Ocular Therapeutix (NSDQ:OCUL) shares were marginally down today on fourth-quarter results that came up short the consensus forecast after massive losses.
The Bedford, Mass.-based ophthalmic insert maker posted losses of $26 million, or -53¢ per share, on sales of $2.3 million for the three months ended Dec. 31, 2019, for a 49.5% bottom-line slide despite nearly tripling the revenue made in the same quarter in 2018.
Adjusted to exclude one-time items, losses per share were -47¢, 2¢ behind Wall Street projections.
One of the largest differences between Q4 2019 and Q4 2018 came with the launch of the company’s Dextenza corticosteroid indicated for the treatment of ocular inflammation and pain following ophthalmic surgery. Ocular Therapeutix noted that its marketing expenses increased by nearly $5 million with the commercial launch of the product.
“Ocular Therapeutix has had an impressive final quarter of 2019 and strong start to 2020,” Ocular Therapeutix president & CEO Antony Mattessich said in a news release. “Key performance indicators on the launch of Dextenza point to a building momentum, most notably in the number of billable inserts ordered by ASC’s and hospitals that show a definitive acceleration.”
Ocular Therapeutix did not offer full-year guidance for the new fiscal year, but did say it expects net product revenue for Dextenza to range between $2.4 million and $2.6 million in the first quarter of 2020.
The Company anticipates net product revenue of Dextenza for the first quarter of 2020 will be in the range of $2.4 million to $2.6 million.
OCUL shares were down -0.8% at $4.25 per share in mid-morning trading today.
