Alimera Sciences(ALIM) - 2024 Q1 - Quarterly Results

Revenue Growth - Net revenue increased by 70% to $23 million in Q1 2024 compared to $13.5 million in Q1 2023[3] - U.S. net revenue rose by 92% to approximately $14.6 million in Q1 2024, driven by the acquisition of YUTIQ[6] - International net revenue increased by 42% to approximately $8.5 million in Q1 2024, supported by growth in end user demand and distributor restocking[6] Demand and Units Sold - Global end user demand grew by 23% year-over-year, totaling 4,028 units for the quarter[3] Financial Performance - Adjusted EBITDA for Q1 2024 was positive at $1.8 million, compared to an adjusted EBITDA loss of $(2.4) million in Q1 2023[3] - The company reported a net loss of $6.3 million in Q1 2024, compared to a net loss of $5.0 million in Q1 2023[3] - U.S. GAAP net loss for Q1 2024 was $6,251,000, compared to a net loss of $4,968,000 in Q1 2023[18] - Non-GAAP adjusted EBITDA for Q1 2024 was $1,804,000, an improvement from a loss of $2,395,000 in Q1 2023[18] Operating Expenses - Total operating expenses increased to approximately $22 million in Q1 2024, up from $14.8 million in Q1 2023, primarily due to higher sales and marketing expenses[7] - Interest expense and other for Q1 2024 amounted to $3,739,000, up from $1,667,000 in Q1 2023[18] - Depreciation and amortization expenses increased to $3,085,000 in Q1 2024, compared to $681,000 in Q1 2023[18] - Stock-based compensation for Q1 2024 was $845,000, significantly higher than $226,000 in Q1 2023[18] - Foreign currency exchange losses were $196,000 in Q1 2024, compared to $13,000 in Q1 2023[18] - Severance expenses recorded in Q1 2024 were $176,000, with no such expenses reported in Q1 2023[18] Cash Position - Cash and cash equivalents as of March 31, 2024, were approximately $14.3 million, an increase from $12.1 million at the end of 2023[7] Future Outlook - The company aims to achieve $105 million in revenue and at least 20% EBITDA margins for the full year 2024[2] - The National Institute for Health and Care Excellence (NICE) recommended access to ILUVIEN for chronic diabetic macular edema patients in the UK, potentially expanding the market[4] Tax and Fair Value Changes - Income tax benefit for Q1 2024 was $(32,000), with no income tax benefit reported in Q1 2023[18] - Change in fair value of warrant asset was $46,000 in Q1 2024, compared to $(14,000) in Q1 2023[18]