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Dec 31, 2021
Ocular Therapeutix Q4 2021 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2021, and provided updates on its ophthalmology pipeline.
Key Takeaways
Ocular Therapeutix reported a strong fourth quarter with DEXTENZA net product revenue increasing by 77% year-over-year to $12.2 million. The company is creating a new business unit focused on DEXTENZA in the office setting and has completed enrollment in a U.S.-based clinical trial for OTX-TKI. The company reported a net loss of $(3.9) million, or a loss of $(0.05) per share on a basic basis and a loss of $(0.23) per share on a diluted basis for the three months ended December 31, 2021.
DEXTENZA® recorded net quarterly sales of $12.2 million, representing year-over-year growth of 77%.
A new business unit is being created focused on optimizing the commercial opportunity for DEXTENZA in the office setting.
Enrollment was completed in the U.S.-based clinical trial for OTX-TKI for the treatment of wet AMD, with data anticipated in the second half of 2022.
In-market purchases were in excess of 29,000 billable units, representing sequential quarterly growth of approximately 17%.
Ocular Therapeutix
Ocular Therapeutix
Ocular Therapeutix Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
Based on current plans and related estimates of anticipated cash inflows from DEXTENZA and anticipated cash outflows from operating expenses, the Company believes that existing cash and cash equivalents, as of December 31, 2021, will enable the Company to fund planned operating expenses, debt service obligations and capital expenditure requirements through 2023.
Positive Outlook
- Existing cash and cash equivalents will enable the Company to fund planned operating expenses through 2023.
- Anticipated cash inflows from DEXTENZA will contribute to funding.
- Company will fund debt service obligations through 2023.
- Company will fund capital expenditure requirements through 2023.
- The Company is seeing encouraging signs that levels are rebounding in February.
Challenges Ahead
- Cash guidance is subject to assumptions related to the severity and duration of the COVID-19 pandemic.
- Cash guidance is subject to assumptions related to revenues, expenses and reimbursement associated with DEXTENZA.
- Cash guidance is subject to assumptions related to the pace of research and clinical development programs.
- Lower than anticipated elective surgeries due to the surge of the Omicron variant of COVID-19.
- Reduced level of elective surgeries continued into January