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Alimera Sciences Announces Second Quarter 2022 Financial Results

Alimera Sciences, Inc.
Alimera Sciences, Inc.
  • Consolidated Net Product Revenue of $14.6 Million up 36% vs. Second Quarter of 2021

  • U.S. End User Demand up 45% vs. Second Quarter of 2021

  • International Segment End User Demand Up 21% vs. Second Quarter of 2021

ATLANTA, July 27, 2022 (GLOBE NEWSWIRE) -- 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 second quarter of 2022. Alimera will host a conference call today at 9:00 a.m. EDT to discuss these results.

“We are pleased with our strong second quarter results, with the business setting new records for second quarter end user demand in both our U.S. and International business segments,” said Rick Eiswirth, Alimera’s President and Chief Executive Officer. “In 2022 we have exhibited the strongest first half sales performance in Alimera’s history, approaching pre-pandemic quarterly run rates, and we believe we are returning to the growth that we were generating before the pandemic. We are also pleased to have established pricing and reimbursement for ILUVIEN for the prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment of the eye in Spain, Italy and France this year. We look forward to this indication contributing to growth for the remainder of this year and in future years.”

Second Quarter 2022 Financial Results

Net Revenue
Although consolidated net revenue decreased 33% from approximately $21.7 million for Q2 2021 to $14.6 million for Q2 2022, the 2021 second quarter included $11.0 million in license revenue generated from the out licensing of rights to ILUVIEN for the Western Pacific, along with $10.7 million of consolidated net product revenue.

Consolidated net product revenue increased 36% to approximately $14.6 million, compared to $10.7 million for Q2 2021.

U.S. net product revenue increased 53% to approximately $8.9 million for Q2 2022 compared to $5.8 million for Q2 2021. The increase was primarily due to increased access to physicians, improved patient flow in physician practices and investment in our sales, marketing, scientific and medical programs. End user demand, which represents units purchased by physicians and pharmacies from our distributors, increased 45% to 1,063 units during Q2 2022, a record second quarter increase for our company, compared to 731 units during Q2 2021.

The difference between the growth in GAAP revenue and the growth in end user demand is due to the timing of U.S. distributor purchases in Q2 2022 versus Q2 2021. During Q2 2022, our distributors sold approximately 3% fewer units to end users than they bought, while in Q2 2021 our distributors purchased approximately the same number of units they sold to end users.

International net revenue decreased 64% compared to Q2 2021 due to the $11.0 million in license revenue generated from the Ocumension transaction in Q2 2021.

International product revenue increased 16% to approximately $5.7 million for Q2 2022, compared to approximately $4.9 million for Q2 2021, despite the weaker Euro and British Pound Sterling. The increase in international product revenue in Q2 2022 was due to an increase in end user demand of 21% from 1,006 units in Q2 2021 to 1,220 units in Q2 2022, making Q2 2022 the strongest second quarter for international segment end user demand in our history. We believe that the decreasing effects of COVID-19 on patient access to care was a primary factor in our growth. Additionally, our Q2 international product revenue, as reported in U.S. dollars, was negatively affected in comparison to the prior year by changes in the foreign exchange rates that reduced our Q2 2022 international revenue by approximately 10%, or $590,000.

Operating Expenses
Total operating expenses were approximately $14.4 million for Q2 2022, compared to approximately $12.9 million for Q2 2021.

Net Income (Loss) and Adjusted EBITDA
Net loss for Q2 2022 was $3.1 million, compared to a net income of approximately $7.6 million for Q2 2021. Net income in Q2 2021 reflected the licensing revenue received from the out licensing of rights to ILUVIEN for the Western Pacific.

“Adjusted EBITDA,” a non-GAAP financial measure defined below, was approximately $(1.0) million for Q2 2022, compared to Adjusted EBITDA of approximately $7.9 million for Q2 2021. Adjusted EBITDA in Q2 2021 reflected the licensing revenue received from the out licensing of rights to ILUVIEN for the Western Pacific.

Net (Loss) Income per Share
Basic and diluted net loss per share for Q2 2022 was approximately $(0.45) compared to basic and diluted net income per share of $1.03 for Q2 2021. Net income per share in Q2 2021 reflected the licensing revenue received from the out licensing of rights to ILUVIEN for the Western Pacific.

Cash and Cash Equivalents
On June 30, 2022, Alimera had cash and cash equivalents of approximately $7.9 million, compared to $9.9 million in cash and cash equivalents on March 31, 2022. This compares to $16.5 million of cash and cash equivalents on hand at December 31, 2021.

Definition of Non-GAAP Financial Measure
For 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, 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 Net Income or Loss to Non-GAAP Adjusted EBITDA.”

ALIM Call Details - Q2 2022 Financial Results Conference Call

Conference Call to Be Held July 27, 2022
A live conference call will be hosted today July 27, 2022, at 9:00 a.m. EDT 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: Wednesday, July 27, 2022, 9;00 a.m. EDT
Conference dial-in: 844-839-2190
International dial-in: 412-317-9583
Conference Call Name: Alimera Sciences (Nasdaq: ALIM) Second 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/10169118/f3a3a56cd4

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://event.choruscall.com/mediaframe/webcast.html?webcastid=lzz24Lfh
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: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 7350037
End Date: August 11, 2022
Webcast Replay End Date: October 27, 2022

About Alimera Sciences, Inc.

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 and six months ended June 30, 2022 and 2021 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 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 belief that it’s revenue run rates are returning to the growth that Alimera was generating before the pandemic and Alimera’s expectation that the indication for ILUVIEN for the prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment of the eye will contribute to growth for the remainder of this year and in future years. 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 in certain markets; (b) current and future governmental orders and policies adopted by healthcare facilities to address the COVID-19 pandemic; (c) the possible resurgence of the pandemic in certain markets; (d) the effects of the emergence of COVID-19 variants that increase the transmissibility of the coronavirus, particularly if those variants are or become more deadly; (e) the success or failure of the continued vaccine campaigns in Alimera’s markets; (f) whether and when Alimera’s operations will return to their prior growth trajectory in certain key markets, particularly Germany; 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, 2021 and Alimera’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which are on file with the SEC and are available on Alimera’s website and the SEC’s website at http://www.sec.gov. Additional factors will also be described in those sections of Alimera’s Quarterly Report on Form 10-Q for the second 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

2022

 

2021

 

(Unaudited)

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

7,859

 

 

$

16,510

 

Restricted cash

 

31

 

 

 

34

 

Accounts receivable, net

 

20,319

 

 

 

19,128

 

Prepaid expenses and other current assets

 

3,208

 

 

 

3,809

 

Inventory

 

1,656

 

 

 

2,679

 

Total current assets

 

33,073

 

 

 

42,160

 

NON-CURRENT ASSETS:

 

 

 

 

 

Property and equipment, net

 

2,418

 

 

 

2,783

 

Right of use assets, net

 

1,520

 

 

 

1,710

 

Intangible asset, net

 

9,935

 

 

 

10,897

 

Deferred tax asset

 

126

 

 

 

137

 

Warrant asset

 

502

 

 

 

833

 

TOTAL ASSETS

$

47,574

 

 

$

58,520

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

7,614

 

 

$

8,706

 

Accrued expenses

 

3,316

 

 

 

3,617

 

Notes payable

 

14,211

 

 

 

 

Finance lease obligations

 

290

 

 

 

269

 

Total current liabilities

 

25,431

 

 

 

12,592

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

Notes payable, net of discount

 

29,297

 

 

 

43,080

 

Other non-current liabilities

 

5,181

 

 

 

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

 

377,847

 

 

 

377,229

 

Accumulated deficit

 

(406,351

)

 

 

(397,281

)

Accumulated other comprehensive loss

 

(3,128

)

 

 

(1,849

)

TOTAL STOCKHOLDERS’ DEFICIT

 

(12,335

)

 

 

(2,605

)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

$

47,574

 

 

$

58,520

 

 

 

 

 

 

 

 

 


ALIMERA SCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

 

(Unaudited)

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

PRODUCT REVENUE, NET

$

14,604

 

 

$

10,655

 

 

$

26,502

 

 

$

21,869

 

LICENSE REVENUE

 

 

 

 

11,048

 

 

 

 

 

 

11,048

 

NET REVENUE

 

14,604

 

 

 

21,703

 

 

 

26,502

 

 

 

32,917

 

COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION

 

(2,166

)

 

 

(1,813

)

 

 

(3,846

)

 

 

(3,375

)

GROSS PROFIT

 

12,438

 

 

 

19,890

 

 

 

22,656

 

 

 

29,542

 

RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES

 

3,932

 

 

 

3,567

 

 

 

7,515

 

 

 

6,780

 

GENERAL AND ADMINISTRATIVE EXPENSES

 

2,945

 

 

 

3,356

 

 

 

6,185

 

 

 

6,769

 

SALES AND MARKETING EXPENSES

 

6,865

 

 

 

5,331

 

 

 

13,718

 

 

 

10,149

 

DEPRECIATION AND AMORTIZATION

 

670

 

 

 

633

 

 

 

1,359

 

 

 

1,271

 

OPERATING EXPENSES

 

14,412

 

 

 

12,887

 

 

 

28,777

 

 

 

24,969

 

(LOSS) INCOME FROM OPERATIONS

 

(1,974

)

 

 

7,003

 

 

 

(6,121

)

 

 

4,573

 

INTEREST EXPENSE AND OTHER

 

(1,383

)

 

 

(1,347

)

 

 

(2,747

)

 

 

(2,690

)

UNREALIZED FOREIGN CURRENCY GAIN, NET

 

38

 

 

 

56

 

 

 

146

 

 

 

181

 

GAIN ON EXTINGUISHMENT OF DEBT

 

 

 

 

1,792

 

 

 

 

 

 

1,792

 

CHANGE IN FAIR VALUE OF WARRANT ASSET

 

221

 

 

 

701

 

 

 

(331

)

 

 

701

 

NET (LOSS) INCOME BEFORE TAXES

 

(3,098

)

 

 

8,205

 

 

 

(9,053

)

 

 

4,557

 

PROVISION FOR TAXES

 

(17

)

 

 

(640

)

 

 

(17

)

 

 

(640

)

NET (LOSS) INCOME

$

(3,115

)

 

$

7,565

 

 

$

(9,070

)

 

$

3,917

 

NET (LOSS) INCOME PER SHARE — Basic

$

(0.45

)

 

$

1.03

 

 

$

(1.30

)

 

$

0.57

 

WEIGHTED AVERAGE SHARES OUTSTANDING — Basic

 

6,999,707

 

 

 

7,351,919

 

 

 

6,995,247

 

 

 

6,857,172

 

NET (LOSS) INCOME PER SHARE — Diluted

$

(0.45

)

 

$

1.03

 

 

$

(1.30

)

 

$

0.57

 

WEIGHTED AVERAGE SHARES OUTSTANDING — Diluted

 

6,999,707

 

 

 

7,363,150

 

 

 

6,995,247

 

 

 

6,857,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF GAAP MEASURES TO NON-GAAP ADJUSTED MEASURES

GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2022

 

2021

 

2022

 

2021

 

(unaudited)

GAAP NET (LOSS) INCOME

$

(3,115

)



 

$

7,565

 



 

$

(9,070

)



 

$

3,917

 

 

Adjustments to net (loss) income:

 

 

 

 

 

 

 

Interest expense and other

1,383

 

 

 

1,347

 

 

 

2,747

 

 

 

2,690

 

 

Provision for taxes

17

 

 

 

640

 

 

 

17

 

 

 

640

 

 

Depreciation and amortization

670

 

 

 

633

 

 

 

1,359

 

 

 

1,271

 

 

Stock-based compensation expenses

268

 

 

 

251

 

 

 

581

 

 

 

513

 

 

Unrealized foreign currency exchange gains

(38

)

 

 

(56

)

 

 

(146

)

 

 

(181

)

 

Gain on extinguishment of debt

 

 

 

(1,792

)

 

 

 

 

 

(1,792

)

 

Change in fair value of warrant asset

(221

)

 

 

(701

)

 

 

331

 

 

 

(701

)

 

Severance expenses

37

 

 

 

 

 

 

37

 

 

 

195

 

 

NON-GAAP ADJUSTED EBITDA

$

(999

)



 

$

7,887

 



 

$

(4,144

)



 

$

6,552