Alimera Sciences Reports Record Fourth Quarter and Full Year 2015 Financial Results
Annual revenue increased 167% for 2015 compared to 2014 due to launch of ILUVIEN in the U.S.
Record fourth quarter 2015 revenue; increased 241% over fourth quarter 2014
Company to host conference call on March 3, 2016 at 10:00 AM ET
ATLANTA, MARCH 2, 2015 /GLOBENEWSWIRE/ -- Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a pharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals, today announced record top-line financial results for the fourth quarter and year ended December 31, 2015.
"We are pleased with our growth in 2015, finishing the year 167% above 2014 revenue. During 2015, we launched ILUVIEN in the U.S. and Portugal and re-launched our German business, re-establishing the sales levels of the summer of 2014. Global sales in 2015 were $22.4 million, in line with expectations set on our third quarter 2015 earnings call," said Dan Myers, Alimera's Chief Executive Officer. "In the fourth quarter of 2015, we saw further expansion of our customer base in the U.S. and received positive news with the granting of the J-code for ILUVIEN. With this expansion, and an encouraging performance in Germany and Portugal, we look forward to further growth in 2016. Additionally, we expanded our platform for future growth with the addition of a distribution partnership in the Middle East. "
Fourth Quarter and Full Year 2015 Financial Results
Consolidated net revenue increased by approximately $4.1 million, or 241%, to approximately $5.8 million for the three months ended December 31, 2015, compared to net revenue of approximately $1.7 million for the three months ended December 31, 2014. Consolidated net revenue increased by approximately $14.0 million, or 167%, to approximately $22.4 million for the year ended December 31, 2015, compared to net revenue of approximately $8.4 million for the year ended December 31, 2014. These increases were primarily driven by increased sales of ILUVIEN in the U.S. following its launch in the U.S. in the first quarter of 2015.
Fourth quarter 2015 revenues were affected by typical seasonality, as well as some U.S. accounts deferring treatment of patients into 2016 to take advantage of the newly announced J-code for ILUVIEN. Alimera believes that the specific J-code reimbursement will drive additional use and reduce some reimbursement concerns from U.S. practices in 2016.
U.S. net revenue was $3.9 million in the fourth quarter of 2015. For the year ended December 31, 2015, U.S. net revenue was approximately $15.2 million. U.S. net revenue in 2015 was a result of the commercial launch and use of ILUVIEN by U.S. retinal physicians. There were no significant ILUVIEN sales in the U.S. in 2014.
International net revenue increased by approximately $200,000, or 12%, to approximately $1.9 million for the three months ended December 31, 2015, compared to approximately $1.7 million for the three months ended December 31, 2014. The increase was primarily attributable to increased unit sales in Germany compared to the prior year, offset by lower sales in the UK and the impact of decreases in the value of the British pound sterling and the Euro.
International net revenue decreased by approximately $1.1 million, or 13%, to approximately $7.3 million for the year ended December 31, 2015, compared to approximately $8.4 million for the year ended December 31, 2014. The decrease was primarily attributable to a decrease in German unit sales and decreases in the value of the British pound sterling and the Euro, offset by incremental sales associated with the commercial launch of ILUVIEN in Portugal in 2015.
The following information was filed by Alimera Sciences Inc (ALIM) on Thursday, March 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.