Ocular Therapeutix Inc. (OCUL:NASDAQ), which concentrates its efforts on developing and commercializing eye disease treatment therapies, today announced "preliminary, unaudited net product revenue for the third quarter ended September 30, 2020."
Ocular Therapeutix reported that in Q3/20, on a preliminary basis, it registered total net product revenue of $5.8 to 5.9 million. The company stated that these results represent a more than 250% gain over net product revenue it achieved in Q2/20.
The firm detailed that the preliminary revenue data is derived from sales of its DEXTENZA® (dexamethasone ophthalmic insert) 0.4mg and ReSure® Sealant products. The company indicated that DEXTENZA® revenue is estimated to come in at between $5.3 and $5.4 million and ReSure® Sealant revenue is expected to be $0.5 million.
The company highlighted that these revenues expected for Q3/20 are significantly higher than those posted in Q2/20. Specifically, DEXTENZA revenue increased 280% and ReSure Sealant increased 150% versus the previous quarter.
Ocular Therapeutix indicated that it plans to provide an update on business operations and announce complete financial results for Q3/20 on November 5, 2020.
The firm pointed out that in spite of the ongoing impacts from the COVID pandemic, it still managed to post a record quarter of DEXTENZA in-market sales. The company said this way due to the fact that "Ambulatory Surgery Centers (ASCs) and Hospital Out Patient Departments (HOPDs) purchased nearly 10,000 billable inserts during the period." The firm indicated that DEXTENZA sales are steadily rebounding as in-market sales into ASCs and HOPDs measured 2,221 in July, 2,920 in August and around 4,812 in September. The company claimed that momentum is building for its products as it is observing continued increases in surgical volumes at ASCs and HOPDs as those facilities strive to return to pre-COVID shutdown procedure levels.
The company's President and CEO Antony Mattessich commented, "We are very pleased with the growing interest in DEXTENZA and we are encouraged by the growth in our reported sales...We remain committed to serving patient needs and improving access to DEXTENZA while maintaining a strong focus on the purchase of billable units by ASCs and HOPDs since it reflects true in-market demand. For the quarter, our end-customers purchased almost 10,000 billable units with nearly half of that total coming in September. We are experiencing tremendous momentum, and we believe that there is strong receptivity to the DEXTENZA hands-free value proposition in the COVID environment."
Ocular Therapeutix is based in Bedford, Mass., and describes itself as "a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology." The company noted that "its first commercial drug product, DEXTENZA®, is FDA-approved for the treatment of ocular inflammation and pain following ophthalmic surgery and that it recently completed a Phase 3 clinical trial evaluating DEXTENZA for the treatment of ocular itching associated with allergic conjunctivitis."
Ocular Therapeutix began the day with a market capitalization of around $529.5 million with approximately 62.96 million shares outstanding and a short interest of about 10.3%. OCUL shares nearly opened 12% higher today at $9.40 (+$0.99, +11.77%) over yesterday's $8.41 closing price and reached a new 52-week high price this morning of $10.85. The stock has traded today between $9.20 and $10.85 per share and is currently trading at $10.58 (+$2.16, +25.74%).
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