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Jun 30, 2021
Ocular Therapeutix Q2 2021 Earnings Report
Ocular Therapeutix reported financial results for the second quarter of 2021, with DEXTENZA recording net quarterly sales of $11.1 million, representing approximately 65% sequential growth.
Key Takeaways
Ocular Therapeutix reported a productive quarter with net product revenue for DEXTENZA up nearly 700% year-over-year and record quarterly in-market sales. The company also advanced its pipeline, including the first patient dosed in the U.S.-based trial of OTX-TKI and a research agreement with Mosaic Biosciences.
DEXTENZA net product revenue reached $11.1 million, a nearly 700% increase over Q2 2020.
Record quarterly in-market sales of nearly 25,000 billable units of DEXTENZA, a 50% sequential increase over Q1 2021.
First patient dosed in the U.S.-based clinical trial evaluating OTX-TKI for wet AMD.
CMS recommended extending pass-through status of DEXTENZA through the end of 2022.
Revenue by Segment
Forward Guidance
Ocular Therapeutix expects continued momentum with DEXTENZA, including a PDUFA date in allergic conjunctivitis in October, and further development of its pipeline, including the expected completion of a Phase 2 clinical trial with OTX-CSI.
Positive Outlook
- Continued momentum with DEXTENZA
- PDUFA date in allergic conjunctivitis in October
- Further development of pipeline
- Expected completion of Phase 2 clinical trial with OTX-CSI
- Existing cash and cash equivalents will enable the Company to fund planned operating expenses, debt service obligations and capital expenditure requirements through 2023.
Challenges Ahead
- Severity and duration of the COVID-19 pandemic
- Revenues, expenses and reimbursement associated with DEXTENZA
- Pace of research and clinical development programs
- Assumptions related to cash inflows from DEXTENZA and ReSure product sales
Historical Earnings Impact
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Avg. Return Before/After Earnings
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