. Gover -- Chief Executive Officer

Chris?

Christopher John Tovey -- Chief Operating Officer

Hi Chris Tovey. I think it's fair to say that the European launch hasn't really started in earnest. The German launch started sort of mid-October and the French launch is really only just starting so I think 2020 is best thought of as the first real launch year for Europe and similar in some ways to the way the U.S. launch timing worked.

And as I've said it's all about pricing and reimbursement so we will be looking obviously for an outcome from NICE and then we've got a complete pricing reimbursement in Spain and Italy. So you're going to have this sequential introduction of countries through 2020 which means it's not really easy to compare with the U.S. which is obviously one country one population in one go.

So it will look very different but typically we expect the European market overall when it matures into the launch to be about a quarter to a third of the size of the U.S. market. The patient availability in DS and LGS is pretty similar across Europe to the U.S. so we remain really optimistic about the opportunity for the European launch. But 2020 is going to be a case of achieving pricing reimbursement in the major EU five markets and then dialing them on and bringing them through into real sort of commercial launch phase.

Ishmael Asante -- Morgan Stanley -- Analyst

Okay, great. Thank you for taking our question.

Operator

Thank you. Your next question comes from Cory Kasimov with JP Morgan. Please go ahead.

Neena Marie Bitritto Garg -- JP Morgan -- Analyst

This is Nina on for Corey. Could you kind of go back to the underlying rate of new patient acquisitions? Can you just help us understand how we should really think about that rate moving forward? Should we kind of expect it to level off from here? Should we expect to see growth? Yeah anything you can kind of guide us on that will be helpful.

Darren S. Cline -- Chief Commercial Officer

Yeah, I think there'll be -- this is Darren. Through the end of 2019 I think we're on a really nice kind of steady state as we exit the year. But we as I stated in my remarks there are several growth drivers for us in 2020 and beyond. You know if we look at the advocates that were early part of this launch and continue to prescribe Epidiolex and talk about the next 1000 or so prescribers that we're going to spend time and effort on to increase that prescriber base and that goes hand-in-hand with the opening access of the payers that as I stated doing their annual review now.

So I think that you know through the remainder of the year we feel very good about the patient adds but really look to 2020 to really capitalize on those dynamics that we're setting up for the future.

Neena Marie Bitritto Garg -- JP Morgan -- Analyst

Okay great. And then just one question around the TSC kind of timing. Is there any reason that that filing got pushed back up to first quarter versus fourth quarter?

Justin D. Gover -- Chief Executive Officer

Yeah. Thanks for the question. It's really just a few weeks of an extra administrative step so it's just these are important things to get right. It's actually a pretty comprehensive SMDA because it includes the second Dravet study as well. So a lot is going into this and it's straddling a quarter but the timing shift is actually relatively inconsequential. Mid-year approval is still expected.

Neena Marie Bitritto Garg -- JP Morgan -- Analyst

Okay great and one more really quick question. You talked a little bit about just looking at getting some of these other rare and refractory epilepsy patients through on drug. So at this point in the launch can you tell us or give us any sort of guidance on what the breakdown is between on-label and off-label use?

Darren S. Cline -- Chief Commercial Officer

Yeah. It's Darren. Again a majority of the scripts are LGS DS at this particular time not really any insight into the broader just hearing what we hear anecdotally through our payer interactions.

Neena Marie Bitritto Garg -- JP Morgan -- Analyst

Okay. Great. Thank you.

Operator

Thank you. Your next question comes from Marc Goodman with SVB Leerink. Please go ahead.

Marc Harold Goodman -- SVB Leerink -- Analyst

Yes first question it sounds like you've made some decisions on additional indications for Sativex to start some studies next year. I was wondering if you could elaborate a little bit on that and second if you could talk about what else we're going to see at AES this year. I know you mentioned obviously the Phase III data but what other studies are you planning to show us? Thanks.

Justin D. Gover -- Chief Executive Officer

Hey, Marc it's Justin. I'll do the Sativex question. I think we're obviously focusing on the call today on the lead indication in terms of the fastest route to the market. I think we're signaling strongly that you can expect a series of indications. We do see it as a sort of pipeline and a product opportunity. We kind of are being a little judicious about how we lay that out but you can expect early next year for us to kind of lay that out for you in terms of the series of indications that we will be investigating.

And they're a mix of sort of natural follow-ons from the MS spasticity indication to some broader less-related indications as well. And the market research we're doing is really coming out to be very interesting with that but I we decided today to limit the comments to the kind of route to NDA but stay tuned. I think on AES obviously the main focus is the TSD indication. There will be additional long-term data from Epidiolex use and sort of selected other posts but the primary sort of focus at AES is definitely TSC.

Marc Harold Goodman -- SVB Leerink -- Analyst

Thanks.

Operator

Thank you. Your next question comes from Tazeen Ahmad with BAM. Please go ahead.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

I think BAM is Bank of America so that must be me. I did want to ask a couple of follow-ups maybe to questions that were asked earlier in the queue. And in case I missed it did you give what your current mix of adult to pediatric use is this quarter and if it changed at all from what you've been seeing in the first two quarters of the launch?

Darren S. Cline -- Chief Commercial Officer

Hey, Tazeen it's Darren. It's remained about 60/40.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

Okay and then can you give us an idea of what the gross to net was during the quarter?

Scott M. Giacobello -- Chief Financial Officer

Yeah, Tazeen it's Scott. We said that we had total deductions from gross sales of $18.6 million. We didn't give the specific percent but it's running at under 20% and we don't split that out by product or by region. It's just in total but we're running where we expected to be.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

It's running under 20% but can you say directionally if that's changed from your first couple quarters?

Scott M. Giacobello -- Chief Financial Officer

It's changed very little but what is happening is obviously Medicaid is a large portion of our business. So Medicaid I think Darren mentioned is up to 40% and as Medicaid ticks up I think we initially thought it would be somewhere around 40% to 45% it's the biggest piece so it does drive it so it's ticked up slightly.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

Okay. And maybe the last question from me I know you're a little bit constrained in being able to answer these types of questions but just for our understanding and being able to model this better going forward can you give us a sense you talked about retention but without knowing what your patient count was this quarter how do we get a better sense of this continuation beyond let's say the comments that Justin has made about the launch going as planned so far?

Scott M. Giacobello -- Chief Financial Officer

Yeah, I mean, I think you know what I stated previously Tazeen I think that you think about the AED class two different things. I mean think about our clinical trials and the open label and the retention rates there and then just the general antiepileptic drug class. Between the two from the clinical trials down to the AED class is the range that how you should model it.

Justin D. Gover -- Chief Executive Officer

Yeah. Yes and I think it's important investors understand this antiepileptic drug phenomenon and I think we should also emphasize that we see Epidiolex as a top performer when it comes to within that class. But you know epilepsy has a cadence to it and we just are trying to make sure investors understand that dynamic. But you know I think that's as far as we can go.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

Okay. Thank you.

Operator

Thank you. Your next question comes from Esther Rajavelu with Oppenheimer. Please go ahead.

Esther P. Rajavelu -- Oppenheimer & Co. Inc. -- Analyst

Thank you for taking my questions. Can you talk about the EU market dynamic with dispensary-grade CBD where doctors are maybe prescribing these in some markets? How does that impact your pricing discussions and use update?

Christopher John Tovey -- Chief Operating Officer

Hi Chris Tovey. It doesn't actually to be frank. The reality is all the market research we've done all the engagement we've had through our KOL ad boards and all the congresses we've been at have made it very very clear that specialists and remember these are treating really seriously ill kids particularly especially Section one or regulatory approved CBD medicines.

So essentially it really doesn't have any impact on the way that specialist physicians are thinking about prescribing. And additionally the health technology assessments that go on that support pricing reimbursement in Europe are evidence-based and there is no evidence for these other products. So essentially it's sort of business as usual for pharmaceutical products and obviously the data that we have around Epidiolex in a highly unmet medical need area makes us puts us in a really strong position.

And you know I think we've seen that come through in our conversations with NICE for instance.

Esther P. Rajavelu -- Oppenheimer & Co. Inc. -- Analyst

Okay and then really quickly on the EAP patient pool what how quickly do you see that uptake into revenue? You said about $2 million this quarter.

Christopher John Tovey -- Chief Operating Officer

Yeah. So in Europe? Sorry just

Esther P. Rajavelu -- Oppenheimer & Co. Inc. -- Analyst

Right in Europe.

Christopher John Tovey -- Chief Operating Officer

Yeah. I think the real answer again is and this is the I sound like a broken record. Every country in Europe is very different and you know we're in a fabulous position to be sitting on 1100 patients' worth of experience in just over a year in the early access program. But each country's scheme is slightly different.

Some of them are paid for; some of them are not paid for and the transition process will have to be managed individually and the transition can only occur when pricing and reimbursement is agreed. So for instance the process in Germany will take upwards of three to four months because of prescription lengths given in the early access program.

And so what we'll have is the benefits of these early access patients transitioning into commercial pack through 2020 as we bring on new countries with pricing and reimbursement. But it's just a brilliant place to be starting from because it means that at least a quarter of the prescribing base have got experience of Epidiolex and the vast majority of the key centers have also seen Epidiolex on the shelves of their pharmacy.

Esther P. Rajavelu -- Oppenheimer & Co. Inc. -- Analyst

Thank you.

Operator

Thank you. Your next question comes from Paul Matteis with Stifel. Please go ahead.

Paul Andrew Matteis -- Stifel -- Analyst

Great. Thank you for taking my questions. If you look at patient numbers that you guys reported this quarter and last quarter from 1Q it looked like patients who'd tried Epidiolex from 1Q to 2Q and then 2Q to 3Q was about 4000 or over 4000 and then 3000. I was wondering if those numbers the 4000 and 3000 also matched the underlying net patient add rate roughly when you control for discontinuation?

And then secondarily on IMS right now it looks like NRX are continuing to increase into this quarter and they were increasing from 2Q to 3Q but new patient starts look like they were down this quarter. Can you help kind of clarify what's going on with IMS and whether or not we should be paying attention to that data every Friday into November and December? Thanks a lot.

Scott M. Giacobello -- Chief Financial Officer

Yeah, Hey Paul it's Scott. Let me take the first one on the patient and you mentioned the 4000 3000. Actually when you exclude the impact of EAP transitions in Q2 the new patient add rate has actually been pretty consistent across the quarters. From the net patient add point I don't think I can really comment on we don't really know exactly how that's playing out underneath with the discontinuations coming off and on. And I'm sorry your third question?

Paul Andrew Matteis -- Stifel -- Analyst

That was about well actually Scott just as a follow-up I thought 75% of the EAP was converted in 1Q and then 25% in 2Q. Is that wrong? Because then it should only impact about 300 or so patients in 2Q

Scott M. Giacobello -- Chief Financial Officer

I don't think we gave the actual split of that. I think we just said it was largely it's true that there was more of it completed in 1Q than in 2Q but there was still a decent amount in the second quarter. But there wasn't for me there wasn't a drastic difference when you excluded those items of new patient adds between Q2 and Q3.

Justin D. Gover -- Chief Executive Officer

Right. I think, Paul this is Justin. When I look back at our Q2 comments which we were I think pretty clear that what we felt was the I think you would have agreed that the significant growth we saw in Q2 was a combination of that transition but also the extension of that sort of pre-launch phenomenon extending into the Q2 time period.

So I think we feel very comfortable that when you look at the sort of cadence underlying the 3000 adds is something we're very comfortable with. We don't see it as a downturn at all and I think just to emphasize that for all the reasons Darren said on this call but I think in particular I'd point to the kind of prescriber targeting and also the payer access change that we expect to see in 2020 that we are not worried at all about the potential pool of patients and the opportunities for new patient adds growing in 2020.

I just want to be clear on that. We're in an interesting year because of the we brought forward so many patients in the launch year but there's nothing we're seeing which kind of causes concern around new patient growth moving forward.

Paul Andrew Matteis -- Stifel -- Analyst

Okay that's helpful. My other question was just on IMS because IMS into this quarter is conveying that new patient starts are at least flat or maybe actually even up. It sounded like Justin that you were saying that this 3000 add rate on a go-forward basis feels sustainable. What about IMS? Should we be paying attention to that? And what's been happening with the capture rate? I was just wondering if you can clarify at all.

Scott M. Giacobello -- Chief Financial Officer

Yeah, Paul Scott again. I mean again as we have said consistently you should use caution around the IMS numbers because it's not the full picture. Over a longer period of time it should be directionally correct but it clearly is not the full picture. But I would say as far as capture rate we haven't seen any meaningful movement in capture rate over the last couple quarters.

Paul Andrew Matteis -- Stifel -- Analyst

Okay. Thanks for the help. I appreciate it.

Operator

Thank you. Your next question comes from Charles Duncan with Cantor Fitzgerald. Please go ahead.

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

Hi, guys. First of all congrats on the progress to Justin and team. Thanks for taking my questions. I just have two questions; one's commercial one's pipeline. On the commercial question you mentioned the long-term care segment and I'm wondering if you could provide some additional color on the kind of patient population that you're looking at there or numbers of patients and then other dynamics and whether or not that may impact the sizing of your salesforce going into 2020.

Darren S. Cline -- Chief Commercial Officer

Yeah. It's Darren; I'll take the question. You know we always had this long-term care segment on our radar as a potential opportunity to the factors that I talked about interactions with our physicians market research and other analogs how other companies have handled it. And the patient side if you think about patients that are in a long-term care facility these are the most you know probably sickest of the sick within LGS and other kind of these rare epilepsies and there's a great need for this product.

As it relates to kind of a resource we're actually it won't impact our sales organization. If anything this will help our sales organization focus in our target prescribers. We're going to have a separate small group of account executives that will be with long-term care backgrounds who will be deployed into this segment. So we actually think that we'll be able to capitalize on the opportunity in 2020 and beyond.

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

That's helpful added color. With regard to the pipeline this may be way ahead of our skis or whatever but I wondered if you could provide some additional color on the Rett study as well as the schizophrenia study. Specifically with regard to Rett are you tracking the patients that have been enrolled and how do you feel about the characteristics in terms of being able to show signal to noise for the neuropsych symptoms versus certainly the seizures?

And then for schizophrenia could you just let us know whether or not that's a 4- or 6-week study and if it's for U.S. patients or more broader?

Volker Knappertz -- Chief Medical Officer

So with regard to your question on Rett and I appreciate your concern about signal to noise we're using a validated scale called the RSBQ. It's the Rett Syndrome Behavioral Questionnaire. And we don't have you know ongoing monitoring of that scale in the moment so I can't give you data on this. We will be looking at the behavior of those scales and we'll be looking at we're looking at this in real time in the trials but this is nothing we actually report. So I'm afraid I have to ask you to be patient until the trial completes for results.

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

That's OK.

Volker Knappertz -- Chief Medical Officer

And with regard to your question on schizophrenia the duration of the trial we haven't announced the precise trial design yet but I anticipate this to be longer than a 4- to 6-week study. I anticipate this to be a 3-month study.

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

And U.S. or global?

Volker Knappertz -- Chief Medical Officer

The study will be recruiting in various geographies including the U.S.

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

Okay. Thanks for the added color and taking my questions.

Christopher John Tovey -- Chief Operating Officer

Thank you.

Operator

Thank you. Your next question is from Yatin Suneja with Guggenheim Partners. Please go ahead.

Derek Johnson -- Guggenheim Partners -- Analyst

Hey, guys. This is Derek on for Yatin. I just wanted to get a little more clarification on the question Paul asked earlier on the sort of lack of a relationship with the IMS script numbers and what we're seeing in terms of total revenue. I know that you guys have made very clear that we shouldn't really look at these scripts as being a direct one-to-one but is there any other you know just color that you can add in terms of the patient adds that came through the quarter?

Were they smaller which would perhaps have lower dosages that could have that wouldn't be reflected in TRX numbers? Were specialty pharmacies a lower percentage of the dispensaries which may not have been reflected as well in all of those numbers? Is there any additional information you can provide just to kind of clear that up a little bit?

Justin D. Gover -- Chief Executive Officer

Yeah, I'm sorry we would like to be helpful but I'm not sure we can be. I mean it's an imperfect dataset because it's incomplete and that's why ever since this launch we've just been urging an element of caution. We realize it's the most you have and that's maybe partial data is frustrating but we can't because the data's not ours and I don't think we can get inside it enough to start to explain to you the differences.

The results are the results and obviously I think what we're giving you is the actual metrics and IMS is obviously there and we realize it's a guide but it remains only a guide.

Derek Johnson -- Guggenheim Partners -- Analyst

Okay that's helpful thank you. And can you just remind us real quick on how you view the size of the adult population you could be targeting with Epidiolex and LGS and just just across all the indications once.

Darren S. Cline -- Chief Commercial Officer

Particular -- well. This is Darren. You know our addressable patient population is about 70000 if you look at the LGS and eventual TSC. And the breakdown you know is probably roughly 50/50 ultimately is where we think it will shake out.

Derek Johnson -- Guggenheim Partners -- Analyst

All right that's helpful. Thanks again guys and congrats on the quarter.

Operator

Thank you. Your next question comes from Danielle Brill with Piper Jaffray. Please go ahead.

Danielle Catherine Brill -- Piper Jaffray -- Analyst

Hi, guys. Thanks for the question. So you mentioned that the current mix of adults and pediatrics is stable. I'm curious are you expecting that to skew more toward adults as you increase focus on the middle-tier providers? And then also you mentioned that the average dose increased in the third quarter. Can you comment on revenue-per-patient dynamics and how we should think about this shifting moving forward? Thanks.

Darren S. Cline -- Chief Commercial Officer

Yeah, it's Darren. I think over time we do anticipate more adults being treated as I noted in my remarks driven by more broad neurology treating the disease. And the second question around dose no we just said it increased during the quarter but I think it's about midpoint of the dosing range currently.

Danielle Catherine Brill -- Piper Jaffray -- Analyst

Got it. Thank you.

Darren S. Cline -- Chief Commercial Officer

Welcome.

Operator

Thank you. Your next question comes from Serge Belanger with Needham & Company. Please go ahead.

Serge D. Belanger -- Needham & Company -- Analyst

Hi, good afternoon. A couple questions for Darren. What should we expect in terms of changes to payer coverage in 2020? I think you're already at the mid-90 range in terms of covered commercial lives. And then related to that you also mentioned that some plans wanted to go review their Epidiolex coverage after in 2020 so any expected changes from that review process?

Darren S. Cline -- Chief Commercial Officer

Yeah, thanks for the question. Regarding the covered lives we've said we're about 93% 94% of all covered lives in the U.S. which you know we feel very good and we'll chip away at the remainder. You know I think if you think about 2020 and payer coverage and I alluded to this in my prepared remarks one year as we approach one year of approval now or just slightly past you know the commercial payers in particular are doing their kind of annual review of Epidiolex utilization.

And I think you know the takeaway that I highlighted that the utilization's been contained within the target set of physicians within the targeted set of patients. And then you know those with the rare refractory upon appeal or peer-to-peer are ultimately getting through. And I think our discussions with the payers as we dialogue around this utilization is what's the PA accomplishing it?

How do they think about broader coverage? And it all anchors around what I heard recently in an advisory board that the managed markets team had with about a dozen commercial payers and Medicaid was that there's a tremendous value proposition for Epidiolex in this patient segment these patients with uncontrolled epilepsy. So I think that it's a winning proposition for all parties as we look to 2020.

Serge D. Belanger -- Needham & Company -- Analyst

Okay. And then I think in your prepared comments you talked about the TSC Phase III dataset kind of establishing a broad usage role for Epidiolex. You know by mid '20 you should have the label expanded to the will include DS LGS and TSC. How do you go beyond those three indications to a broader role? Is there a regulatory strategy to get there or is it going to be driven by payer coverage?

Darren S. Cline -- Chief Commercial Officer

Well I think from a commercial perspective having that TSC label expansion will be as tremendous for the brand as the addressable patient population. You know commercially we won't promote outside of that label but you know if you look at ONFI and I talked about this in my remarks in the last year of their exclusivity you know there are a lot of patients on that drug.

And I think if you look at Epidiolex and the profile of this within the epilepsy community it bodes very well for us. And I won't comment on the additional regulatory you know we talked about the Rett later but I think just these three and these uncontrolled rare epilepsies provide us again a very compelling proposition for this brand long term.

Serge D. Belanger -- Needham & Company -- Analyst

Okay. Thank you.

Operator

Thank you. Your next question comes from David Kideckel with Alta Capital. Please go ahead.

David M. Kideckel -- AltaCorp Capital -- Analyst

Hi, good afternoon. Thank you for taking my questions and congratulations on the quarter. Just wanting to go back to a comment that was made earlier with now you're moving on to the mid-tier position about 1000 physicians to target for Epidiolex.

I'm just wondering from a revenue standpoint and how we should be thinking about that moving into Q4 compared to your top-tier physicians is this going to require an extensive amount of effort to train and educate these physicians now given that they're mid-tier as compared to where the top-tier physicians sit?

Darren S. Cline -- Chief Commercial Officer

Yeah, it's Darren thanks for the question. I think you should think about again the dynamic of the launch. We had this tremendous uptake early on by those centers and even these 1000 prescribers that are in kind of this next tier 80% have written. But what they really haven't done now is gone from just the one or two scripts per physician to a broader set of prescribing across their practice and that's really the focus.

So it's not it's just additional it's not any additional it's just continued effort of our tremendous sales force around continuing call frequency. And really it's around education experience and access. We continue to educate physicians around Epidiolex and these LGS Dravet patients. It's getting the experience within their practices coupled with improved access over time.

So the fundamentals in really delivering on this mid-tier are set up for us we just have to continue to execute.

David M. Kideckel -- AltaCorp Capital -- Analyst

Understood. Okay. Thanks very much.

Operator

[Operator Closing Remarks]

Duration: 73 minutes

Call participants:

Stephen D. Schultz -- Vice President of Investor Relations

Justin D. Gover -- Chief Executive Officer

Darren S. Cline -- Chief Commercial Officer

Christopher John Tovey -- Chief Operating Officer

Volker Knappertz -- Chief Medical Officer

Scott M. Giacobello -- Chief Financial Officer

Philip M. Nadeau -- Cowen and Company -- Analyst

Salveen Jaswal Richter -- Goldman Sachs -- Analyst

Ishmael Asante -- Morgan Stanley -- Analyst

Neena Marie Bitritto Garg -- JP Morgan -- Analyst

Marc Harold Goodman -- SVB Leerink -- Analyst

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

Esther P. Rajavelu -- Oppenheimer & Co. Inc. -- Analyst

Paul Andrew Matteis -- Stifel -- Analyst

Charles Cliff Duncan -- Cantor Fitzgerald -- Analyst

Derek Johnson -- Guggenheim Partners -- Analyst

Danielle Catherine Brill -- Piper Jaffray -- Analyst

Serge D. Belanger -- Needham & Company -- Analyst

David M. Kideckel -- AltaCorp Capital -- Analyst

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