Alimera Sciences Pre-Announces Expected Top Line Revenue for Q1 2020 and Provides COVID-19 Business Update
April 13 2020 - 8:36AM
Alimera Sciences, Inc. (Nasdaq: ALIM) (Alimera), a global
pharmaceutical company that specializes in the commercialization
and development of prescription ophthalmic pharmaceuticals for the
treatment of retinal diseases, today announces top-line revenue
guidance for the quarter ended March 31, 2020.
Alimera expects to report consolidated net revenue for the first
quarter of 2020 exceeding $14 million, which compares to $12.9
million in the first quarter of 2019. Additionally, the Company
strengthened its balance sheet during the quarter with both an
additional draw of $2.5 million under its $45 million term
loan agreement with its current lenders, investment affiliates
managed by Solar Capital Partners, LLC, and cash flow generation
from operations. Alimera expects to report cash on hand in excess
of $12 million at March 31, 2020.
“We are pleased to pre-release our expected global revenue
results for the first quarter of 2019, which reflect growth over
the first quarter of 2019 despite the increasing impact of the
COVID-19 pandemic in the second half of the quarter,” said Rick
Eiswirth, Alimera’s President and Chief Executive Officer. “As we
all continue to contribute to stemming the outbreak of COVID-19,
almost all of our employees are working from home and we have
adapted to conducting many of our activities virtually to continue
to serve physicians and provide ILUVIEN® to patients in need. We
believe ILUVIEN provides many advantages in the treatment of
retinal disease, including fewer injections and the ability to
reduce physician office visits, which can benefit both posterior
uveitis and diabetic macular edema patients who may be at high risk
for life-threatening consequences with COVID-19
exposure.”
Mr. Eiswirth added, “As governments worldwide have issued
isolation and quarantine orders, both patient access to physicians
and patients’ willingness to visit physicians have been and will
continue to be limited in the coming weeks. We expect these market
conditions to continue for some time and that they will have an
adverse effect on our business. The rapidly changing environment
makes it difficult to project the extent of the impact on our
business at this time. As a result, we are withdrawing any
previously communicated guidance regarding revenue growth and cash
flow in 2020. We are modifying our operational activities to better
balance revenues and expenses during this crisis. Importantly, we
believe our employee base is critical to continue serving our
physician customers both now and when this pandemic subsides.
Therefore, we have no plans at this time to make any staffing level
changes.”
Alimera believes it currently has sufficient inventory in its
supply chain to meet demand and continues to work with its
third-party manufacturers regarding the continued production of
ILUVIEN during the pandemic.
About Alimera Sciences, Inc.
www.alimerasciences.com
Alimera Sciences is a pharmaceutical company that specializes in
the commercialization and development of prescription ophthalmic
pharmaceuticals. Alimera is presently focused on diseases affecting
the back of the eye, or retina, because these diseases are not well
treated with current therapies and affect millions of people in our
aging populations. For more information, please visit
www.alimerasciences.com.
About
ILUVIEN®
ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is
a sustained release intravitreal implant, injected into the back of
the eye. With its CONTINUOUS MICRODOSING™ technology, ILUVIEN is
designed to release submicrogram levels of fluocinolone acetonide,
a corticosteroid, for up to 36 months, to reduce the recurrence of
disease, enabling patients to maintain vision longer with fewer
injections. ILUVIEN is approved in the U.S., Canada, Kuwait,
Lebanon and the U.A.E. to treat diabetic macular edema (DME) in
patients who have been previously treated with a course of
corticosteroids and did not have a clinically significant rise in
intraocular pressure. In 17 European countries, ILUVIEN is
indicated for the treatment of vision impairment associated with
chronic DME considered insufficiently responsive to available
therapies and for prevention of relapse in recurrent non-infectious
uveitis affecting the posterior segment of the eye (NIPU). Alimera
does not have the contractual right to pursue approval to treat
uveitis in the U.S., and therefore does not have a regulatory
license in the U.S. to treat NIPU.
Forward Looking Statements
This press release may include “forward-looking statements,”
within the meaning of the Private Securities Litigation Reform Act
of 1995, regarding, among other things, Alimera’s expectations
regarding the continuance of the current circumstances for patient
visits with their physicians and the effects of those
circumstances, Alimera’s modification of its operational activities
and the effect of those modifications, and Alimera’s belief
regarding the sufficiency of its inventory in the supply chain.
Such forward-looking statements are based on current expectations
and involve inherent risks and uncertainties, including factors
that could delay, divert or change these expectations, and could
cause actual results to differ materially from those projected in
these forward-looking statements. Meaningful factors that could
cause actual results to differ include, but are not limited to,
uncertainties associated with (a) the effects of COVID-19 on the
ability or willingness of patients to visit their retina
specialists for ILUVIEN injections, including current and future
governmental orders and policies adopted by healthcare facilities
to address the COVID-19 pandemic; (b) Alimera’s ability to modify
its operations while maintaining its ability to continue to support
the marketing and sale of ILUVIEN both in the current environment
and in the future when the threat of COVID-19 has decreased;
(c) Alimera’s ability to continue to maintain its current
staffing levels, given the uncertain COVID-19 environment and the
other factors cited or referred to in this paragraph; and
(d) the capability and willingness of Alimera’s suppliers and
manufacturers to continue to provide finished products to fulfill
Alimera’s sales, as well as the other factors discussed in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of
Alimera’s Annual Report on Form 10-K for the year ended
December 31, 2019, which is on file with the SEC and available
on the SEC’s website at http://www.sec.gov. Alimera undertakes no
obligation to publicly update or revise any of the forward-looking
statements made in this press release, whether as a result of new
information, future events or otherwise, except as required by law.
Therefore, you should not rely on these forward-looking statements
as representing Alimera’s views as of any date after today.
For investor inquiries: |
|
|
For media inquiries: |
Scott Gordon |
|
|
Jules Abraham |
for Alimera Sciences |
|
|
for Alimera Sciences |
scottg@coreir.com |
|
|
julesa@coreir.com |
Alimera Sciences (NASDAQ:ALIM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alimera Sciences (NASDAQ:ALIM)
Historical Stock Chart
From Apr 2023 to Apr 2024