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Jun 30, 2020
Ocular Therapeutix Q2 2020 Earnings Report
Ocular Therapeutix reported second quarter 2020 financial results and business update.
Key Takeaways
Ocular Therapeutix reported DEXTENZA net product revenue of $1.4 million for the second quarter. The company's cash and cash equivalents as of June 30, 2020, were $84.3 million, expected to provide funding for at least the next twelve months. They also saw a bounce back in DEXTENZA sales with nearly 2,300 in-market units sold in June, exceeding the previous monthly record by 40% and eclipsing $1 million of in-market sales in a calendar month for the first time.
Announced published physician fee schedules for the administration of intracanalicular inserts.
Announced new product candidate (OTX-DED) to treat episodic dry eye disease.
Amended collaboration with Regeneron for the development of a suprachoroidal injection formulation of the FDA-approved VEGF trap aflibercept.
Completed common stock financing, raising $48.3 million net of fees.
Ocular Therapeutix
Ocular Therapeutix
Ocular Therapeutix Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
Ocular Therapeutix believes that its existing cash and cash equivalents of $84.3 million as of June 30, 2020 will enable the Company to fund its planned operating expenses, debt service obligations and capital expenditure requirements for at least the next twelve months. This estimate is based on the Company’s currently forecasted operating plan which includes estimates of anticipated cash inflows from DEXTENZA and ReSure Sealant product sales and cash outflows from operating expenses.
Positive Outlook
- Continuing expected rebound in cataract surgeries in the third quarter of 2020 and beyond.
- Revenues and expenses associated with the commercialization of DEXTENZA.
- Variable expense reductions.
- Pace of the Company’s research and clinical development programs.
- Expected cash inflows from DEXTENZA and ReSure Sealant product sales
Challenges Ahead
- Severity and duration of the COVID-19 pandemic.
- Assumptions related to the severity and duration of the COVID-19 pandemic may prove to be wrong.
- The Company could use its capital resources sooner than we currently expect.
- The Company would therefore need to raise additional capital to support its ongoing operations.
- The Company may need to adjust its plans accordingly.