Alimera (NASDAQ:ALIM) Sciences announced its third-quarter financial results for 2023, reporting a record net revenue of $23.4 million, marking a 72% increase from the same period last year. The company attributed this growth to the robust sales of its brands, ILUVIEN and YUTIQ. Alimera also reported positive adjusted EBITDA of $5.4 million for the quarter.
Key takeaways from the call:
- In the US segment, net revenue surged by 103% to $18.1 million, with YUTIQ accounting for $8.9 million.
- ILUVIEN also saw an 8% increase in end-user demand.
- The international segment saw a 13% increase in net revenue to $5.3 million, driven by growth in direct markets.
- Alimera is actively evaluating indication expansion opportunities and expects to generate over $100 million in revenue in 2024.
- The company reported cash and cash equivalents of approximately $8.3 million as of the quarter, compared to $18.8 million on June 30, '23.
- The company plans to leverage its broader commercial team and stronger financial position to increase engagement with retina specialists and drive utilization of both ILUVIEN and YUTIQ.
Alimera Sciences ' representative, Rick Eiswirth, discussed the seasonality of YUTIQ sales in the U.S. and internationally during the earnings call. He explained that sales typically slow down in January and February as doctors reevaluate insurance coverage due to new deductible years and modified insurance plans. Additionally, Eiswirth mentioned seasonality in the first quarter due to budget resets in Europe and in Q3 related to the European and U.S. holiday seasons.
Eiswirth reported that $8.9 million of the quarter's revenue came from YUTIQ sales. The company is on track to deliver over $100 million in revenue in 2024. However, Eiswirth stated that they would no longer provide specific guidance on the breakdown between YUTIQ and ILUVIEN product revenues. The share count for the past quarter was 32 million, with 53.4 million shares currently outstanding.
Eiswirth also provided updates on the ongoing Protocol AL trial, a lengthy trial with an enrollment target of 600 patients. Enrollment is expected to start in late Q4 this year. However, it will likely be a multiyear trial before any readout is available. The trial is being run by the DRCR, and Alimera does not control the timeline. Eiswirth concluded the call by expressing excitement about sharing progress in the next earnings report.
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