The Bedford, Mass.-based company posted a net loss of -$17.4 million, or -42¢ per share, on sales of $504,000 for the three months ended Dec. 31, for sales growth of 3.5% compared with the same period last year.
Earnings per share were -42¢, just behind consensus on The Street. But Ocular narrowly beat sales estimates; analysts were looking for sales of $480,000.
For the full year, the company posted a net loss of -$59.1 million on sales of $1.99 million. Full-year revenues were up 3.5% compared to 2017.
“2018 was a transformational year for Ocular highlighted by the U.S. Food and Drug Administration’s approval of Dextenza, our dexamethasone intracanalicular insert for the treatment of post-surgical ocular pain,” president & CEO Antony Mattessich said in prepared remarks. “This accomplishment brings us one step closer to realizing the significant potential of our hydrogel drug-delivery platform. We are at a critical moment for the company as we are on the cusp of becoming a fully-integrated, commercial-stage biopharmaceutical company. We remain on track to launch Dextenza by mid-year.
“We are also pleased with the early momentum we are seeing as we enter 2019, having filed a supplemental New Drug Application to expand the Dextenza label for the treatment of ocular inflammation and recently closing a $37.5 million convertible debt financing which strengthens our cash position and extends our runway into early 2020. Lastly, our pipeline continues to progress and we remain on track to present top-line data from our first Phase 3 pivotal trial of OTX-TP in the first half of this year. Our two Phase 1 programs are also progressing well with the dosing of our second patient in the OTX-TKI trial in wet Age-Related Macular Degeneration (wet AMD) and the continuing enrollment of patients in our second cohort in our OTX-TIC program in glaucoma,” Mattessich added.
OCUL shares were down -21.2% to $3.45 apiece in premarket activity today.