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Mar 31, 2023
Ocular Therapeutix Q1 2023 Earnings Report
Ocular Therapeutix reported financial results for Q1 2023 and provided updates on its ophthalmology pipeline.
Key Takeaways
Ocular Therapeutix reported total net revenue of $13.4 million for the first quarter of 2023, with DEXTENZA net product revenue growing to $13.2 million. The company's net loss for the quarter was $(30.3) million, or $(0.39) per share.
DEXTENZA net product revenue in Q1 2023 was $13.2 million, a 6% increase over Q1 2022.
Total net revenue for Q1 2023 was $13.4 million, slightly ahead of Q1 2022.
The company is guiding towards a full year 2023 net product revenue of $55 to $60 million.
The company anticipates providing top-line data from the Phase 2 trial of OTX-TIC for the treatment of glaucoma in Q4 2023.
Revenue by Segment
Forward Guidance
Ocular Therapeutix estimates DEXTENZA Net Product Revenue for the Year Ending 2023 to be between $55 and $60 million, Representing Anticipated Growth of Approximately 10% to 20% Over 2022
Positive Outlook
- DEXTENZA Net Product Revenue for the Year Ending 2023 is Estimated to be between $55 and $60 million
- DEXTENZA Net Product Revenue for the Year Ending 2023 Represents Anticipated Growth of Approximately 10% to 20% Over 2022
- Productive conversations with the FDA on pivotal designs for OTX-TKI in diabetic retinopathy and wet AMD.
- Excellent progress advancing the Phase 2 trial of OTX-TIC for glaucoma, with top-line data expected in Q4 2023.
- In-market billable unit volumes were approximately 8% ahead of fourth quarter volumes
Challenges Ahead
- Net loss in the first quarter of 2023 included a $6.6 million non-cash item attributable to a change in the fair value of the derivative liability.
- Collaboration revenue declined from $0.7 million to $0.2 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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