Kala Pharmaceuticals (NSDQ:KALA) announced shares ticked up before hours today on first-quarter results that were mixed compared to the consensus forecast.
The Watertown, Mass.-based company posted losses of -$30.4 million, or -49¢ per share, on sales of $3.2 million for the three months ended March 31, 2021, for a -38.5% bottom-line slide despite revenues that more than tripled year-over-year.
Adjusted to exclude one-time items, losses per share were -41¢, 27¢ ahead of Wall Street, where analysts were looking for sales of $4.2 million.
“We are early in the launch of Eysuvis and encouraged by our progress to establish the product as the first and only prescription therapy specifically for the short-term treatment of dry eye disease. We have secured market access for approximately 43 percent of all commercial lives and are pleased with the early launch metrics and feedback from eye care professionals who view Eysuvis as a first-line treatment option for a range of patients suffering from dry eye flares,” Kala chairman, president & CEO Mark Iwicki said in a news release. “The new credit facility announced today helps extend our projected cash runway to at least two years, strengthening our financial position to invest across our business as we build on early Eysuvis momentum, continue to promote Inveltys and advance our pipeline of new chemical entities targeted to address front and back of the eye diseases.”
Kala Pharmaceuticals did not provide financial guidance for the remainder of 2021.
KALA shares closed yesterday down -7.5% at $6.45 per share, but, following the release of the company’s first-quarter results, it is up 6.2% at $6.85 in pre-market trading.
