Alimera Sciences, Inc. (Nasdaq: ALIM) (Alimera), a global
pharmaceutical company that specializes in the commercialization
and development of prescription ophthalmic pharmaceuticals, today
announced financial results for the three months and full-year
ended December 31, 2017. Alimera will host a conference call on
March 1, 2018 at 9:00 a.m. ET to discuss these results.
“In 2017, pursuant to our plans, we significantly reduced both
our GAAP net loss and our Adjusted EBITDA net loss by 34% and 61%,
respectively. Physician demand in the U.S. for ILUVIEN has
continued to grow throughout the fourth quarter and into 2018, and
we have expanded our sales presence to leverage this opportunity
moving forward,” said Dan Myers, Alimera’s Chief Executive Officer.
“Our end user demand in the fourth quarter of 2017 was higher than
in the fourth quarter of 2016, and end user demand in the first two
months of 2018 is significantly higher than in the same two months
in 2017. We believe that end user demand for ILUVIEN will continue
to increase as our sales force utilizes our USER data and other
real-world results to emphasize ILUVIEN’s unique benefit of
continuous microdosing to treat diabetic macular edema consistently
every day. We are also pleased that our submission of a Type II
variation for ILUVIEN in 17 European countries has been accepted
for regulatory review.”
Fourth Quarter and Full Year 2017 Financial
Results
Net revenue for Q4 2017. Net revenue was adversely impacted by
the timing of orders from Alimera’s two large U.S. distributors,
which increased inventory levels in the fourth quarter of 2016 and
decreased inventory levels in the fourth quarter of 2017. As a
result, net revenue decreased by approximately $1.6 million, or
15%, to approximately $9.1 million for the three months ended
December 31, 2017, compared to net revenue of approximately $10.7
million for the three months ended December 31, 2016. Net revenue
decreased despite an 8% increase in U.S. end user demand, which
refers to ILUVIEN purchases by physician offices, pharmacies and
hospitals from our distributors.
Net revenue for FY 2017. Net revenue increased by approximately
$1.6 million, or 5%, to approximately $35.9 million for the year
ended December 31, 2017, compared to net revenue of approximately
$34.3 million for the year ended December 31, 2016. U.S. net
revenue increased approximately $300,000, or 1%, to approximately
$26.1 million for the year ended December 31, 2017, compared to
U.S. net revenue of approximately $25.8 million for the year ended
December 31, 2016. Our annual U.S. net revenue was also adversely
impacted by the timing of orders from our two large U.S.
distributors, who increased inventory levels in 2016 and decreased
inventory levels in 2017, as noted above, despite a 12% increase in
end user demand. International net revenue increased by
approximately $1.2 million, or 14%, to approximately $9.8 million
for the year ended December 31, 2017, compared to approximately
$8.6 million for the year ended December 31, 2016. The increase was
primarily due to increases in the value of the British pound
sterling and the Euro, compared to the U.S. dollar, and increased
sales to our international distributors.
Research, development and medical affairs expenses. Research,
development and medical affairs expenses for the three months ended
December 31, 2017 increased by approximately $200,000, or 7%, to
approximately $3.1 million, compared to $2.9 million for the three
months ended December 31, 2016. Research, development and medical
affairs expenses for the year ended December 31, 2017 increased by
approximately $400,000, or 3%, to approximately $12.8 million,
compared to $12.4 million for the year ended December 31, 2016. The
increase for the full year comparison was primarily due to an
approximate $2.9 million non-cash charge for the additional license
rights to uveitis that Alimera acquired from pSivida in July of
2017, offset by the cost savings programs Alimera implemented in
late 2016, a decrease in costs associated with the capping of the
enrollment by Alimera in its post-market study of ILUVIEN in Europe
and a one-time reduction in regulatory costs associated with
maintaining the registration of ILUVIEN.
General and administrative expenses. General and administrative
expenses for the three months ended December 31, 2017 decreased by
approximately $800,000, or 19%, to $3.4 million, compared to $4.2
million for the three months ended December 31, 2016. General and
administrative expenses for the year ended December 31, 2017
decreased $2.3 million, or 15%, to approximately $13.0 million,
compared to $15.3 million for the year ended December 31, 2016.
These decreases were primarily attributable to higher costs in 2016
associated with the shutdown of Alimera’s French operation and
Alimera’s search for alternate debt financing.
Sales and marketing expenses. Sales and marketing expenses
decreased $800,000, or 11%, to $6.6 million for the three months
ended December 31, 2017, compared to $7.4 million reported for the
three months ended December 31, 2016. Sales and marketing expenses
decreased $6.2 million, or 21%, to $23.2 million for the year ended
December 31, 2017, compared to $29.4 million reported for the year
ended December 31, 2016. The decreases were primarily attributable
to cost savings programs Alimera implemented in late 2016 and
carried out in 2017.
Operating Expenses. Operating expenses were approximately $13.8
million for the three months ended December 31, 2017, compared to
approximately $15.1 million for the three months ended December 31,
2016, a decrease of 9%. “Adjusted Operating Expenses,” a non-GAAP
financial measure defined below, were approximately $11.9 million
for the three months ended December 31, 2017, compared to Adjusted
Operating Expenses of approximately $13.3 million for the three
months ended December 31, 2016, a decrease of 11%. Operating
expenses were approximately $48.9 million for the year ended
December 31, 2017, compared to approximately $59.8 million for the
year ended December 31, 2016, a decrease of 18%. Adjusted Operating
Expenses were approximately $41.3 million for the year ended
December 31, 2017, compared to Adjusted Operating Expenses of
approximately $52.2 million for the year ended December 31, 2016, a
decrease of 21%.
Net loss for Q4 2017. Net loss for the three months ended
December 31, 2017 was approximately $7.2 million, compared to a net
loss of approximately $5.9 million for the three months ended
December 31, 2016. Basic and diluted net loss per share for the
fourth quarter of 2017 was $(0.10) per share on 69,133,011 weighted
average shares outstanding, compared with basic and diluted net
loss per share of $(0.09) per share on 64,840,394 weighted average
shares outstanding during the fourth quarter of 2016.
Net loss for FY 2017. Net loss for the year ended December 31,
2017 was approximately $22.0 million, compared to a net loss of
approximately $33.2 million reported for the year ended December
31, 2016. Basic and diluted net loss per share for the year ended
2017 was $(0.33) per share on 66,993,649 weighted average shares
outstanding, compared with basic and diluted net loss per share of
$(0.63) per share on 52,801,603 weighted average shares outstanding
during the year ended December 31, 2016.
Adjusted EBITDA. “Adjusted EBITDA,” a non-GAAP financial measure
defined below, was approximately a $3.8 million loss for the three
months ended December 31, 2017, compared to Adjusted EBITDA of
approximately a $3.5 million loss for the three months ended
December 31, 2016. Adjusted EBITDA was approximately an $8.8
million loss for the year ended December 31, 2017, compared to
Adjusted EBITDA of approximately a $22.8 million loss for the year
ended December 31, 2016, a beneficial change of 61%.
Definitions of Non-GAAP Financial Measures. For purposes of this
press release, “Adjusted Operating Expenses” is operating expenses
minus depreciation, amortization and stock-based compensation
expenses. “Adjusted EBITDA” is earnings before interest, taxes,
depreciation, amortization, stock-based compensation expenses, net
unrealized gains and losses from foreign currency exchange
transactions and gains and losses from the change in the fair value
of derivative warrant liability. Alimera provides non-GAAP
financial information because it believes that this information can
enhance an overall understanding of its financial performance when
considered together with GAAP figures. Refer to the sections of
this press release entitled “Non-GAAP Financial Measures” and
“Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures,”
which includes Adjusted Operating Expenses and Adjusted EBITDA.
Cash and cash equivalents. As of December 31, 2017, Alimera had
cash and cash equivalents of approximately $24.1 million.
Solar Loan Agreement.
As previously disclosed, in early January 2018 Alimera entered
into a $40 million term loan agreement with Solar Capital Ltd.
(2018 Loan Agreement). Alimera used the proceeds to pay off its
then existing $35 million term loan, along with related fees and
expenses, and to provide additional working capital for general
corporate purposes. Unlike the previous loan facility, the 2018
Loan Agreement removed a stringent liquidity requirement, which
Alimera believes will allow it to focus on initiatives and
opportunities that will grow the business successfully.
Conference Call to be Held March 1, 2018
An accompanying conference call will be hosted by Dan Myers,
Chief Executive Officer, and Rick Eiswirth, President and Chief
Financial Officer, to discuss the results. The call will be held at
9:00 a.m. ET, on March 1, 2018. Please refer to the information
below for conference call dial-in information and webcast
registration.
Conference date: March 1, 2018, 9:00 AM ET
Conference dial-in: 877-269-7756
International dial-in: 201-689-7817
Conference Call Name: Alimera Sciences Fourth Quarter and Full
Year Ended 2017 Results Call
Webcast Registration: Click Here
Following the live call, a replay will be available on Alimera’s
website, www.alimerasciences.com, under “Investor Relations.”
About Alimera Sciences
Alimera, founded in June 2003, is a pharmaceutical company that
specializes in the commercialization and development of
prescription ophthalmic pharmaceuticals. Alimera’s focus is on
diseases affecting the back of the eye, or retina, because these
diseases are not well treated with current therapies and will
affect millions of people in aging populations. Alimera’s
commitment to retina specialists and their patients is manifest in
its product and in its development portfolio designed to treat
early- and late-stage diseases. For more information, please visit
www.alimerasciences.com.
Non-GAAP Financial Measures
This press release contains a discussion of non-GAAP financial
measures, as defined in Regulation G promulgated under the
Securities Exchange Act of 1934, as amended. Alimera reports its
financial results in compliance with GAAP but believes that the
non-GAAP measures of Adjusted Operating Expenses and Adjusted
EBITDA are useful measures in evaluating Alimera’s operating
performance. Alimera uses Adjusted Operating Expenses and Adjusted
EBITDA in the management of its business. Accordingly, Adjusted
Operating Expenses and Adjusted EBITDA for the fourth quarter of
2017 and the year ended December 31, 2017 have been presented in
certain instances excluding items identified in the reconciliations
provided. For a reconciliation of these non-GAAP financial measures
to their most directly comparable GAAP financial measures, see the
tables below.
These non-GAAP financial measures, as presented, may not be
comparable to similarly titled measures reported by other companies
because not all companies may calculate these measures in an
identical manner. Therefore, they are not necessarily an accurate
measure of comparison between companies.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for
guidance prepared in accordance with GAAP. The principal limitation
of these non-GAAP financial measures is that they exclude
significant elements that are required by GAAP to be recorded in
Alimera’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management in determining these non-GAAP financial measures. To
compensate for these limitations, Alimera presents its non-GAAP
financial results in connection with its GAAP results. Investors
are encouraged to review the reconciliation of each of our non-GAAP
financial measures to its most directly comparable GAAP financial
measure.
Forward Looking Statements
This press release contains “forward-looking statements,” within
the meaning of the Private Securities Litigation Reform Act of
1995, regarding, among other things, the possible increase of end
user demand based on the benefits of ILUVIEN and the possible
outcome, and its effects, of Alimera’s submission of the Type II
variation for ILUVIEN in 17 European countries, including the
ability of physicians to treat recurrent and persistent
non-infectious uveitis affecting the posterior segment in
Europe.
Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual results to differ materially from those
projected in its forward-looking statements. Meaningful factors
which could cause actual results to differ include, but are not
limited to, (a) whether the use by Alimera’s sales force of USER
data and other real-world results to emphasize ILUVIEN’s unique
benefit will in fact increase end user demand and (b) continued
market acceptance of ILUVIEN in the U.S. and Europe, as well as (c)
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, 2016 and Alimera’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2017, which are on
file with the Securities and Exchange Commission (SEC) and
available on the SEC’s website at http://www.sec.gov. Additional
factors may also be set forth in those sections of Alimera’s Annual
Report on Form 10-K for the year ended December 31, 2017, to be
filed with the SEC in the near future.
In addition to the risks described above and in Alimera’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings with the SEC, other unknown
or unpredictable factors could affect Alimera’s results. There can
be no assurance that the actual results or developments anticipated
by Alimera will be realized or, even if substantially realized,
that they will have the expected consequences to, or effects on,
Alimera. Therefore, no assurance can be given that the outcomes
stated in such forward-looking statements and estimates will be
achieved. All forward-looking statements contained in this press
release are expressly qualified by the cautionary statements
contained or referred to herein. Alimera cautions investors not to
rely too heavily on the forward-looking statements Alimera makes or
that are made on its behalf. These forward-looking statements speak
only as of the date of this press release (unless another date is
indicated). Alimera undertakes no obligation, and specifically
declines any obligation, to publicly update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
ALIMERA SCIENCES,
INC.CONSOLIDATED BALANCE
SHEETSFOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2017 AND 2016(in
thousands)
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2017 |
|
2016 |
|
(unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
24,067 |
|
|
$ |
30,979 |
|
Restricted cash |
34 |
|
|
31 |
|
Accounts
receivable, net |
11,435 |
|
|
13,839 |
|
Prepaid
expenses and other current assets |
2,278 |
|
|
2,107 |
|
Inventory |
1,508 |
|
|
446 |
|
Total
current assets |
39,322 |
|
|
47,402 |
|
NON-CURRENT
ASSETS: |
|
|
|
Property
and equipment, net |
1,410 |
|
|
1,787 |
|
Intangible asset, net |
18,664 |
|
|
20,604 |
|
Deferred
tax asset |
528 |
|
|
436 |
|
TOTAL ASSETS |
$ |
59,924 |
|
|
$ |
70,229 |
|
CURRENT
LIABILITIES: |
|
|
|
Accounts
payable |
$ |
5,905 |
|
|
$ |
4,986 |
|
Accrued
expenses |
3,582 |
|
|
3,758 |
|
Derivative warrant liability |
— |
|
|
188 |
|
Capital
lease obligations |
184 |
|
|
191 |
|
Total
current liabilities |
9,671 |
|
|
9,123 |
|
NON-CURRENT
LIABILITIES: |
|
|
|
Note
payable |
34,635 |
|
|
33,084 |
|
Capital
lease obligations — less current portion |
203 |
|
|
274 |
|
Other
non-current liabilities |
766 |
|
|
2,162 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
Preferred
stock: |
|
|
|
Series A
Convertible Preferred Stock |
19,227 |
|
|
19,227 |
|
Series B
Convertible Preferred Stock |
49,568 |
|
|
49,568 |
|
Common
stock |
691 |
|
|
649 |
|
Additional paid-in capital |
341,622 |
|
|
330,781 |
|
Common
stock warrants |
3,707 |
|
|
3,707 |
|
Accumulated deficit |
(399,075 |
) |
|
(377,074 |
) |
Accumulated other comprehensive loss |
(821 |
) |
|
(1,272 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
14,919 |
|
|
25,586 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
59,924 |
|
|
$ |
70,229 |
|
|
|
|
|
|
|
|
|
ALIMERA SCIENCES,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2017 AND 2016(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
EndedDecember 31, |
|
Years
EndedDecember 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
NET REVENUE |
$ |
9,142 |
|
|
$ |
10,677 |
|
|
$ |
35,912 |
|
|
$ |
34,333 |
|
COST OF GOODS SOLD,
EXCLUDING DEPRECIATION AND AMORTIZATION |
(1,043 |
) |
|
(924 |
) |
|
(3,438 |
) |
|
(2,344 |
) |
GROSS PROFIT |
8,099 |
|
|
9,753 |
|
|
32,474 |
|
|
31,989 |
|
|
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT
AND MEDICAL AFFAIRS EXPENSES |
3,076 |
|
|
2,889 |
|
|
12,844 |
|
|
12,375 |
|
GENERAL AND
ADMINISTRATIVE EXPENSES |
3,443 |
|
|
4,184 |
|
|
13,039 |
|
|
15,263 |
|
SALES AND MARKETING
EXPENSES |
6,646 |
|
|
7,360 |
|
|
23,210 |
|
|
29,431 |
|
DEPRECIATION AND
AMORTIZATION |
672 |
|
|
685 |
|
|
2,684 |
|
|
2,767 |
|
RECOVERABLE
COLLABORATION COSTS |
— |
|
|
|
|
|
(2,851 |
) |
|
|
|
OPERATING EXPENSES |
13,837 |
|
|
15,118 |
|
|
48,926 |
|
|
59,836 |
|
NET LOSS FROM
OPERATIONS |
(5,738 |
) |
|
(5,365 |
) |
|
(16,452 |
) |
|
(27,847 |
) |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE AND
OTHER |
(1,427 |
) |
|
(1,336 |
) |
|
(5,579 |
) |
|
(5,178 |
) |
UNREALIZED FOREIGN
CURRENCY GAIN (LOSS), NET |
11 |
|
|
(9 |
) |
|
5 |
|
|
(40 |
) |
LOSS ON EARLY
EXTINGUISHMENT OF DEBT |
— |
|
|
— |
|
|
— |
|
|
(2,564 |
) |
CHANGE IN FAIR VALUE OF
DERIVATIVE WARRANT LIABILITY |
— |
|
|
872 |
|
|
188 |
|
|
2,627 |
|
NET LOSS BEFORE
TAXES |
(7,154 |
) |
|
(5,838 |
) |
|
(21,838 |
) |
|
(33,002 |
) |
PROVISION FOR
TAXES |
(70 |
) |
|
(88 |
) |
|
(163 |
) |
|
(172 |
) |
NET LOSS |
$ |
(7,224 |
) |
|
$ |
(5,926 |
) |
|
$ |
(22,001 |
) |
|
$ |
(33,174 |
) |
NET LOSS PER SHARE —
Basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
WEIGHTED AVERAGE SHARES
OUTSTANDING — Basic and diluted |
69,133,011 |
|
|
64,840,394 |
|
|
66,993,649 |
|
|
52,801,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
ADJUSTED MEASURES |
GAAP NET LOSS TO NON-GAAP ADJUSTED
EBITDA |
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Years EndedDecember
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(in thousands, unaudited) |
GAAP NET LOSS |
$ |
(7,224 |
) |
|
$ |
(5,926 |
) |
|
$ |
(22,001 |
) |
|
$ |
(33,174 |
) |
Adjustments to net loss: |
|
|
|
|
|
|
|
Interest
Expense, Net and Other |
1,427 |
|
|
1,336 |
|
|
5,579 |
|
|
5,178 |
|
Depreciation and Amortization |
672 |
|
|
685 |
|
|
2,684 |
|
|
2,767 |
|
Provision
for Taxes |
70 |
|
|
88 |
|
|
163 |
|
|
172 |
|
Stock-Based Compensation |
1,279 |
|
|
1,137 |
|
|
4,981 |
|
|
4,889 |
|
Unrealized Foreign Currency Exchange (Gains) Losses |
(11 |
) |
|
9 |
|
|
(5 |
) |
|
40 |
|
Change in
the Fair Value of Derivative Warrant Liability |
— |
|
|
(872 |
) |
|
(188 |
) |
|
(2,627 |
) |
NON-GAAP ADJUSTED
EBITDA |
$ |
(3,787 |
) |
|
$ |
(3,543 |
) |
|
$ |
(8,787 |
) |
|
$ |
(22,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Years EndedDecember
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(in thousands, unaudited) |
GAAP OPERATING
EXPENSES |
$ |
13,837 |
|
|
$ |
15,118 |
|
|
$ |
48,926 |
|
|
$ |
59,836 |
|
Adjustments to Operating Expenses: |
|
|
|
|
|
|
|
Depreciation and Amortization |
(672 |
) |
|
(685 |
) |
|
(2,684 |
) |
|
(2,767 |
) |
Stock-Based Compensation |
(1,279 |
) |
|
(1,137 |
) |
|
(4,981 |
) |
|
(4,889 |
) |
NON-GAAP ADJUSTED
OPERATING EXPENSES |
$ |
11,886 |
|
|
$ |
13,296 |
|
|
$ |
41,261 |
|
|
$ |
52,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIMERA SCIENCES,
INC.CONSOLIDATING STATEMENTS OF
OPERATIONSFOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2017 AND 2016(in
thousands)
|
Year Ended December 31, 2017 |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
(unaudited) |
NET REVENUE |
$ |
26,146 |
|
|
$ |
9,766 |
|
|
$ |
— |
|
|
$ |
35,912 |
|
COST OF GOODS SOLD,
EXCLUDING DEPRECIATION AND AMORTIZATION |
(2,482 |
) |
|
(956 |
) |
|
— |
|
|
(3,438 |
) |
GROSS PROFIT |
23,664 |
|
|
8,810 |
|
|
— |
|
|
32,474 |
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT
AND MEDICAL AFFAIRS EXPENSES |
5,780 |
|
|
3,314 |
|
|
3,750 |
|
|
12,844 |
|
GENERAL AND
ADMINISTRATIVE EXPENSES |
7,580 |
|
|
2,605 |
|
|
2,854 |
|
|
13,039 |
|
SALES AND MARKETING
EXPENSES |
16,588 |
|
|
5,394 |
|
|
1,228 |
|
|
23,210 |
|
DEPRECIATION AND
AMORTIZATION |
— |
|
|
— |
|
|
2,684 |
|
|
2,684 |
|
RECOVERABLE
COLLABORATION COSTS |
— |
|
|
— |
|
|
(2,851 |
) |
|
(2,851 |
) |
OPERATING EXPENSES |
29,948 |
|
|
11,313 |
|
|
7,665 |
|
|
48,926 |
|
SEGMENT LOSS FROM
OPERATIONS |
(6,284 |
) |
|
(2,503 |
) |
|
(7,665 |
) |
|
(16,452 |
) |
OTHER INCOME AND
EXPENSES, NET |
|
|
|
|
|
|
(5,386 |
) |
NET LOSS BEFORE
TAXES |
|
|
|
|
|
|
$ |
(21,838 |
) |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016 |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
|
NET REVENUE |
$ |
25,765 |
|
|
$ |
8,568 |
|
|
$ |
— |
|
|
$ |
34,333 |
|
COST OF GOODS SOLD,
EXCLUDING DEPRECIATION AND AMORTIZATION |
(1,694 |
) |
|
(650 |
) |
|
— |
|
|
(2,344 |
) |
GROSS PROFIT |
24,071 |
|
|
7,918 |
|
|
— |
|
|
31,989 |
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT
AND MEDICAL AFFAIRS EXPENSES |
7,183 |
|
|
4,289 |
|
|
903 |
|
|
12,375 |
|
GENERAL AND
ADMINISTRATIVE EXPENSES |
8,918 |
|
|
3,517 |
|
|
2,828 |
|
|
15,263 |
|
SALES AND MARKETING
EXPENSES |
21,252 |
|
|
7,021 |
|
|
1,158 |
|
|
29,431 |
|
DEPRECIATION AND
AMORTIZATION |
— |
|
|
— |
|
|
2,767 |
|
|
2,767 |
|
OPERATING EXPENSES |
37,353 |
|
|
14,827 |
|
|
7,656 |
|
|
59,836 |
|
SEGMENT LOSS FROM
OPERATIONS |
(13,282 |
) |
|
(6,909 |
) |
|
(7,656 |
) |
|
(27,847 |
) |
OTHER INCOME AND
EXPENSES, NET |
|
|
|
|
|
|
(5,155 |
) |
NET LOSS BEFORE
TAXES |
|
|
|
|
|
|
$ |
(33,002 |
) |
|
|
|
|
|
|
|
|
|
|
For investor inquiries:CG Capitalfor Alimera
Sciences877-889-1972investorrelations@cg.capital
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