Alimera Sciences Inc (ALIM) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

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Alimera Sciences Inc
Ticker: ALIM CIK: 1267602

Exhibit 99.1

Alimera Sciences Reports Second Quarter 2017 Financial Results


•	Alimera reports Net Revenue of $10.4 million for the second quarter of 2017 compared to Net Revenue of $9.6 million for the second quarter of 2016


•	GAAP Net Loss of $2.8 million for the second quarter of 2017 compared to a GAAP Net Loss of $6.9 million to the second quarter of 2016


•	Achieves positive Adjusted EBITDA of $0.5 million for the second quarter of 2017 compared to a negative Adjusted EBITDA of $4.4 million for the second quarter of 2016


•	Company to host conference call on Thursday August 3, 2017 at 9:00 AM ET

ATLANTA, Aug. 02, 2017 (GLOBENEWSWIRE) -- Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a global pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic pharmaceuticals, today announced top-line financial results for the three months ended June 30, 2017.

“We are very pleased that in the second quarter of 2017 we achieved positive adjusted EBITDA for the first time in the history of the Company”, said Dan Myers, Alimera's Chief Executive Officer. “We accomplished this through revenue growth of 8% compared to the same period in 2016 while establishing an appropriate level of operating expenses following the U.S. launch. Additionally, we amended our agreement with pSivida in July to allow for the potential expansion of ILUVIEN’s indication to include posterior uveitis in Europe, the Middle East and Africa. We continue to present new real world data on ILUVIEN in Europe and the U.S. data that we believe will resonate well with physicians. Importantly, due to our anticipated growth and level of operating expenses, we believe we will be able to achieve positive operating cash flow late this year.”

Second Quarter Financial Results

Consolidated net revenue increased by approximately $800,000, or 8%, to approximately $10.4 million for the three months ended June 30, 2017, compared to net revenue of approximately $9.6 million for the three months ended June 30, 2016. The increase was primarily attributable to increased sales volume in the U.S.

U.S. net revenue increased by approximately $900,000, or 13%, to approximately $8.1 million for the three months ended June 30, 2017, compared to U.S. net revenue of approximately $7.2 million for the three months ended June 30, 2016. The increase was driven by increased sales of ILUVIEN in the U.S., primarily attributable to an increase in end user unit demand of 9%.

International net revenue was approximately $2.3 million for the three months ended June 30, 2017 and 2016. International segment demand, primarily in Germany, the UK and Portugal, was flat, suppressed in the second quarter of 2017 due to an out of stock situation in Germany as a result of increasing demand in the first quarter of 2017.

Consolidated gross profit increased by $600,000, or 7%, to $9.6 million for three months ended June 30, 2017, compared to $9.0 million for the three months ended June 30, 2016. Gross margin was 93% and 94% for the three months ended June 30, 2017 and 2016, respectively.

Consolidated operating expenses decreased by approximately $4.5 million, or 29%, to approximately $11.0 million for the three months ended June 30, 2017, compared to $15.5 million for the three months ended June 30, 2016.

Consolidated research, development and medical affairs expenses for the three months ended June 30, 2017 decreased by approximately $1.0 million, or 31%, to approximately $2.2 million, compared to $3.2 million for the three months ended June 30, 2016. The reduction was primarily attributable to a reduction in Alimera’s international scientific study costs and decreases in personnel costs.

Consolidated general and administrative expenses for the three months ended June 30, 2017 decreased by approximately $1.0 million, or 25%, to approximately $3.0 million, compared to approximately $4.0 million for the three months ended June 30, 2016. The reduction was primarily attributable to a reduction in personnel costs and due to a payment we made to pSivida in 2016 as part of a dispute that was later settled in 2017.

Consolidated sales and marketing expenses decreased by $2.4 million, or 32%, to $5.1 million for the three months ended June 30, 2017, compared to $7.5 million reported for the three months ended June 30, 2016. The decrease was primarily attributable to cost saving plans implemented by Alimera in late 2016 and early 2017.

The following information was filed by Alimera Sciences Inc (ALIM) on Thursday, August 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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