The Bedford, Mass.-based company reported losses of -$17.1 million, or -45¢ per share, on sales of $492,000 for the three months ended March 31, widening its losses by 24.4% on sales growth of 44.7% compared with Q1 2018.
Losses per share were -45¢, 3¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $430,000.
“This is an exciting time at Ocular Therapeutix and it has been a very productive first quarter,” president & CEO Antony Mattessich said in prepared remarks. “We have made tremendous progress with Dextenza on a number of fronts and are pleased that the launch is in full roll-out. In addition, we have received a preliminary recommendation from the Center for Medicare & Medicaid Services for our permanent HCPCS J-code for Dextenza, and we were given a PDUFA target action date of November 2019 for the expansion of our Dextenza label to include the treatment of ocular inflammation following ophthalmic surgery. Beyond Dextenza, our pipeline continues to advance and we look forward to announcing results from our first Phase 3 clinical trial of OTX-TP in the next several weeks.”
OCUL shares closed down -1.9% at $3.66 apiece yesterday.