Alimera Sciences Inc (ALIM, Financial) announced its financial results for the third quarter of 2023 on October 26, 2023. The company reported a record net revenue of $23.4 million, a significant decrease in its net loss, and record Adjusted EBITDA. The company's President and Chief Executive Officer, Rick Eiswirth, expressed satisfaction with the results, attributing the success to the impact of the expanded sales team selling both ILUVIEN and YUTIQ.
Financial Highlights
Alimera's net revenue for Q3 2023 was up 72% to approximately $23.4 million compared to $13.6 million for Q3 2022. This increase was driven by the addition of YUTIQ in the U.S. segment and continuing growth of ILUVIEN sales in the quarter. U.S. net revenue increased 103% to approximately $18.1 million for Q3 2023 compared to U.S. product revenue of $8.9 million for Q3 2022. International net revenue increased 13% to approximately $5.3 million for Q3 2023, compared to approximately $4.7 million for Q3 2022.
Operating Expenses and Cash Equivalents
Total operating expenses were approximately $18.8 million for Q3 2023, compared to approximately $15.0 million for Q3 2022. The increase was primarily attributable to the increased operating costs associated with the addition of YUTIQ in the U.S. segment and depreciation and amortization associated with the assets acquired. As of September 30, 2023, Alimera had cash and cash equivalents of approximately $8.3 million, compared to $18.8 million on June 30, 2023.
Future Prospects
Alimera is actively evaluating indication expansion opportunities to broaden the number of patients that either long-acting steroid implant can help treat. The company expects to share more on these possibilities in the coming months. Alimera also expects to generate positive cash flow in the fourth quarter of 2023 and in 2024.
Key Clinical Updates
Alimera's overenrolled NEW DAY Study evaluating ILUVIEN’s utility as baseline therapy head-to-head versus the leading anti-VEGF in the treatment of diabetic macular edema has completed enrollment with 306 patients and remains on track with top-line data anticipated in the first quarter of 2025. The company is also actively enrolling patients in the SYNCHRONICITY Study, a prospective, open-label clinical study evaluating the safety and efficacy of YUTIQ for the treatment of chronic, non-infectious uveitis affecting the posterior segment and related intraocular inflammation.
Explore the complete 8-K earnings release (here) from Alimera Sciences Inc for further details.
