Eyepoint Pharmaceuticals Inc (NASDAQ:EYPT) is slated to release its Q3 2020 financial and operational results, but it also recently released its Q3 performance highlights so that investors have a rough idea of what to expect.
EyePoint revealed that it expects to earn between $5.5 and $5.9 million in net product revenues generated in Q3 2020, which will be a significant boost from the $3.7 million net product revenues it earned in Q2, 2020. The increase reflects the growth in demand for its ophthalmic products, DEXYCU®, and YUTIQ®. The company owes the impressive growth to the economic reopening in the U.S market after the previous closure in Q1 due to the coronavirus pandemic.
“We were pleased to see the continued return of customer demand for both YUTIQ and DEXYCU during the third quarter of 2020, as more healthcare facilities re-opened for business and resumed patient treatment,” EyePoint CEO, Nancy Lurker remarked in a statement.
Lurker also noted that the company experienced a bigger demand surge in Q3 compared to Q2 2020 and that the demand levels are recovering to pre-COVID-19 levels. The demand performance is thus good news for the company and also investors because it highlights that business is recovering.
The CEO also pointed out that the company is experiencing strong demand recovery because it offers attractive products that deliver unique advantages. EyePoint’s products focus on single, long-lasting injections that reduce patient visits. The company hopes that the demand for its products will continue to rally in Q4 2020.
EyePoint expects its net product revenue for the quarter ended September 30, 2020, to range between $2.1 million and $2.4 million for DEXYCU. The net product revenue for YUTIQ during the same quarter is expected to range between $3.4 million and $3.5 million. The revenue estimates were released before the finalization of a review by a registered independent public accounting organization. This means that the final figures that will be released during the company’s upcoming investor conference are subject to adjustments. The final financial data for Q3 will be released in November 2020.