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Alimera Sciences Reports Third Quarter 2018 Results

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deri21   Tuesday, 11/06/18 08:43:16 AM
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Alimera Sciences Reports Third Quarter 2018 Results

Record Net Revenue of $11.1 Million in Q3 2018; U.S. Net Revenue up 20%
Record U.S. End User Demand in Q3 2018
Net Loss and Adjusted EBITDA Loss Continue to Improve

ATLANTA, GA / ACCESSWIRE / November 5, 2018 / Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a global pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic pharmaceuticals, today announced financial results for the three months ended September 30, 2018. Alimera will host a conference call on November 6, 2018, at 9:00 a.m. ET to discuss these results.

"We are pleased with our progress in the third quarter of 2018, our highest quarter in both revenue and U.S. end user demand. Three years into the launch of ILUVIEN in the U.S., we continue to grow and anticipate continued momentum through the end of 2018 and into 2019," said Dan Myers, Alimera's Chief Executive Officer. "We are encouraged by the continued reduction of our net loss and adjusted EBITDA loss as we approach breakeven. We look forward to expanding the availability of and demand for ILUVIEN as we anticipate the addition of an indication for uveitis in Europe and launches of ILUVIEN by our distribution partners in Spain and France."

Third Quarter 2018 Financial Results

Consolidated Net Revenue

Consolidated net revenue increased 13% to approximately $11.1 million for the three months ended September 30, 2018, compared to approximately $9.8 million for the three months ended September 30, 2017. For the nine months ended September 30, 2018 consolidated net revenue increased 19% to approximately $31.9 million, compared to approximately $26.8 million for the nine months ended September 30, 2018.

U.S. Net Revenue

U.S. net revenue increased by 20% to approximately $8.5 million for three months ended September 30, 2018, compared to U.S. net revenue of approximately $7.1 million for the three months ended September 30, 2017. The increase was attributable to increased end user demand and increased sales to our distributors during the three months ended September 30, 2018.

End user demand, which represents units purchased by physicians and pharmacies from our distributors, was higher in the three months ended September 30, 2018, increasing 17% to 977 units compared to 837 units in the three months ended September 30, 2017.

The discrepancy between GAAP revenue and end user demand growth 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 2017, Alimera's distributors purchased approximately 3% more units than they sold to end users, increasing their stock on hand during that quarter.

International Net Revenue

Net revenue in Alimera's international segment was approximately $2.6 million for both the three months ended September 30, 2018 and 2017. Although overall net revenue remained flat, sales in the countries in Europe where we sell through distributors increased $370,000, while sales in the other countries in Europe where we sell directly decreased $360,000. The increase in our distributor markets was due to increased demand in the Middle East and Italy, and stocking orders by the Company's Spanish distributor in advance of a planned 2019 launch. The decrease in the direct markets was primarily attributable to a decrease in sales in Germany. Revenues from Alimera's international distributors comprise, depending upon the distribution arrangement, both upfront payments for inventory and a revenue share of the distributors' sales of product to end users. Revenues from Alimera's international distributors will fluctuate from quarter to quarter based upon the timing of the distributors' stocking practices.

Operating Expenses

Research, development and medical affairs expenses for the three months ended September 30, 2018 decreased by 48%, to approximately $2.8 million, compared to approximately $5.4 million for the three months ended September 30, 2017. The decrease was primarily attributable to a decrease of approximately $2.9 million related to a non-cash charge in the 2017 period for in-process Research and Development Expense to acquire the rights to Uveitis from EyePoint Pharmaceuticals expensed during the three months ended September 30, 2017.

General and administrative expenses for the three months ended September 30, 2018 increased by $100,000, or 3%, to approximately $3.4 million, compared to approximately $3.3 million for the three months ended September 30, 2017.
Sales and marketing expenses decreased by 8%, to $5.5 million for the three months ended September 30, 2018, compared to $6.0 million reported for the three months ended September 30, 2017. The decrease was primarily attributable to a $310,000 reduction in international personnel costs, and a $200,000 reduction in expenses associated with commercial support.

Total operating expenses were approximately $12.4 million for the three months ended September 30, 2018, compared to approximately $12.6 million for the three months ended September 30, 2017, a decrease of 2%. "Adjusted Operating Expenses," a non-GAAP financial measure defined below, were approximately $10.7 million for the three months ended September 30, 2018, compared to Adjusted Operating Expenses of approximately $10.6 million for the three months ended September 30, 2017, an increase of 1%.

Net Loss

Net loss for the three months ended September 30, 2018 was approximately $3.5 million, compared to a net loss of approximately $5.3 million for the three months ended September 30, 2017, an improvement of 34%.

Adjusted EBITDA

"Adjusted EBITDA," a non-GAAP financial measure defined below, was approximately a $520,000 loss for the three months ended September 30, 2018, compared to Adjusted EBITDA of approximately a $1.8 million loss for the three months ended September 30, 2017, an improvement of 71%.

Net Income (Loss) per Common Share

Basic net income per common share for the three months ended September 30, 2018 was $0.40 on 87,972,575 total weighted average shares outstanding, compared to basic net loss per share of $(0.08) on 68,430,856 total weighted average shares outstanding during the three months ended September 30, 2017. Diluted net income per common share for the three months ended September 30, 2018 was $0.39 on 88,108,280 total weighted average shares outstanding, compared to diluted net loss per share of $(0.08) on 68,430,856 total weighted average shares outstanding during the three months ended September 30, 2017. Net income for the three months ended September 30, 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 which attributed $0.45 per share and $0.48 per share for the three and nine months ended September 30, 2018, respectively.

Non-GAAP Loss per Common Share

Basic and diluted "Non-GAAP Net Loss per Common Share," a non-GAAP financial measure defined below that reflects the elimination of the gain on the extinguishment of preferred stock, was $(0.05) for the three months ended September 30, 2018 on 70,038,411 weighted average shares outstanding, compared to $(0.08) on 68,430,856 weighted average shares outstanding during the three months ended September 30, 2017.

Cash and Cash Equivalents

As of September 30, 2018, Alimera had cash and cash equivalents of approximately $12.6 million.

Definitions of Non-GAAP Financial Measures

For purposes of this press release, "Adjusted Operating Expenses" is operating expenses minus depreciation, amortization, and stock-based compensation expenses. "Adjusted EBITDA" is earnings before interest, taxes, depreciation, amortization, stock-based compensation expenses, net unrealized gains and losses from foreign currency exchange transactions, gains and losses from the change in the fair value of derivative warrant liability and losses on extinguishment of debt. "Non-GAAP Net Loss per Common Share" is Net Loss, after the elimination of 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, divided by weighted average common shares outstanding. Alimera provides non-GAAP financial information because it believes this information can enhance an overall understanding of its financial performance when considered together with GAAP figures. Refer to the sections of this press release entitled "Non-GAAP Financial Measures" and "Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures," which includes Adjusted Operating Expenses, Adjusted EBITDA, and Non-GAAP Net Loss per Common Share.

Conference Call to be Held November 6, 2018

A conference call will be hosted by Dan Myers, Chief Executive Officer, and Rick Eiswirth, President and Chief Financial Officer, to discuss the results. The call will be held at 9:00 a.m. ET, on November 6, 2018. Please refer to the information below for conference call dial-in information and webcast registration.

Conference date: November 6, 2018, 9:00 AM ET

Conference dial-in: 877-269-7756

International dial-in: 201-689-7817

Conference Call Name: Alimera Sciences Third Quarter 2018 Results Call

Webcast Registration: Click Here

Following the live call, a replay will be available on Alimera's website, www.alimerasciences.com, under "Investor Relations."

About Alimera Sciences

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