Shares in Ocular Therapeutix (NSDQ:OCUL) fell today after the ophthalmologic device developer posted 1st quarter earnings that missed expectations on Wall Street.
The Bedford, Mass.-based company posted losses of $16 million, or 58¢ per share, on sales of $475,000 for the 3 months ended March 31, seeing losses grow 47.8% while sales grew 14.2% compared with the same period last year.
Losses per share were 10¢ higher than the 48¢ consensus on Wall Street, where analysts were expecting to see sales of $470,000.
“This is an important time for Ocular Therapeutix as we approach the PDUFA target action date for our lead product candidate, Dextenza, for the treatment of ocular pain following ophthalmic surgery. Should Dextenza be approved, its commercial launch will enable our transition into a fully-integrated, commercial-stage, revenue-generating company. Dextenza has now been extensively studied for the treatment of post-surgical ocular pain and inflammation in over 550 clinical trial participants. If approved, we believe Dextenza will address the compliance issues associated with steroid eyedrops and serve as an attractive alternative for both patients and ophthalmologists,” CEO & prez Amar Sawhney said in a press release.
Shares in Ocular Therapeutix have fallen today, down 16.2%, or $1.47, closing at $7.63.