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 announced financial results
for the fourth quarter and full year 2020. Alimera will host a
conference call on February 25, 2021, at 9:00 a.m. ET to discuss
these results and provide an update on corporate developments.
“While Alimera continues to experience challenges due to the
COVID-19 pandemic, we saw double digit sequential quarterly net
revenue growth after the second quarter of 2020 and we delivered
over $50 million in annual net revenue while maintaining positive
adjusted EBITDA,” said Rick Eiswirth, Alimera’s President and Chief
Executive Officer. “Additionally, we were able to advance our key
corporate objectives of continuing to execute our global expansion
strategy for ILUVIEN and initiating and enrolling patients in our
NEW DAY study, a landmark trial intended to position ILUVIEN as the
preferred first-line treatment for diabetic macular edema. With
this progress, and the benefit of retaining our workforce
throughout the pandemic, our primary objective is to resume our
prior growth trajectory later this year as the COVID-19 pandemic
begins to resolve.”
Fourth Quarter and Full Year 2020 Financial
Results
Net Revenue for Q4 2020
Consolidated net revenue was down 20% to approximately $13.8
million for Q4 2020, compared to $17.3 million for Q4 2019, but was
up 10% over Q3 2020.
U.S. net revenue decreased 22% to approximately $7.4 million for
Q4 2020 compared to U.S. net revenue of $9.5 million for Q4 2019
but increased 6% versus Q3 2020. End user demand, which represents
units purchased by physicians and pharmacies from our distributors,
decreased 26% to 867 units during Q4 2020 compared to 1,164 units
during Q4 2019 but increased 19% over Q3 2020.
The difference between GAAP revenue and end user demand is due
to the timing of distributor purchases from Q4 2020 versus Q4 2019.
During Q4 2019, our distributors purchased approximately the same
number of units that were sold to end users. During Q4 2020, our
distributors purchased approximately 6% more units than were sold
to end users.
International net revenue decreased 18% to approximately
$6.4 million for Q4 2020, compared to approximately
$7.8 million for Q4 2019. The decrease in international net
revenue in Q4 2020 was due to strong distributor sales in Q4
2019 and the negative effect of the COVID-19 pandemic in Q4 2020 on
both our direct and distributor markets.
Net Revenue for FY 2020
For 2020, consolidated net revenue decreased 6% to approximately
$50.8 million, compared to approximately $53.9 million in
2019.
For 2020, U.S. net revenue decreased 23%, or approximately $7.5
million, to $24.8 million compared to $32.3 million in 2019. The
decrease was primarily attributable to the negative effect of the
COVID-19 pandemic on our end user demand, which also decreased 23%
in 2020 to 3,075 units compared to 3,993 units for 2019.
For 2020, international net revenue increased 20% to
approximately $26.0 million for 2020, compared to approximately
$21.7 million in 2019. The growth of revenue in the international
segment was primarily due to expansion and growth into new and
existing markets through our distributors. Alimera also saw an
increased sales volume in the markets where we sell direct.
Prospective Changes to Segment Presentation
Historically, Alimera has had three segments consisting of a
U.S. Segment, an International Segment, and an Other Segment.
Beginning in 2021, Alimera and its chief operating decision maker
(Mr. Eiswirth, its CEO) have changed the way Alimera analyzes its
business and its respective segments to provide increased
transparency and comparability of the performance of the U.S. and
International segments.
In future SEC filings and press releases relating to periods
beginning January 1, 2021, Alimera will report segment results
using this new approach. In the Annual Report on Form 10-K for 2020
that Alimera intends to file soon, Alimera will present its 2020
and 2019 segment information under the historical approach and also
expects to provide pro forma information reflecting the new
methodology to provide a preview of how it will work in practice
when applied to periods beginning on January 1, 2021 and
thereafter.
Operating Expenses
Total operating expenses were approximately $11.6
million for Q4 2020, compared to approximately
$13.6 million for Q4 2019. Total operating expenses for 2020
were approximately $44.4 million compared to approximately $52.6
million in 2019. The decreases in total operating expenses were
mainly attributable to reduced spending associated with the impact
of the COVID-19 pandemic and included decreases in travel and
entertainment costs, medical congresses and other marketing costs,
and professional fees acrossall functional areas.
Net (Loss) Income
Net loss for Q4 2020 was $(1.0) million, compared to net income
of approximately $0.5 million for Q4 2019. For 2020, net loss
totaled approximately $(5.3) million compared to a net loss of
approximately $(10.4) million in 2019.
Basic and diluted net loss per share for Q4 2020 was
approximately $(0.18) compared to basic and diluted net income per
share of $0.08 for Q4 2019.
Basic and diluted net loss per share for 2020 was $(1.04)
compared to basic and diluted net loss per share for 2019 of
$(2.19).
Adjusted EBITDA
“Adjusted EBITDA,” a non-GAAP financial measure defined below,
was approximately $1.1 million for Q4 2020, compared to
Adjusted EBITDA of approximately $2.6 million for Q4 2019. For
2020, Adjusted EBITDA was approximately $3.5 million compared to
Adjusted EBITDA of approximately $21,000 for 2019.
Cash and Cash Equivalents
As of December 31, 2020, Alimera had cash and cash equivalents
of approximately $11.2 million, compared to $11.3 million at
September 30, 2020 and $9.4 million at December 31, 2019.
Definition of Non-GAAP Financial MeasureFor
purposes of this press release, “Adjusted EBITDA” is defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation expenses, net unrealized gains and losses
from foreign currency exchange transactions, losses on
extinguishment of debt and severance expenses. Please refer to the
sections of this press release entitled “Non-GAAP Financial
Measure” and “Reconciliation of GAAP Net Income or Loss to Non-GAAP
Adjusted EBITDA.”
Conference Call to Be Held February 25, 2021A
live conference call will be hosted on February 25, 2021 at 9:00
a.m. EST by Rick Eiswirth, president and chief executive officer,
and Phil Jones, chief financial officer, to discuss Alimera’s
financial results and provide an update on corporate developments.
Please refer to the information below for conference call dial-in
information and webcast registration.
Conference date: Thursday, February 25, 2021 9:00 a.m.
ESTConference dial-in: 866-777-2509International dial-in:
412-317-5413Conference Call Name: Alimera Sciences (Nasdaq: ALIM)
Fourth Quarter and Full Year 2020 Financial Results Conference
Call Conference Call
Pre-registration: Participants are asked to pre-register for
the call by navigating to:
https://dpregister.com/sreg/10152084/e204bf9050
Please note that registered participants will receive their
dial-in number upon registration and will dial directly into the
call without delay. All callers should dial in approximately 10
minutes prior to the scheduled start time and ask to be joined into
the Alimera Sciences call.
The conference call will also be available through a live
webcast which is also available through the company’s website.
Live Webcast URL:
https://services.choruscall.com/links/alimera210225.html
A replay will be available on Alimera’s
website, www.alimerasciences.com, under “Investor Relations”
one hour following the live call.
Conference Call replay: US Toll Free:
1-877-344-7529International Toll: 1-412-317-0088Canada Toll Free:
855-669-9658Replay Access Code: 10152084End Date: March 11,
2021
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.
Non-GAAP Financial Measure
This press release contains a discussion of a non-GAAP financial
measure, 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 measure of Adjusted EBITDA provides useful information to
investors regarding Alimera’s operating performance. Alimera uses
Adjusted EBITDA in the management of its business. Accordingly,
Adjusted EBITDA for the three and twelve months ended December 31,
2020 and 2019 has been presented in certain instances excluding
items identified in the reconciliations provided in the table
entitled “Reconciliation of GAAP Net Income or Loss to non-GAAP
Adjusted EBITDA.” GAAP net income or loss is the most directly
comparable GAAP financial measure to Adjusted EBITDA.
Adjusted EBITDA, as presented, may not be comparable to
similarly titled measures reported by other companies because not
all companies may calculate Adjusted EBITDA in an identical manner.
Therefore, Adjusted EBITDA is not necessarily an accurate measure
of comparison between companies.
The presentation of Adjusted EBITDA is not intended to be
considered in isolation or as a substitute for guidance prepared in
accordance with GAAP. The principal limitation of this non-GAAP
financial measure is that it excludes significant elements required
by GAAP to be recorded in Alimera’s financial statements. In
addition, Adjusted EBITDA is subject to inherent limitations as it
reflects the exercise of judgments by management in determining
this non-GAAP financial measure.
Forward Looking Statements
This press release contains, and the conference call in which
executives of Alimera will discuss 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 resuming its prior growth
trajectory later this year as the COVID-19 pandemic begins to
resolve and the expected success of the NEW DAY study. 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 continued 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, and the duration of these
limitations; (b) the recent resurgence of the pandemic in both
Europe and the U.S.; (c) the emergence of COVID-19 variants that
may increase the transmissibility of the coronavirus or be more
deadly, or both; (d) the success or failure of the vaccine
campaigns in Alimera’s markets; (e) when in fact the pandemic
will subside enough to permit Alimera’s operations to return to its
prior growth trajectory, and whether Alimera will be able to
achieve that goal when given that opportunity; and (f) the
possibility that the NEW DAY Study may (i) fail to demonstrate the
efficacy of ILUVIEN as baseline therapy in patients with early
diabetic macular edema (DME) or to generate data demonstrating the
benefits of ILUVIEN when compared to the current leading therapy
for DME, and (ii) take longer or be more costly to complete than we
currently anticipate, 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 (i)
Alimera’s Annual Report on Form 10-K for the year ended
December 31, 2019, and (ii) Alimera’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2020, both of which are on
file with the SEC and are available on the SEC’s website at
http://www.sec.gov. Additional factors will also be described in
those sections, and in the Summary of Principal Risk Factors
section, of Alimera’s Annual Report on Form 10-K for the year ended
December 31, 2020, to be filed with the SEC soon. 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, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2020 |
|
|
2019 |
|
|
(unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
11,208 |
|
|
$ |
9,426 |
|
Restricted cash |
|
34 |
|
|
|
33 |
|
Accounts receivable, net |
|
17,200 |
|
|
|
19,331 |
|
Prepaid expenses and other current assets |
|
3,718 |
|
|
|
2,565 |
|
Inventory |
|
2,746 |
|
|
|
1,390 |
|
Total current assets |
|
34,906 |
|
|
|
32,745 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
Property and equipment, net |
|
1,638 |
|
|
|
940 |
|
Right of use assets, net |
|
720 |
|
|
|
1,107 |
|
Intangible asset, net |
|
12,838 |
|
|
|
14,783 |
|
Deferred tax asset |
|
753 |
|
|
|
734 |
|
TOTAL ASSETS |
$ |
50,855 |
|
|
$ |
50,309 |
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
$ |
7,461 |
|
|
$ |
7,077 |
|
Accrued expenses |
|
3,197 |
|
|
|
4,716 |
|
Paycheck Protection Program (PPP) loan |
|
1,481 |
|
|
|
— |
|
Finance lease obligations |
|
209 |
|
|
|
255 |
|
Total current liabilities |
|
12,348 |
|
|
|
12,048 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
Notes payable |
|
42,408 |
|
|
|
38,658 |
|
Finance lease obligations — less current portion |
|
514 |
|
|
|
94 |
|
Other non-current liabilities |
|
3,563 |
|
|
|
3,954 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
|
|
|
Preferred stock: |
|
|
|
|
|
Series A Convertible Preferred Stock |
|
19,227 |
|
|
|
19,227 |
|
Series C Convertible Preferred Stock |
|
— |
|
|
|
11,117 |
|
Common stock |
|
57 |
|
|
|
50 |
|
Additional paid-in capital |
|
365,830 |
|
|
|
350,117 |
|
Common stock warrants |
|
370 |
|
|
|
3,707 |
|
Accumulated deficit |
|
(392,909 |
) |
|
|
(387,570 |
) |
Accumulated other comprehensive loss — foreign currency translation
adjustments |
|
(553 |
) |
|
|
(1,093 |
) |
TOTAL STOCKHOLDERS’
DEFICIT |
|
(7,978 |
) |
|
|
(4,445 |
) |
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
$ |
50,855 |
|
|
$ |
50,309 |
|
ALIMERA SCIENCES, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2020 AND 2019
(in thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
NET REVENUE |
$ |
13,774 |
|
|
$ |
17,348 |
|
|
$ |
50,820 |
|
|
$ |
53,943 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
|
(1,992 |
) |
|
|
(2,273 |
) |
|
|
(6,941 |
) |
|
|
(6,626 |
) |
GROSS PROFIT |
|
11,782 |
|
|
|
15,075 |
|
|
|
43,879 |
|
|
|
47,317 |
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
|
2,506 |
|
|
|
2,670 |
|
|
|
9,668 |
|
|
|
10,992 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
|
3,458 |
|
|
|
3,527 |
|
|
|
11,652 |
|
|
|
13,271 |
|
SALES AND MARKETING
EXPENSES |
|
4,985 |
|
|
|
6,784 |
|
|
|
20,384 |
|
|
|
25,687 |
|
DEPRECIATION AND
AMORTIZATION |
|
660 |
|
|
|
667 |
|
|
|
2,676 |
|
|
|
2,641 |
|
OPERATING EXPENSES |
|
11,609 |
|
|
|
13,648 |
|
|
|
44,380 |
|
|
|
52,591 |
|
NET INCOME (LOSS) FROM
OPERATIONS |
|
173 |
|
|
|
1,427 |
|
|
|
(501 |
) |
|
|
(5,274 |
) |
INTEREST EXPENSE AND
OTHER |
|
(1,452 |
) |
|
|
(1,173 |
) |
|
|
(5,380 |
) |
|
|
(4,869 |
) |
UNREALIZED FOREIGN CURRENCY
GAIN (LOSS), NET |
|
179 |
|
|
|
51 |
|
|
|
474 |
|
|
|
(84 |
) |
NET (LOSS) INCOME BEFORE
TAXES |
|
(1,100 |
) |
|
|
305 |
|
|
|
(5,407 |
) |
|
|
(10,227 |
) |
BENEFIT (PROVISION) FOR
TAXES |
|
123 |
|
|
|
193 |
|
|
|
68 |
|
|
|
(216 |
) |
NET (LOSS) INCOME |
$ |
(977 |
) |
|
$ |
498 |
|
|
$ |
(5,339 |
) |
|
|
(10,443 |
) |
NET (LOSS) INCOME PER SHARE —
Basic |
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
$ |
(1.04 |
) |
|
$ |
(2.19 |
) |
WEIGHTED AVERAGE SHARES
OUTSTANDING — Basic |
|
5,387,937 |
|
|
|
4,897,005 |
|
|
|
5,117,656 |
|
|
|
4,770,204 |
|
WEIGHTED AVERAGE PARTICIPATING
SHARES – Basic |
|
— |
|
|
|
1,278,170 |
|
|
|
— |
|
|
|
— |
|
TOTAL WEIGHTED AVERAGE SHARES
OUTSTANDING — Basic |
|
5,387,937 |
|
|
|
6,175,175 |
|
|
|
5,117,656 |
|
|
|
4,770,204 |
|
NET (LOSS) INCOME PER SHARE —
Diluted |
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
$ |
(1.04 |
) |
|
$ |
(2.19 |
) |
WEIGHTED AVERAGE SHARES
OUTSTANDING — Diluted |
|
5,387,937 |
|
|
|
4,920,794 |
|
|
|
5,117,656 |
|
|
|
4,770,204 |
|
WEIGHTED AVERAGE PARTICIPATING
AND DILUTIVE SHARES – Diluted |
|
— |
|
|
|
1,278,170 |
|
|
|
— |
|
|
|
— |
|
TOTAL WEIGHTED AVERAGE SHARES
OUTSTANDING — Diluted |
|
5,387,937 |
|
|
|
6,198,964 |
|
|
|
5,117,656 |
|
|
|
4,770,204 |
|
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP ADJUSTED MEASURES
GAAP NET INCOME OR LOSS TO NON-GAAP
ADJUSTED EBITDA
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
(unaudited) |
GAAP NET (LOSS) INCOME |
$ |
(977 |
) |
|
|
$ |
498 |
|
|
|
$ |
(5,339 |
) |
|
|
$ |
(10,443 |
) |
|
Adjustments to net (loss)
income: |
|
|
|
|
|
|
|
Interest expense and
other |
1,452 |
|
|
|
1,173 |
|
|
|
5,380 |
|
|
|
4,869 |
|
|
(Benefit) provision for
taxes |
(123 |
) |
|
|
(193 |
) |
|
|
(68 |
) |
|
|
216 |
|
|
Depreciation and
amortization |
660 |
|
|
|
667 |
|
|
|
2,676 |
|
|
|
2,641 |
|
|
Stock-based compensation
expenses |
255 |
|
|
|
553 |
|
|
|
1,318 |
|
|
|
2,456 |
|
|
Unrealized foreign currency
exchange (gains) losses |
(179 |
) |
|
|
(51 |
) |
|
|
(474 |
) |
|
|
84 |
|
|
Severance expenses |
— |
|
|
|
— |
|
|
|
— |
|
|
|
198 |
|
|
NON-GAAP ADJUSTED EBITDA |
$ |
1,088 |
|
|
|
$ |
2,647 |
|
|
|
$ |
3,493 |
|
|
|
$ |
21 |
|
|
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