Ocular Therapeutics Q3 smasher, revenue surges on drug for ocular inflammation, pain

• Ocular Therapeutics (OCUL +9.0%) reports Q3 total net product revenue of $5.88M vs. $1.6M in Q2, beats consensus by $0.02M.
• DEXTENZA net product revenue was $5.4M, a 280% increase Q/Q.
• R&D expenses were $7M vs. $10.2M for Q3 2019.
• October financing raised $75.2M in proceeds net of fees.
• Net loss of $11.9M and GAAP EPS of -$0.21, beats by $0.02.
• Estimated Q4 EPS of -$0.21 and revenue of $11.29M.
• DEXTENZA^®’s momentum continues as a result of key initiatives implemented earlier in the year and exemplified by a robust 280% increase over the prior quarter. This momentum has continued into the fourth quarter with nearly 4,200 billable inserts sold to ASCs and HOPDs in the month of October. Within our pipeline, we have four clinical-stage programs that are each highly differentiated ophthalmology specialty products in markets where current annual global sales are estimated to exceed $20 billion. Each of these programs address the key unmet need in the indication it is targeting. With an improved cash position following the completion of a successful financing in October and the recently concluded license agreement with AffaMed Therapeutics, we believe we are now in a position to fund each of these four planned programs through its respective read-out of Phase 2 clinical trial data to capture the full potential benefit of the Phase 2 value inflection.” mentions CEO and president Antony Mattessich.
• https://seekingalpha.com/news/3633246-ocular-therapeuticsplus-9_2-q3-smasher-revenue-surges-on-drug-used-for-ocular-inflammation