Ocular Therapeutix (NSDQ:OCUL) reported first-quarter results that missed the consensus forecast on Wall Street.
The Bedford, Mass.–based eye disease therapeutic developer yesterday posted profits of $3.12 million, or $0.04 per share, on sales of $7.34 million for the three months ended March 31, 2021, for a bottom-line leap of 114% on sales growth of 181% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were –24¢, –4¢ behind Wall Street, while the company’s revenues missed the analysts’ projections by –6.5%.
“Our progress in the first quarter of 2021 was significant,” said company president & CEO Antony Mattessich in a news release.
“Revenue for Dextenza was up over 200% against the prior-year period and we achieved record quarterly, in-market sales in excess of 16,000 billable units, representing 15% sequential quarterly growth. Encouragingly, the momentum we saw in the first quarter has continued into the second quarter with estimated sales in excess of 8,000 billable units in April alone. Beyond Dextenza, we have made progress in advancing our pipeline of product candidates that continue to show potential to set the standard of care in their respective disease areas.”
Ocular Therapeutix did not offer financial guidance for the remainder of 2021.
OCUL shares were down –3.86% to $15.98 apiece this morning. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.