Ocular Therapeutix Inc. (NASDAQ:OCUL) shares jumped over 30% after the company announced its preliminary Q4 2019 net product revenue and interim results for the first phase of the OTX-TKI clinical trial for the treatment of wet age-related macular degeneration.
Ocular reports net product revenue of $2.3 million in Q4 2019
The company reported total net product revenue of around $2.3 million, which is 172% sequential quarter growth. Ocular indicated that net product revenue from Dextenza in Q4 was around $1.6 million. Dextenza is Ocular’s novel treatment for eye pain and inflammation after eye surgery. ReSure Sealant, which is the company’s older drug that seals incisions following cataract surgery, generated $0.7 million.
According to the company, growth in new accounts prescribing the drug, and an increase in re-order rates of existing accounts drove Dextenza’s revenue growth in the fourth quarter. Ocular stated that it has continued to witness enhanced interest for Dextenza from large accounts since the beginning of the year.
For the first quarter of 2020, the company is expecting net revenue from Dextenza to range from $2.4 million to $2.6 million. Equally, it is anticipating that net sales from ReSure Sealant will be around $0.6 million in the quarter. Therefore the company expects Q1 2020 net revenue to range between $3.0 million and $3.2 million.
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Positive results for OTX-TKI clinical trial
Ocular CEO and President Antony Mattessich indicated that they were delighted with the progress they have made so far following the launch of Dextenza. He added that the company had seen a growth of new accounts, enhanced re-order rates as well as an increase in average orders size. Regarding the interim results of OTX_TKI for wet age-related macular degeneration treatment, the CEO indicated that the results have been positive.
Preliminary results from the first phase of the clinical trial indicated that OTX-TKI managed to reduce fluid in the eye in some patients, which is an indication of improvement. The company is anticipating that the ocular insert will expand to the existing treatment to avoid having eye injections more often. Sign-up for continuing coverage on shares of $OCUL stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $OCUL, either long or short, and we have not been compensated for this article.