Alimera Sciences, Inc. (Nasdaq: ALIM) (Alimera), a global
pharmaceutical company whose mission is to be invaluable to
patients, physicians and partners concerned with retinal health and
maintaining better vision longer, today announced financial results
for the first quarter of 2022. Alimera will host a conference call
on May 9th, 2022, at 9:00 a.m. ET to discuss these results and
provide an update on corporate developments.
“We are pleased with the continuing trend that we see in the
U.S. market as we report another consecutive quarter of end user
demand growth over the prior year period,” said Rick Eiswirth,
Alimera’s President and Chief Executive Officer. “We believe that
our strategy of investing behind raising our share of voice and
other outreach is proving beneficial as it is increasing our
engagement with physicians. In Europe, we are seeing signs of
recovery with the lifting of COVID-19 restrictions. At the end of
April, we have seen the trailing three months of end user demand
across our international distributor markets reach an all-time high
and have already received distributor orders in 2022 exceeding
total distributor shipments in 2021. We expect sales in our direct
markets in Europe to begin recovering this quarter as well and
contribute to our overall growth toward the middle of the
year.”
First Quarter 2022 Financial Results
Net Revenue
Consolidated net revenue was up 6% to approximately $11.9
million for Q1 2022, compared to $11.2 million for Q1 2021.
U.S. net revenue increased 23% to approximately $6.9 million for
Q1 2022 compared to U.S. net revenue of $5.6 million for Q1 2021.
End user demand, which represents units purchased by physicians and
pharmacies from Alimera’s distributors, increased 25% to 918 units
during Q1 2022 compared to 737 units during Q1 2021.
The difference between GAAP revenue and end user demand is due
to the timing of distributor purchases. During Q1 2022, Alimera’s
distributors sold approximately 8% more units to end users than
they purchased from Alimera.
International net revenue decreased 11% to approximately
$5.0 million in Q1 2022, compared to approximately
$5.6 million in Q1 2021. The decrease in international net
revenue in Q1 2022 was primarily due to the continued COVID-19
restrictions that limited patient volume in retina clinics and the
ability of our sales personnel to call on customers in our direct
markets. Additionally, our international net revenue, as reported
in U.S. dollars, was negatively impacted by changes in the foreign
exchange rates that reduced our international revenue by
approximately 5% for Q1 2022. Sales to our international
distributor partners increased 55% to $1.7 million, driven by
returning end user demand in those markets.
Operating Expenses
Total operating expenses were approximately $14.4
million for Q1 2022, compared to approximately
$12.1 million for Q1 2021. Total operating expenses increased
as Alimera re-invested to grow its business in markets where the
impact of COVID-19 was easing and invested in the NEW DAY
Study.
Net Loss
Net loss for Q1 2022 was $(6.0) million, compared to net loss of
approximately $(3.6) million for Q1 2021. The loss in Q1 2022 was
impacted negatively by approximately $556,000, or 9% of the net
loss, associated with the change in the fair value of our warrant
asset. This asset did not exist as of Q1 2021, therefore there is
no comparative change for that period.
Basic and diluted net loss per share for Q1 2022 was
approximately $(0.85) compared to basic and diluted net loss per
share of $(0.63) for Q1 2021.
Adjusted EBITDA
“Adjusted EBITDA,” a non-GAAP financial measure defined below,
was approximately $(3.1) million for Q1 2022, compared to
approximately $(1.3) million for Q1 2021. The increase in
negative Adjusted EBITDA was a result of the targeted investments
Alimera made to regain its engagement with physician practices in
those markets that are no longer subject to COVID-19 lockdowns.
Cash and Cash Equivalents
As of March 31, 2022, Alimera had cash and cash equivalents of
approximately $9.9 million, compared to $16.5 million at
December 31, 2021.
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, severance expenses and
change in fair value of warrant asset. Please refer to the sections
of this press release entitled “Non-GAAP Financial Measure” and
“Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures –
GAAP Net Income or Loss to Non-GAAP Adjusted EBITDA.”
ALIM Call Details - Q1 2022 Financial Results Conference
Call
Conference Call to Be Held May 9, 2022A live
conference call will be hosted on May 9, 2022, at 9:00 a.m. ET 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: Monday, May 9, 2022, 9:00 a.m. ETConference
dial-in: 844-839-2190International dial-in: 412-717-9583Conference
Call Name: Alimera Sciences (Nasdaq: ALIM) First Quarter 2022
Financial Results Conference
Call Conference Call
Pre-registration: Participants are asked to pre-register for the
call by navigating to:
https://dpregister.com/sreg/10166659/f28bc03243
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/mediaframe/webcast.html?webcastid=3QofsRVV
A replay will be available on Alimera’s website,
www.alimerasciences.com, under “Investor Relations” one hour
following the live call and will remain available until August 9,
2022.
Conference Call replay: US Toll Free:
1-877-344-7529International Toll: 1-412-317-0088Canada Toll Free:
855-669-9658Replay Access Code: 9842780End Date: May 23,
2022Webcast Replay End Date: August 9, 2022
About Alimera Sciences, Inc.
www.alimerasciences.com
Alimera Sciences is a global pharmaceutical company whose
mission is to be invaluable to patients, physicians and partners
concerned with retinal health and maintaining better vision longer.
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 months ended March 31, 2022 and 2021
has been presented in certain instances excluding items identified
in the reconciliations provided in the table entitled
“Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures –
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 (i) regarding the continuing
positive trend for Alimera’s business in the U.S. market, (ii)
regarding the beneficial effect of Alimera’s marketing expenditures
as they increase engagement with physicians, and (iii) that sales
in its direct markets in Europe will begin recovering in the second
quarter of 2022 and contribute to Alimera’s overall growth toward
the middle of the year.
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, particularly in the EU; (b) governmental orders
and policies adopted by healthcare facilities to address the
COVID-19 pandemic, and the duration of these limitations; (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; and (e) 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, 2021, which is on
file with the SEC and available on the SEC’s website at
http://www.sec.gov. Additional factors may also be described in
those sections of Alimera’s Quarterly Report on Form 10-Q for the
first quarter of 2022, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
|
|
(unaudited) |
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
9,946 |
|
|
$ |
16,510 |
|
Restricted cash |
|
33 |
|
|
|
34 |
|
Accounts receivable, net |
|
18,776 |
|
|
|
19,128 |
|
Prepaid expenses and other current assets |
|
3,546 |
|
|
|
3,809 |
|
Inventory |
|
2,452 |
|
|
|
2,679 |
|
Total current assets |
|
34,753 |
|
|
|
42,160 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
Property and equipment, net |
|
2,719 |
|
|
|
2,783 |
|
Right of use assets, net |
|
1,624 |
|
|
|
1,710 |
|
Intangible asset, net |
|
10,419 |
|
|
|
10,897 |
|
Deferred tax asset |
|
134 |
|
|
|
137 |
|
Warrant asset |
|
282 |
|
|
|
833 |
|
TOTAL ASSETS |
$ |
49,931 |
|
|
$ |
58,520 |
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
$ |
6,604 |
|
|
$ |
8,706 |
|
Accrued expenses |
|
3,046 |
|
|
|
3,617 |
|
Notes payable |
|
7,105 |
|
|
|
— |
|
Finance lease obligations |
|
251 |
|
|
|
269 |
|
Total current liabilities |
|
17,006 |
|
|
|
12,592 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
Notes payable, net of discount |
|
36,245 |
|
|
|
43,080 |
|
Other non-current liabilities |
|
5,283 |
|
|
|
5,453 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS’ DEFICIT: |
|
|
|
|
|
Preferred stock: |
|
|
|
|
|
Series A Convertible Preferred Stock |
|
19,227 |
|
|
|
19,227 |
|
Common stock |
|
70 |
|
|
|
69 |
|
Additional paid-in capital |
|
377,541 |
|
|
|
377,229 |
|
Accumulated deficit |
|
(403,236 |
) |
|
|
(397,281 |
) |
Accumulated other comprehensive loss |
|
(2,205 |
) |
|
|
(1,849 |
) |
TOTAL STOCKHOLDERS’
DEFICIT |
|
(8,603 |
) |
|
|
(2,605 |
) |
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
$ |
49,931 |
|
|
$ |
58,520 |
|
ALIMERA SCIENCES, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31,
2022 AND 2021
(in thousands, except share and per share
data)
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
|
(unaudited) |
REVENUE: |
|
|
|
|
|
PRODUCT REVENUE, NET |
$ |
11,898 |
|
|
$ |
11,214 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
|
(1,680 |
) |
|
|
(1,562 |
) |
GROSS PROFIT |
|
10,218 |
|
|
|
9,652 |
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
|
3,583 |
|
|
|
3,213 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
|
3,240 |
|
|
|
3,413 |
|
SALES AND MARKETING
EXPENSES |
|
6,853 |
|
|
|
4,818 |
|
DEPRECIATION AND
AMORTIZATION |
|
689 |
|
|
|
638 |
|
OPERATING EXPENSES |
|
14,365 |
|
|
|
12,082 |
|
LOSS FROM OPERATIONS |
|
(4,147 |
) |
|
|
(2,430 |
) |
INTEREST EXPENSE AND
OTHER |
|
(1,364 |
) |
|
|
(1,343 |
) |
UNREALIZED FOREIGN CURRENCY
GAIN, NET |
|
108 |
|
|
|
125 |
|
CHANGE IN FAIR VALUE OF
WARRANT ASSET |
|
(552 |
) |
|
|
— |
|
NET LOSS |
$ |
(5,955 |
) |
|
$ |
(3,648 |
) |
NET LOSS PER SHARE — Basic and
Diluted |
$ |
(0.85 |
) |
|
$ |
(0.63 |
) |
WEIGHTED AVERAGE SHARES
OUTSTANDING — Basic and Diluted |
|
6,990,737 |
|
|
|
5,755,424 |
|
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP ADJUSTED MEASURES
GAAP NET INCOME OR LOSS TO NON-GAAP
ADJUSTED EBITDA
(in thousands)
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
|
(Unaudited) |
|
|
|
|
|
|
GAAP NET LOSS |
$ |
(5,955 |
) |
|
$ |
(3,648 |
) |
Adjustments to net loss: |
|
|
|
|
|
Interest expense and
other |
|
1,364 |
|
|
|
1,343 |
|
Depreciation and
amortization |
|
689 |
|
|
|
638 |
|
Stock-based compensation
expenses |
|
313 |
|
|
|
262 |
|
Unrealized foreign currency
exchange (gains) losses |
|
(108 |
) |
|
|
(125 |
) |
Severance expense |
|
— |
|
|
|
195 |
|
Change in fair value of
warrant asset |
|
552 |
|
|
|
— |
|
NON-GAAP ADJUSTED EBITDA |
$ |
(3,145 |
) |
|
$ |
(1,335 |
) |
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