Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a leader in the
commercialization and development of prescription ophthalmology
treatments for the management of retinal diseases, announces
financial results for the quarter ended September 30, 2019. Alimera
will host a conference call on Wednesday, October 30, 2019 at 9:00
AM ET to review these financial results and provide an update on
corporate developments.
“We are pleased to report consolidated revenue of $12.9 million
for the third quarter of 2019, a 16% gain over the third quarter of
last year and significant growth over the recently reported second
quarter of 2019,” said Rick Eiswirth, President and CEO of
Alimera. “Our international business contributed greatly to
our growth, delivering a 62% increase in revenue on a combined
basis, and our U.S. sales team, which was fully staffed, delivered
increases in end user demand month-to-month during the
quarter.”
Third Quarter 2019 Financial Results Net
RevenueConsolidated net revenue for the third quarter of 2019 grew
16% to $12.9 million, compared to $11.1 million for the third
quarter of 2018. U.S. net revenue was $8.7 million during the third
quarter of 2019, up 2% from $8.5 million during the same period in
2018, and up 19% over the second quarter of 2019. End user demand,
which represents units purchased by physicians and pharmacies from
Alimera’s U.S. distributors, decreased slightly for the third
quarter of 2019, to 973 units compared to 978 units from the third
quarter of 2018, but increased sequentially from 917 units in the
second quarter of 2019 after the sales force was fully staffed.
The discrepancy between GAAP revenue and end user demand in the
U.S. is due to the timing of distributor purchases from quarter to
quarter. In the third quarter of 2018, Alimera’s distributors
purchased approximately 5% more units than they sold to end users,
increasing their stock on hand during that quarter. In the third
quarter of 2019, Alimera’s distributors purchased approximately 9%
more units than they sold to end users, increasing their stock on
hand during the quarter.
International net revenue increased 62% to approximately $4.2
million during the third quarter of 2019, compared to approximately
$2.6 million for the same period during 2018, driven by increased
unit sales across all markets. We expect revenue in the
international segment to fluctuate from quarter to quarter
depending primarily on the timing and size of our international
distributor ordering patterns.
Operating Expenses Total operating expenses for the third
quarter of 2019 increased by $600,000 or 5% to $13.0 million,
compared to $12.4 million during the same period of 2018. The
increase was primarily attributable to an approximately $900,000
increase in sales and marketing expenses, partially offset by a
$300,000 decrease in general and administrative expenses. The
increase in sales and marketing expenses was due to increases in
personnel costs and marketing costs, including those related to our
direct-to-patient campaign.
Net Loss and Non-GAAP Adjusted EBITDAFor the third quarter of
2019, Alimera reported a net loss of approximately
$3.1 million, compared to a net loss of $3.5 million for the
same period in 2018. “Adjusted EBITDA,” a non-GAAP financial
measure defined below, was a loss of approximately $500,000 for the
third quarter of 2019, compared to a similar Adjusted EBITDA loss
for the third quarter of 2018.
Net (Loss) Income per ShareBasic and diluted net loss per share
for the third quarter of 2019 was $0.04 on approximately 71.0
million weighted average shares outstanding. This compares to basic
net income per share for the third quarter of 2018 of $0.40 on
approximately 88.0 million weighted average shares outstanding,
which includes approximately 17.9 million participating securities.
Diluted net income per share for the third quarter of 2018 was
$0.39 on approximately 88.5 million weighted average shares
outstanding, which includes approximately 18.5 million dilutive and
participating securities. Net income available to stockholders for
the third quarter of 2018 was primarily attributable to the gain on
the extinguishment of Alimera’s Series B Convertible Preferred
Stock resulting from its exchange in September 2018 for new Series
C Convertible Preferred Stock.
Cash and Cash EquivalentsAs of September 30, 2019, Alimera had
cash and cash equivalents of approximately $7.9 million,
compared to $13.0 million in cash and cash equivalents as of
December 31, 2018.
On October 25, 2019, Alimera announced a $20.0 million equity
purchase agreement with Lincoln Park Capital Fund, LLC. Under that
agreement, Lincoln Park has purchased $1.0 million of
Alimera’s registered common stock. This agreement will provide a
flexible and efficient option to invest in Alimera’s current
business to pursue strategies to leverage its global sales
infrastructure and build a leading company focused on the treatment
of retinal diseases.
Definition of Non-GAAP Financial MeasureFor
purposes of this press release, “Adjusted EBITDA” is defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation expenses, net unrealized gains and losses
from foreign currency exchange transactions, losses on
extinguishment of debt and severance expenses. Please refer to the
sections of this press release entitled “Non-GAAP Financial
Measure” and “Reconciliation of GAAP Net Loss to Non-GAAP Adjusted
EBITDA.”
Conference Call to Be Held October 30, 2019A
live conference call will be hosted on October 30, 2019 at 9:00am
eastern time by Rick Eiswirth, president and chief executive
officer, and Phil Jones, chief financial officer, to discuss
Alimera’s financial results. Please refer to the information below
for conference call dial-in information and webcast
registration.
Conference date: Wednesday, October 30, 2019, 9:00 AM ET
Conference dial-in: 866-777-2509International dial-in:
412-317-5413Conference Call Name: Alimera Sciences (Nasdaq: ALIM)
Third Quarter 2019 Financial Results and Corporate Update
Conference Call Conference Call Pre-registration: Participants
can register for the conference by navigating to
http://dpregister.com/10136395Please note that registered
participants will receive their dial in number upon registration
and will dial directly into the call without delay.Live Webcast
URL:
https://services.choruscall.com/links/alimera191030.html
A replay will be available on Alimera’s
website, www.alimerasciences.com, under
“Investor Relations” one hour following the live call.Conference
Call replay: US Toll Free: 1-877-344-7529International Toll:
1-412-317-0088Canada Toll Free: 855-669-9658Replay Access Code:
10136395End Date: November 13, 2019
About Alimera Sciences, Inc.
www.alimerasciences.com
Alimera, founded in June 2003, is a pharmaceutical company that
specializes in the commercialization and development of
prescription ophthalmic pharmaceuticals. Alimera is presently
focused on diseases affecting the back of the eye, or retina,
because these diseases are not well treated with current therapies
and affect millions of people in our aging populations. For
more information, please visit www.alimerasciences.com.
Non-GAAP Financial Measure
This press release contains a discussion of a non-GAAP financial
measure, as defined in Regulation G promulgated under the
Securities Exchange Act of 1934, as amended. Alimera reports its
financial results in compliance with GAAP but believes that the
non-GAAP measure of Adjusted EBITDA provides useful information to
investors regarding Alimera’s operating performance. Alimera
uses Adjusted EBITDA in the management of its business.
Accordingly, Adjusted EBITDA for the three and nine months ended
September 30, 2019 and 2018 has been presented in certain instances
excluding items identified in the reconciliations provided in the
table entitled “Reconciliation of GAAP Net Loss to non-GAAP
Adjusted EBITDA.” GAAP net loss is the most directly comparable
GAAP financial measure to Adjusted EBITDA.
Adjusted EBITDA, as presented, may not be comparable to
similarly titled measures reported by other companies because not
all companies may calculate Adjusted EBITDA in an identical manner.
Therefore, Adjusted EBITDA is not necessarily an accurate measure
of comparison between companies.
The presentation of Adjusted EBITDA is not intended to be
considered in isolation or as a substitute for guidance prepared in
accordance with GAAP. The principal limitation of this non-GAAP
financial measure is that it excludes significant elements required
by GAAP to be recorded in Alimera’s financial statements. In
addition, Adjusted EBITDA is subject to inherent limitations as it
reflects the exercise of judgments by management in determining
this non-GAAP financial measure.
Forward Looking Statements
This press release contains “forward-looking statements,” within
the meaning of the Private Securities Litigation Reform Act of
1995, regarding, among other things, Alimera’s expectation
regarding its use of the Lincoln Park purchase agreement to obtain
capital and Alimera’s expectation that revenue in its international
segment will fluctuate from quarter to quarter depending primarily
on the timing and size of its international distributor ordering
patterns. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change them, and
could cause actual results to differ materially from those
projected in the forward-looking statements. Meaningful factors
that could cause actual results to differ include, but are not
limited to, (a) Alimera’s ability to satisfy the conditions in the
purchase agreement to direct Lincoln Park to make purchases of
common stock, (b) the possible negative effects on the market
liquidity of Alimera’s common stock of the reverse stock split that
Alimera expects to implement if its stockholders approve it at the
upcoming special stockholders meeting on November 4, 2019,
(c) changes in Alimera’s international sales due to a
reduction in end user demand, unanticipated competition, regulatory
issues, including delays in obtaining reimbursement approval in
various countries in the EU for the treatment of non-infectious
posterior uveitis, or other unexpected circumstances, and
(d) other factors discussed in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of Alimera’s Annual Report on Form
10-K for the year ended December 31, 2018, and Alimera’s Quarterly
Reports on Form 10-Q for the first and second quarters of 2019,
which are on file with the Securities and Exchange Commission (SEC)
and available on the SEC’s website at http://www.sec.gov.
Additional factors will also be described in those sections of
Alimera’s Quarterly Report on Form 10-Q for the third quarter of
2019, to be filed with the SEC soon.
The forward-looking statements in this press release speak only
as of the date of this press release (unless another date is
indicated). Alimera undertakes no obligation, and specifically
declines any obligation, to publicly update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
|
|
For investor inquiries: Scott Gordon for
Alimera Sciences scottg@coreir.com |
For media inquiries:Jules Abrahamfor Alimera
Sciencesjulesa@coreir.com |
|
|
ALIMERA SCIENCES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
September 30,2019 |
|
December 31,2018 |
|
(unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
7,903 |
|
|
$ |
13,043 |
|
Restricted cash |
31 |
|
|
32 |
|
Accounts receivable, net |
16,377 |
|
|
17,259 |
|
Prepaid expenses and other
current assets |
2,155 |
|
|
2,109 |
|
Inventory |
1,642 |
|
|
2,405 |
|
Total current assets |
28,108 |
|
|
34,848 |
|
NON-CURRENT ASSETS: |
|
|
|
Property and equipment,
net |
1,060 |
|
|
1,355 |
|
Right of use assets, net |
1,162 |
|
|
— |
|
Intangible asset, net |
15,272 |
|
|
16,723 |
|
Deferred tax asset |
1,127 |
|
|
1,182 |
|
TOTAL ASSETS |
$ |
46,729 |
|
|
$ |
54,108 |
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
6,728 |
|
|
$ |
6,355 |
|
Accrued expenses |
3,916 |
|
|
3,643 |
|
Note payable |
3,333 |
|
|
— |
|
Finance lease obligations |
258 |
|
|
236 |
|
Total current liabilities |
14,235 |
|
|
10,234 |
|
NON-CURRENT LIABILITIES: |
|
|
|
Note payable |
35,166 |
|
|
37,873 |
|
Finance lease obligations —
less current portion |
132 |
|
|
305 |
|
Other non-current
liabilities |
3,672 |
|
|
2,974 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
STOCKHOLDERS’ (DEFICIT)
EQUITY: |
|
|
|
Preferred stock: |
|
|
|
Series A Convertible Preferred
Stock |
19,227 |
|
|
19,227 |
|
Series C Convertible Preferred
Stock |
11,117 |
|
|
11,117 |
|
Common stock |
710 |
|
|
701 |
|
Additional paid-in
capital |
348,035 |
|
|
346,108 |
|
Common stock warrants |
3,707 |
|
|
3,707 |
|
Accumulated deficit |
(388,068 |
) |
|
(377,127 |
) |
Accumulated other
comprehensive loss |
(1,204 |
) |
|
(1,011 |
) |
TOTAL STOCKHOLDERS’ (DEFICIT)
EQUITY |
(6,476 |
) |
|
2,722 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ (DEFICIT) EQUITY |
$ |
46,729 |
|
|
$ |
54,108 |
|
|
|
|
|
|
|
|
|
ALIMERA SCIENCES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2018(in thousands,
except share and per share data)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
$ |
12,850 |
|
|
$ |
11,137 |
|
|
$ |
36,595 |
|
|
$ |
31,484 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
(1,579 |
) |
|
(965 |
) |
|
(4,353 |
) |
|
(2,982 |
) |
GROSS PROFIT |
11,271 |
|
|
10,172 |
|
|
32,242 |
|
|
28,502 |
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
2,761 |
|
|
2,799 |
|
|
8,322 |
|
|
8,398 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
3,121 |
|
|
3,446 |
|
|
10,189 |
|
|
10,530 |
|
SALES AND MARKETING
EXPENSES |
6,437 |
|
|
5,480 |
|
|
18,458 |
|
|
17,375 |
|
DEPRECIATION AND
AMORTIZATION |
668 |
|
|
642 |
|
|
1,974 |
|
|
1,941 |
|
OPERATING EXPENSES |
12,987 |
|
|
12,367 |
|
|
38,943 |
|
|
38,244 |
|
NET LOSS FROM OPERATIONS |
(1,716 |
) |
|
(2,195 |
) |
|
(6,701 |
) |
|
(9,742 |
) |
|
|
|
|
|
|
|
|
INTEREST EXPENSE AND
OTHER |
(1,232 |
) |
|
(1,211 |
) |
|
(3,696 |
) |
|
(3,540 |
) |
UNREALIZED FOREIGN CURRENCY
(LOSS) GAIN, NET |
(115 |
|
|
(16 |
|
|
(135 |
|
|
18 |
|
LOSS ON EARLY EXTINGUISHMENT
OF DEBT |
— |
|
|
— |
|
|
— |
|
|
(1,766 |
) |
NET LOSS BEFORE TAXES |
(3,063 |
) |
|
(3,422 |
) |
|
(10,532 |
) |
|
(15,030 |
) |
PROVISION FOR TAXES |
(77 |
) |
|
(28 |
) |
|
(409 |
) |
|
(104 |
) |
NET LOSS |
|
(3,140 |
) |
|
|
(3,450 |
) |
|
|
(10,941 |
) |
|
|
(15,134 |
) |
GAIN ON EXTINGUISHMENT OF
PREFERRED STOCK |
|
— |
|
|
|
38,330 |
|
|
|
— |
|
|
|
38,330 |
|
NET (LOSS) INCOME AVAILABLE TO
STOCKHOLDERS |
$ |
(3,140 |
|
|
$ |
34,880 |
|
|
$ |
(10,941 |
|
|
$ |
23,196 |
|
NET (LOSS) INCOME PER SHARE —
Basic |
$ |
(0.04 |
) |
|
$ |
0.40 |
|
|
$ |
(0.15 |
) |
|
$ |
0.26 |
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING — Basic |
|
71,002,307 |
|
|
|
70,038,411 |
|
|
|
70,912,124 |
|
|
|
69,981,744 |
|
WEIGHTED AVERAGE PARTICIPATING
SHARES – Basic |
|
— |
|
|
|
17,934,164 |
|
|
|
— |
|
|
|
17,604,533 |
|
TOTAL WEIGHTED AVERAGE SHARES
OUTSTANDING — Basic |
71,002,307 |
|
|
87,972,575 |
|
|
70,912,124 |
|
|
87,586,277 |
|
NET (LOSS) INCOME PER SHARE —
Diluted |
$ |
(0.04 |
) |
|
$ |
0.39 |
|
|
$ |
(0.15 |
) |
|
$ |
0.26 |
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING — Diluted |
|
71,002,307 |
|
|
|
70,038,411 |
|
|
|
70,912,124 |
|
|
|
69,981,744 |
|
WEIGHTED AVERAGE PARTICIPATING
AND DILUTIVE SHARES – Diluted |
|
— |
|
|
|
18,445,093 |
|
|
|
— |
|
|
|
18,126,536 |
|
TOTAL WEIGHTED AVERAGE SHARES
OUTSTANDING — Diluted |
71,002,307 |
|
|
88,483,504 |
|
|
70,912,124 |
|
|
88,108,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIMERA SCIENCES,
INC.CONSOLIDATING STATEMENTS OF
OPERATIONSFOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2018(in
thousands)
|
Three Months EndedSeptember 30,
2019 |
|
Three Months EndedSeptember 30,
2018 |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
$ |
8,692 |
|
|
$ |
4,158 |
|
|
$ |
— |
|
|
$ |
12,850 |
|
|
$ |
8,492 |
|
|
$ |
2,645 |
|
|
$ |
— |
|
|
$ |
11,137 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
(1,001 |
) |
|
(578 |
) |
|
— |
|
|
(1,579 |
) |
|
(715 |
) |
|
|
(250 |
) |
|
— |
|
|
(965 |
) |
GROSS PROFIT |
7,691 |
|
|
3,580 |
|
|
— |
|
|
11,271 |
|
|
7,777 |
|
|
|
2,395 |
|
|
— |
|
|
10,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
1,573 |
|
|
1,100 |
|
|
88 |
|
|
2,761 |
|
|
1,684 |
|
|
|
904 |
|
|
211 |
|
|
2,799 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
2,032 |
|
|
768 |
|
|
321 |
|
|
3,121 |
|
|
2,050 |
|
|
|
786 |
|
|
610 |
|
|
3,446 |
|
SALES AND MARKETING
EXPENSES |
4,502 |
|
|
1,840 |
|
|
95 |
|
|
6,437 |
|
|
3,913 |
|
|
|
1,356 |
|
|
211 |
|
|
5,480 |
|
DEPRECIATION AND
AMORTIZATION |
— |
|
|
— |
|
|
668 |
|
|
668 |
|
|
— |
|
|
|
— |
|
|
642 |
|
|
642 |
|
OPERATING EXPENSES |
8,107 |
|
|
3,708 |
|
|
1,172 |
|
|
12,987 |
|
|
7,647 |
|
|
|
3,046 |
|
|
1,674 |
|
|
12,367 |
|
SEGMENT (LOSS) INCOME FROM
OPERATIONS |
(416 |
) |
|
(128 |
) |
|
(1,172 |
) |
|
(1,716 |
) |
|
130 |
|
|
|
(651 |
) |
|
(1,674 |
) |
|
(2,195 |
) |
OTHER INCOME AND EXPENSES,
NET |
— |
|
|
— |
|
|
(1,347 |
) |
|
(1,347 |
) |
|
— |
|
|
|
— |
|
|
(1,227 |
) |
|
(1,227 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE TAXES |
|
|
|
|
|
|
$ |
(3,063 |
) |
|
|
|
|
|
|
|
|
$ |
(3,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months EndedSeptember 30,
2019 |
|
Nine Months EndedSeptember 30,
2018 |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
U.S. |
|
International |
|
Other |
|
Consolidated |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
$ |
22,778 |
|
|
$ |
13,817 |
|
|
$ |
— |
|
|
$ |
36.595 |
|
|
$ |
23,096 |
|
|
$ |
8,388 |
|
|
$ |
— |
|
|
$ |
31,484 |
|
COST OF GOODS SOLD, EXCLUDING
DEPRECIATION AND AMORTIZATION |
(2,494 |
) |
|
(1,859 |
) |
|
— |
|
|
(4,353 |
) |
|
(2,084 |
) |
|
(898 |
) |
|
— |
|
|
(2,982 |
) |
GROSS PROFIT |
20,284 |
|
|
11,958 |
|
|
— |
|
|
32,242 |
|
|
21,012 |
|
|
7,490 |
|
|
— |
|
|
28,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESEARCH, DEVELOPMENT AND
MEDICAL AFFAIRS EXPENSES |
4,629 |
|
|
3,361 |
|
|
332 |
|
|
8,322 |
|
|
4,926 |
|
|
2,808 |
|
|
664 |
|
|
8,398 |
|
GENERAL AND ADMINISTRATIVE
EXPENSES |
6,116 |
|
|
2,876 |
|
|
1,197 |
|
|
10,189 |
|
|
6,209 |
|
|
2,416 |
|
|
1,905 |
|
|
10,530 |
|
SALES AND MARKETING
EXPENSES |
12,760 |
|
|
5,324 |
|
|
374 |
|
|
18,458 |
|
|
12,427 |
|
|
4,127 |
|
|
821 |
|
|
17,375 |
|
DEPRECIATION AND
AMORTIZATION |
— |
|
|
— |
|
|
1,974 |
|
|
1,974 |
|
|
— |
|
|
— |
|
|
1,941 |
|
|
1,941 |
|
OPERATING EXPENSES |
23,505 |
|
|
11,561 |
|
|
3,877 |
|
|
38,943 |
|
|
23,562 |
|
|
9,351 |
|
|
5,331 |
|
|
38,244 |
|
SEGMENT (LOSS) INCOME FROM
OPERATIONS |
(3,221 |
) |
|
397 |
|
|
(3,877 |
) |
|
(6,701 |
) |
|
(2,550 |
) |
|
(1,861 |
) |
|
(5,331 |
) |
|
(9,742 |
) |
OTHER INCOME AND EXPENSES,
NET |
— |
|
|
— |
|
|
(3,831 |
) |
|
(3,831 |
) |
|
— |
|
|
— |
|
|
(5,288 |
) |
|
(5,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE TAXES |
|
|
|
|
|
|
$ |
(10,532 |
) |
|
|
|
|
|
|
|
$ |
(15,030 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP ADJUSTED MEASURESGAAP NET LOSS TO
NON-GAAP ADJUSTED EBITDA(in
thousands)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET LOSS |
$ |
(3,140 |
) |
|
$ |
(3,450 |
) |
|
$ |
(10,941 |
) |
|
$ |
(15,134 |
) |
Adjustments to net loss: |
|
|
|
|
|
|
|
Interest expense and
other |
1,232 |
|
|
1,211 |
|
|
3,696 |
|
|
3,540 |
|
Provision for taxes |
77 |
|
|
28 |
|
|
409 |
|
|
104 |
|
Depreciation and
amortization |
668 |
|
|
642 |
|
|
1,974 |
|
|
1,941 |
|
Stock-based compensation
expenses |
504 |
|
|
1,032 |
|
|
1,903 |
|
|
3,390 |
|
Unrealized foreign currency
exchange losses (gains) |
115 |
|
|
16 |
|
|
135 |
|
|
(18 |
) |
Loss on early extinguishment
of debt |
— |
|
|
— |
|
|
— |
|
|
1,766 |
|
Severance expenses |
23 |
|
|
— |
|
|
198 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP ADJUSTED EBITDA |
$ |
(521 |
) |
|
$ |
(521 |
) |
|
$ |
(2,626 |
) |
|
$ |
(4,411 |
) |
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