Ocular Therapeutix (NSDQ:OCUL) this week posted first-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Bedford, Massachusetts-based company reported losses of $12.5 million, or -16¢ per share, on sales of $13.2 million for the three months ended March 31, for sales growth of 79.6% compared with Q1 2021.
Earnings per share were 9¢ ahead of The Street, where analysts were looking for sales of $13.96 million.
“We have had a solid start to the year,” Antony Mattessich, president and CEO, said in a news release. “Following a slowdown in cataract surgeries in January due to a spike in COVID-19 infections as a result of the Omicron variant, we saw a rebound in sales as the quarter progressed, culminating in approximately 10,500 billable units sold to ASCs and HOPDs in March—a monthly record by more than 500 units.”
Ocular Therapeutix projects total net product revenue in 2022 to be in the range of $55 million to $60 million to represent growth of 26% to 38% over 2021.
Shares in OCUL were up 1.84% to $3.32 apiece at market close.