Ocular Therapeutix Inc · Q3 2020 earnings

Briefing

Ocular Therapeutix reported financial results for the third quarter of 2020 and provided a business update.

Ocular Therapeutix reported a productive quarter with key developments, including a 280% increase in DEXTENZA net product revenue compared to the prior quarter, driven by key initiatives and the re-opening of ASCs and HOPDs. The company also completed a common stock financing, raising $75.2 million net of fees, and announced a license agreement and collaboration for DEXTENZA and OTX-TIC in select Asian countries.

• DEXTENZA net product revenue increased by 280% compared to the prior quarter, reaching $5.4 million.
• The company completed a common stock financing in late October, raising $75.2 million net of fees.
• A license agreement and collaboration were announced for DEXTENZA and OTX-TIC in Greater China, South Korea, and the ASEAN markets.
• The American Medical Association (AMA) established a permanent Category I Current Procedural Terminology (CPT) procedure code for drug-eluting intracanalicular inserts, including DEXTENZA, effective January 1, 2022.

Headline financials

Revenue & EPS history

Based on current plans and estimates of anticipated cash inflows from DEXTENZA and ReSure Sealant product sales and cash outflows from operating expenses, the Company believes that existing cash and cash equivalents, as of September 30, 2020 in combination with the net proceeds from the recent equity offering, enables the Company to fund planned operating expenses, debt service obligations and capital expenditure requirements into 2023.