Shares in Ocular Therapeutix (NSDQ:OCUL) fell yesterday after the company beat sales expectations but missed earnings estimates on Wall Street with its third quarter results.
The Bedford, Mass.-based company posted a net loss of -$15.6 million on sales of $520,ooo for the 3 months ended Sept. 30, for bottom-line loss of -62% on sales growth of 8.3% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -54¢, a penny behind consensus on The Street, where analysts were looking for sales of $510,000.
“In addition to refining our manufacturing process for Dextenza, we are also working diligently on a continuous improvement plan that will bring our manufacturing unit into compliance with GMP standards. We believe the completion of this work is essential for the timely resubmission of the Dextenza new drug application, as well as for the advancement of our other pipeline products,” president & CEO Antony Mattessich said in prepared remarks.
“During the quarter, we also continued to strengthen our senior leadership team with the appointments of Dr. Mike Goldstein as chief medical officer and Donald Notman as chief financial officer. As we advance our portfolio of hydrogel-based drug product candidates towards key inflection points, we also continue to explore additional opportunities to maximize the value of our proprietary hydrogel-based formulation technology and further enable our transition into a fully-integrated biopharmaceutical company.”
OCUL shares fell -6% yesterday afternoon, closing at $5.74 apiece.
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