Core Insights - Alimera Sciences reported a significant increase in net revenue, up 54% to $27 million compared to Q2 2023, driven by strong performance in both U.S. and international markets [1][3][5] - The company has entered into a definitive merger agreement with ANI Pharmaceuticals, which is expected to close later this quarter [1][4][2] Financial Performance - Net revenue for Q2 2024 reached approximately $27 million, a 54% increase from $17.5 million in Q2 2023 [3][5] - U.S. net revenue was approximately $17.6 million, up 48% from $11.9 million in Q2 2023, primarily due to the acquisition of YUTIQ [3][5] - International net revenue increased by 65% to approximately $9.4 million compared to $5.7 million in Q2 2023, driven by increased stocking and end user demand [3][5] - Adjusted EBITDA for Q2 2024 was $6.7 million, compared to $0.9 million in Q2 2023 [3][5] Corporate Developments - The merger agreement with ANI Pharmaceuticals values Alimera's equity at approximately $320 million, with a cash offer of $5.50 per share and potential contingent value rights [4] - The company has modified royalty payment terms, reducing the royalty to 3.125% of net revenues for products containing fluocinolone acetonide [4][6] Operating Expenses - Total operating expenses for Q2 2024 were approximately $23.2 million, an increase from $16.3 million in Q2 2023, attributed to merger-related costs and expanded commercial infrastructure [6][7] Cash Position - As of June 30, 2024, Alimera had cash and cash equivalents of approximately $10.8 million, down from $14.3 million at the end of Q1 2024 [7]
Alimera Sciences Reports Second Quarter 2024 Results