Ocular Therapeutix, Inc. Reports Third Quarter 2024 Financial Results
Ocular Therapeutix, Inc., a biopharmaceutical company focused on developing therapies for retinal diseases and other eye conditions, has reported its financial results for the third quarter ended September 30, 2024. Below is a summary of the earnings report with financial metrics and highlights.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate | Q2 2024 | QoQ Change |
|---|---|---|---|---|---|---|
| Total Revenue | $15.4M | $15.1M | +2% | $17.14M | $16.4M | -6% |
| Earnings Per Share (EPS) | -$0.21 | N/A | N/A | -$0.21 | N/A | N/A |
The company reported a total revenue of $15.4 million for the third quarter of 2024, which represents a 2% increase year-over-year but fell short of the consensus estimate of $17.14 million. Revenue decreased by 6% compared to the second quarter of 2024. Of note was the earnings per share (EPS) which matched the consensus estimate of -$0.21.
Segment Revenue Performance
| Segment | Revenue (Q3 2024) |
|---|---|
| DEXTENZA Product Sales | $15.3M |
Product revenue was driven primarily by DEXTENZA sales, totaling $15.3 million, underscoring its contribution to the company's overall revenue. The performance indicates stable but slightly below-expected results as the company aligns with its strategic goals.
Operational Highlights
- Screening and randomization for the SOL-1 trial for AXPAXLI (OTX-TKI) in wet-age related macular degeneration (wet AMD) is progressing well, expecting full enrollment by end of 2024.
- Initiated the SOL-R trial as of July 2024, expanding its Phase 3 clinical trials for wet AMD.
- Received encouraging topline data from the HELIOS trial for AXPAXLI in non-proliferative diabetic retinopathy (NPDR).
Comments from Company Officers
During the earnings call, officers highlighted the strong progress in their clinical pipelines, particularly AXPAXLI for wet AMD and NPDR. Management expressed confidence in achieving significant milestones with existing trials and stated active engagement with regulators is expected to streamline approval processes.
Dividends and Share Repurchase Program
No new dividend announcements or share repurchase programs have been disclosed by Ocular Therapeutix this quarter.
Forward Guidance
The company has not provided specific forward guidance at this time. Future guidance is expected to be communicated as trial results are finalized and assessed.
Stock Price Movement
The stock price remains unchanged following the announcement of the earnings report, reflecting a 0.0% change post-event.
In summary, Ocular Therapeutix continues to advance its clinical trials, particularly for the promising use of AXPAXLI in retinal diseases, with a focus on upcoming trial completions and regulatory engagements. The current financial performance aligns closely with expectations, marking stable progress as the company proceeds through pivotal clinical milestones.
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