Ocular Therapeutix (NSDQ:OCUL) shares fell today on third-quarter results that narrowly topped the consensus forecast despite a bottom-line dip.
The Bedford, Mass.–based ophthalmic insert maker posted losses of -$18,778, or -45¢ per share, on sales of $829,000 for the three months ended Sept. 30, for a 25.1% bottom-line slide on sales growth of 66.5%.
Adjusted to exclude one-time items, earnings per share were also -45¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $580,000.
“We have had very productive quarter,” Ocular Theraputix president & CEO Antony Mattessich said in prepared remarks. “As we had hoped, the first phase of our Dextenza launch has given us the confidence to expand our field presence by 50%. Now, with a good understanding of the time and effort it takes to remove the obstacles at the ambulatory surgical centers and hospital outpatient departments, and a J-code in place as of October 1, we are set to capitalize on our expanded reach. Additionally, we have recently restructured operations in a way that allows us to complete key clinical programs while extending our runway. Overall we are in great shape to deliver in the future.”
Ocular Therapeutix did not release its expected EPS or sales guidance for fiscal 2019. The company announced the commercial launch of its Dextenza ophthalmic insert in the U.S. Dextenza is designed to release 0.4 mg of dexamethasone to relieve pain after ophthalmic surgery. It can deliver drugs for up to 30 days after treatment in a physician’s office.
OCUL shares were down -13.7% at $2.53 per share in midday trading today.