The company reported losses of -$21.5 million, or -41¢ per share, on sales of $2.6 million for the three months ended March 31, for a sales growth of 430.3% compared with Q1 2019.
Earnings per share were -41¢, 4¢behind The Street, where analysts were looking for sales of $2.4 million.
“The outlook for Ocular continues to brighten. As our development programs continue to perform in the clinic, changes in the regulatory and competitive landscapes give us even more confidence in our future. Successes in our clinical programs have us tracking toward target product profiles that could set the standard of care in disease areas like wet AMD, glaucoma, dry eye, and post-operative pain and inflammation while changes in the external environment make us more confident in the regulatory pathways and potential market acceptability of our programs,” president and CEO Antony Matessich said in a news release.
“Similarly, concern over infection risk brought on by the COVID pandemic has sparked increased interest in truly “hands-free” products like Dextenza that can replace 70 eye drops with a single physician-administered bioresorbable insert. As we see surgery centers and hospitals starting to schedule ophthalmic surgeries again, we are excited about our prospects of not only regaining but accelerating the momentum we saw through the middle of March for Dextenza.”
Ocular Therapeutics said the COVID-19 pandemic has impacted Dextenza sales trends and due to elective surgery restrictions, anticipates revenue will be significantly impacted in the second quarter.
Shares in OCUL were down 7.98% to $6.11 apiece in late-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.