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MedTech


PEAR THERAPEUTICS RIPENS AFTER SPAC PACT, PREDICTS QUINTUPLING OF REVENUE IN
2022

By Andrea Park Mar 29, 2022 04:31pm
Pear Therapeuticsdigital therapeuticsEarningsspecial purpose acquisition company

Pear Therapeutics is developing prescription digital therapeutics to treat a
range of health conditions, including FDA-cleared apps for addiction and
insomnia and upcoming programs for depression, migraine, irritable bowel
syndrome and more. (Pixabay)

In its first year-end financial report after going public via reverse merger
last December, Pear Therapeutics inched past nearly all of its predictions for
2021—and planted the seeds for a much, much bigger 2022.



Its annual revenue, for one, rang in at $4.2 million, just ahead of the $4
million forecast. That represented a solid year-over-year drop in Pear’s total
revenue thanks to a one-time influx of more than $9 million in collaboration
revenue in 2020, according to the company’s 10-K filing (PDF). However, it also
included a massive surge in product revenue, led by sales of the reSET and
reSET-O prescription digital therapeutics (PDTs) that increased approximately 24
times over.


RELATED

Digital therapy maker Pear Therapeutics shakes the money tree, with plans to go
public in $1.6B SPAC deal

Building on that huge growth, Pear is now predicting that its revenue will more
than quintuple in 2022, to around $22 million. To get there, CEO Corey McCann
explained during a call with investors on Monday, Pear will be focused on
expanding payer coverage of its PDTs, generating more health economic data about
the benefits of the technology, boosting adoption of the apps and growing its
PDT pipeline.




“After the year we had in 2021, Pear and the entire PDT category are poised for
growth. In fact, we believe that PDTs today have similarities with continuous
glucose monitors, telehealth, liquid biopsies and monoclonal antibodies
immediately prior to their massive commercial expansions,” Chris Guiffre, Pear’s
chief financial and operating officer, said on the call, per a Seeking Alpha
transcript.

“Those technologies were new and transformational, just like PDTs,” he said.
“Today, those healthcare technologies are commercial success stories, with broad
coverage from commercial and government payers. We believe that PDTs have the
potential to transition from novelty to ubiquity, and it is Pear’s privilege to
lead that charge.”


RELATED

Pear Therapeutics snags SoftBank backing to bring digital therapeutic tech for
sleep disorders to Japan

Beyond mere revenue, Pear also surpassed its goals in its other measures of
success. It surpassed 14,000 prescriptions for its digital therapeutics in 2021,
compared to a forecast of 12,500, and also saw 51% of prescriptions
fulfilled—just barely edging past its goal of 50%.



In all, the company’s technology grew to support more than 31.7 million covered
people, surpassing the lower end of Pear’s aim of reaching between 30 million
and 40 million people by the end of 2021.

“We think Pear’s rapid acquisition of covered lives in 2021, driven by
real-world outcomes data, is a great reason to believe PDTs are here to stay,”
McCann said on the earnings call.

Pear is betting on that longevity: In 2022, it’s aiming to see prescriptions
more than triple, clocking in somewhere between 50,000 and 60,000 for the year.
It’s also hoping to drive the fulfillment rate as high as 65% and ratchet up its
number of covered lives to between 100 million and 120 million.


RELATED

Pear Therapeutics to take digital treatments physical with sensor, activity
tracker deals

As McCann mentioned, in addition to expanding coverage and usage of its existing
slate of FDA-authorized digital therapeutics—which include reSET for substance
use disorder, reSET-O for opioid use disorder and Somryst for chronic
insomnia—Pear will also devote much of its effort in 2022 to adding new apps to
the group.

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Two of the most promising candidates in the pipeline, as detailed by Yuri
Maricich, M.D., chief medical officer, on Monday’s call, are an adaptation of
reSET designated specifically for alcohol use disorder and a new program to
treat major depressive disorder. Both support Pear’s mission to “become a
one-stop shop for all conditions related to mental and behavioral health,”
according to Maricich.

“We believe the market opportunity for three FDA authorized PDTs is significant.
The market opportunity for our current pipeline of 14 product candidates is even
greater. And the market opportunity for the category is greater even still,”
McCann told investors. “We think PDTs are likely to transform healthcare. And we
intend to be the company that leads this rapidly growing space.”

MedTechmajor depressive disorderaddictioninsomnia



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