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Sep 30, 2020
Ocular Therapeutix Q3 2020 Earnings Report
Ocular Therapeutix reported financial results for the third quarter of 2020 and provided a business update.
Key Takeaways
Ocular Therapeutix reported a productive quarter with key developments, including a 280% increase in DEXTENZA net product revenue compared to the prior quarter, driven by key initiatives and the re-opening of ASCs and HOPDs. The company also completed a common stock financing, raising $75.2 million net of fees, and announced a license agreement and collaboration for DEXTENZA and OTX-TIC in select Asian countries.
DEXTENZA net product revenue increased by 280% compared to the prior quarter, reaching $5.4 million.
The company completed a common stock financing in late October, raising $75.2 million net of fees.
A license agreement and collaboration were announced for DEXTENZA and OTX-TIC in Greater China, South Korea, and the ASEAN markets.
The American Medical Association (AMA) established a permanent Category I Current Procedural Terminology (CPT) procedure code for drug-eluting intracanalicular inserts, including DEXTENZA, effective January 1, 2022.
Revenue by Segment
Forward Guidance
Based on current plans and estimates of anticipated cash inflows from DEXTENZA and ReSure Sealant product sales and cash outflows from operating expenses, the Company believes that existing cash and cash equivalents, as of September 30, 2020 in combination with the net proceeds from the recent equity offering, enables the Company to fund planned operating expenses, debt service obligations and capital expenditure requirements into 2023.
Challenges Ahead
- Guidance is subject to various assumptions related to the severity and duration of the COVID-19 pandemic.
- Guidance is subject to assumptions related to revenues and expenses associated with the commercialization of DEXTENZA.
- Guidance is subject to assumptions related to the pace and expense of our research and clinical development programs.
- Guidance is subject to assumptions related to other aspects of the Company’s business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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