Ocular Therapeutix (NSDQ:OCUL) shares ticked up this morning on second-quarter results that topped revenue forecasts.
OCUL shares were up nearly 2% at $10.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
The Bedford, Mass.-based ophthalmology drug delivery company posted losses of -$8.5 million on sales of $11.7 million for the three months ended June 30, 2021, for a 76.8% bottom-line gain on sales growth of more than six times last year’s second-quarter tally.
Earnings per share came in at -25¢, 4¢ behind Wall Street, where analysts were looking for sales of $11.6 million.
“It has been a productive quarter for Ocular as we work to build a leading ophthalmology company,” Ocular Therapeutix president & CEO Antony Mattessich said in a news release. “Net product revenue for Dextenza was up nearly 700% against the prior-year period and we achieved record quarterly in-market sales of nearly 25,000 billable units, representing a 50% sequential increase over the first quarter. Beyond Dextenza, we made significant progress in advancing our pipeline of product candidates, dosing the first patient in our U.S.-based trial of OTX-TKI, and completing a research agreement with Mosaic Biosciences targeting dry-AMD that further builds our product pipeline.
“In the second half of 2021, we look forward to continued momentum with Dextenza, including a PDUFA date in allergic conjunctivitis in October, and further development of our pipeline which includes the expected completion of our Phase 2 clinical trial with OTX-CSI, our cyclosporine-containing intracanalicular insert for the chronic treatment of dry eye disease.”
Ocular Therapeutix did not provide financial guidance for the coming quarters or the full fiscal year.
