Alimera Sciences, Inc.

Consolidated net revenue in Q1 2024 was approximately $23 million, up 70% from $13.5 million in Q1 2023. U.S. net revenue increased 92% to approximately $14.6 million from $7.6 million, while international net revenue increased 42% to approximately $8.5 million from approximately $6 million. Total operating expenses were approximately $22 million versus approximately $14.8 million a year ago, net loss was approximately $6.3 million versus approximately $5 million, and adjusted EBITDA was approximately $1.8 million versus a loss of approximately $2.4 million. Management reiterated full-year 2024 guidance for $105 million in revenue and at least 20% adjusted EBITDA margins, noting quarter-to-quarter seasonality in both revenue and EBITDA.

Rick Eiswirth said the quarter was very good and aligned with internal expectations, with strength coming from YUTIQ integration in the U.S. and continued international momentum. He emphasized a restructured U.S. call plan, better cross-selling between ILUVIEN and YUTIQ, and tighter messaging around retinal thickness and long-term disease control. His tone was constructive and confident, especially around the company’s ability to grow utilization in both the U.S. and abroad.

Elliot Maltz highlighted that Q1 revenue was up 70% to about $23 million, with U.S. revenue up 92% to $14.6 million and international revenue up 42% to $8.5 million. He said operating expenses rose to about $22 million, driven by $3.3 million of additional sales and marketing expense, $2.4 million of amortization from the YUTIQ acquisition, and $1.3 million of higher G&A. He also noted cash and cash equivalents of about $14.3 million at March 31, up from $12.1 million at year-end, and said the company increased its SLR term loan by $5 million to help manage upcoming obligations, including $7.5 million owed to EyePoint in 2024, of which $1.9 million was paid in March.

Analysts pressed on how well physicians understand the two indications and whether the U.S. combined sales force is creating enough cross-sell awareness; management said education is still needed, but messaging is improving and monthly demand has grown sequentially since December. Questions also focused on the new non-clinical value program, which management said was launched April 1 and has been well received, though the financial impact should build over time. Another key topic was the U.K. NICE expansion, where management said the change should more than double the potential patient pool over time, but the pace of uptake is still unclear.