Ocular Therapeutix™ (NASDAQ:OCUL) has announced its Q3 2020 financial results in which DEXTENZA® net product revenue was up 280% QoQ and also provided its business update.
HOPDs and ASCs ordering more billable inserts
The company’s CEO and President, Anthony Mattessich said that Ocular Therapeutix™ had a productive quarter with several key developments that will offer considerable long-term value. He said that DEXTENZA® is maintaining growth momentum because of the key initiatives the company implemented at the beginning of the year. This was evident following a robust QoQ increase of 280% in net sales to $5.4 million. The growth momentum has continued into Q4, and in October the company sold almost 4,200 billable inserts to HOPDs and ASCs.
Mattessich confirmed that Ocular Therapeutix has four clinical-stage programs within its pipeline. Each program entails highly differentiated ophthalmology speciality products in markets where annual global sales are projected to exceed $20 billion. The different programs address the important unmet need for the indication they target. The CEO said that following the completion of the financing, the company’s cash position has improved and recently Ocular finalized a licence agreement with AffaMed Therapeutics. The available cash is adequate to finance all the four planned programs through readout of phase 2 clinical study results capturing the potential benefits of the second Phase value inflection.
DEXTENZA boosting revenue growth
Ocular Therapeutix’s DEXTENZA has approval for treating ocular inflammation and pain after ophthalmic surgery. During the quarter, DEXTENZA sales grew significantly generating net sales of $5.4 million. The sales reflect record quarter in-market sales as Hospital Outpatient Departments, and Ambulatory Surgery Centers bought around 10,000 billable inserts in the quarter. The growth builds on momentum in Q2 and continued growth in surgical volumes as HOPDs and ASCs struggle to get to pre-pandemic volumes.
Total net product revenue in the quarter was $5.9 million with DEXTENZA accounting for most of the revenue as ACSs and HOPDs reopen. Also, the DEXTENZA rebate program and the physician payment procedure CPT code 0356T contributed to the growth. ReSure® Sealant net product revenue in Q3 was $0.5 million.