Q1 2024 Alimera Sciences Inc Earnings Call Transcript
Key Points
- Alimera Sciences Inc (ALIM) reported a 70% increase in consolidated global net revenue to $23 million in Q1 2024 compared to Q1 2023.
- The company achieved positive adjusted EBITDA of $1.8 million in Q1 2024, a significant improvement from an EBITDA loss of $2.4 million in Q1 2023.
- U.S. net revenue increased by 92% to $14.6 million in Q1 2024, primarily driven by the acquisition of boutique and increased end-user demand.
- International net revenue grew by 42% to $8.5 million in Q1 2024, with a 53% increase in user demand across key markets such as the UK, Portugal, Ireland, Spain, and France.
- The UK's National Institute for Health and Care Excellence (NICE) issued final guidance expanding potential user base for Iluvien in treating visual impairment caused by chronic diabetic macular edema.
- Revenue in Q1 2024 was below that of Q4 2023 due to seasonal declines, as patient deductibles reset and physicians resubmit benefit verifications.
- Net loss widened to approximately $6.3 million in Q1 2024 from $5 million in Q1 2023.
- Total operating expenses in Q1 2024 increased to approximately $22 million from $14.8 million in Q1 2023, driven by higher sales, marketing, and administrative costs.
- Despite positive growth, the company noted that revenue and adjusted EBITDA are expected to fluctuate quarter to quarter due to the seasonality of the business.
- The company faces challenges in integrating messaging for multiple products within the limited time of clinical interactions, impacting the efficiency of sales efforts.
Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Alimera Sciences first quarter end 2024 financial results and corporate update conference call. (Operator Instructions) Participants on this call are advised that the audio of this conference call is being broadcast live over the Internet. It is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through August 14th, 2024.
I would now like to turn the call over to Scott Gordon of Core IR, the company's Investor Relations firm. Please go ahead, sir.
Thank you, operator. Good morning and thank you for participating in today's conference call. Joining me from Alimera's leadership team are Rick Eiswirth, President and Chief Executive Officer; Elliott Maltz, Chief Financial Officer; Todd Wood, President, US Operations; Philip Ashman, President, International Operations.
During this call, management will be making forward-looking statements,
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