Financial Data and Key Metrics Changes - Total revenue for the second quarter was $63.7 million, a 30% increase year-over-year and a sequential increase of 33% from the previous quarter [13][14] - Adjusted EBITDA for the second quarter was $17 million, with net income of $5 million, highlighting the operating leverage built into the business [15][16] - The company aims for more than $280 million in revenue for 2025, needing approximately $169 million in the second half to meet this guidance [13][14] Business Line Data and Key Metrics Changes - VeeVai generated $18.6 million in revenue, a 13% decrease from the previous year, attributed to a normalization in average selling price (ASP) [16][17] - iHizo generated $18.3 million in revenue, a 251% increase from the previous year, driven by momentum from the retina pivot and expanded distribution [19][20] - Triassence achieved $5.2 million in revenue, a 447% increase from the previous year, with volumes accelerating and market share expanding [20][21] - ImprimisRx generated $21.5 million in revenue, a 7% increase from the previous year, performing as expected and on track to reach $80 million for the year [21] Market Data and Key Metrics Changes - VeeVai captured a 7.8% share of the national dry eye disease market, a 2.6% increase quarter-over-quarter [26] - iHizo's volume grew 33% quarter-over-quarter within the largest retina GPO, representing approximately 70% of the retina market [34] - Triassence achieved 84% coverage with only 8% of claims requiring prior authorization, indicating strong market penetration [36] Company Strategy and Development Direction - The company aims to deliver a quarterly revenue of $250 million by 2027, supported by a sophisticated infrastructure and a diverse portfolio of over 59 prescription products [8][9] - Recent strategic alliances, such as with Apollo Care, are expected to enhance distribution networks and improve ASP for VeeVai [18][19] - The company is preparing to launch Biclovy, a new FDA-approved steroid, in 2026, which is expected to capture significant market opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance for 2025, citing strong momentum in key growth drivers and a stable cost basis [15][16] - The company anticipates meaningful revenue growth as early as the third quarter, driven by increased prescription volumes and a more stable ASP [24][25] - Management highlighted the importance of maintaining a strong supply chain and safety stock to support future growth [59][60] Other Important Information - The company has secured additional manufacturing capacity for 2025 to meet growing demand for VeeVai and other products [25] - The recent acquisition of Samsung's ophthalmic biosimilars portfolio is expected to enhance the company's competitive position in the market [38] Q&A Session Summary Question: Can you help us with any kind of business rule changes within VeeVai as you onboard Apollo Care? - Management indicated that minor tweaks to the algorithm are ongoing, and the ASP is expected to stabilize and potentially improve by the end of the year due to expanded network coverage [44][45][47] Question: Any thoughts on the contribution of the biosimilars to the model in 2026 and 2027? - Management expressed excitement about the Samsung portfolio and anticipates launching BioViz in 2026, expecting immediate demand due to the existing market [49][50][51] Question: How much of the growth in new prescriptions for VeeVai was driven by Clarity C switchers? - Approximately 7,000 units came from Clarity C during the period, and management is confident in the loyalty of these patients for refills [55][56] Question: What are the expectations for the Specialty Branded and Triassence segment? - Management expects to double revenue levels for ex-Tri Essence products by the end of the year and sees strong growth potential for Triassence in the ocular inflammation market [60][62] Question: How does ApolloCare differ from PHIL in terms of integration with existing plans? - ApolloCare offers extensive contracted plans, which helps capture more commercial covered prescriptions, enhancing ASP stability [78][80]

Financial Data and Key Metrics Changes - The company reported a 38% year-over-year revenue growth in Q1 2025, achieving $280 million in revenue guidance for the year [7][20] - Cash flow from operations reached a record $19.7 million in the first quarter [7] - The company aims to generate approximately $232 million in revenue over the remaining three quarters of 2025 [7] Business Line Data and Key Metrics Changes - Vevi revenue increased by 35% sequentially from $16 million in Q4 2024 to $21.5 million in Q1 2025, prior to the launch of the VIVI Access for All program [8][21] - iHizo's sales were impacted by destocking in Q1 2025, but unit sales more than doubled in April compared to the first quarter average, indicating a return to growth [16][22] - Triassence completed critical market access initiatives in Q1, leading to a doubling of accounts ordering the product since the beginning of the year [19] Market Data and Key Metrics Changes - The company noted seasonality in its business, with Q1 typically being the weakest revenue period [9] - The specially branded products faced challenges in gross to net estimates, affecting recognizable revenue [10] Company Strategy and Development Direction - The company is focused on achieving and potentially exceeding its 2025 revenue guidance through various product lines, including Vevi, iHizo, and Triassence [20][24] - The VIVI Access for All program is seen as a transformative initiative that could significantly impact revenue growth [12][14] - The company is not planning to exit the compounding business, emphasizing its importance in building commercial relationships and credibility [33][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance, citing strong momentum in new prescriptions and refill rates for Vevi [21][24] - The company acknowledged challenges in the first quarter but expects significant improvement in subsequent quarters [58][92] - Management is optimistic about the long-term potential of its products and the overall business model [92] Other Important Information - The company is actively engaged in discussions for debt refinancing, aiming for a positive outcome by late summer or early fall [86][87] - The impact of current tariff policies on gross margins is estimated to be negligible, around 50 basis points [67][69] Q&A Session Summary Question: Price increase initiatives for iEZO - Management indicated that there were no significant price increases for iEZO, and some prices were actually decreased to enhance accessibility [26][29] Question: Project Beagle initiatives - Project Beagle aims to transition CLARITY C patients to Vevi, which is expected to be financially beneficial [30][31] Question: Sequential changes in iHizo - Management confirmed that unit demand for iHizo is returning to growth mode after destocking in Q1 [36][40] Question: Triassence volume inflection - Management noted that new accounts are opening and using Triassence, with positive signs for future growth [42][44] Question: Impact of tariffs on products - Management stated that the impact of tariffs on gross margins is minimal, around 50 basis points [67][69] Question: Transition of compounding products to prescription - Management highlighted the hidden value in the compounding business and its role in building commercial relationships [53][55] Question: Revenue dynamics for iHizo - Management acknowledged the need for improvement in revenue and unit demand for iHizo, with expectations for growth in 2025 [75][76] Question: VIVI patient transition from CLARITY - Management confirmed that over 25,000 patients are being transitioned from CLARITY C to Vevi, with positive feedback from KOLs [77][80] Question: Debt refinancing outlook - Management expressed confidence in achieving favorable terms for debt refinancing by late summer or early fall [86][87]

Financial Data and Key Metrics Changes - The company reported a 38% year-over-year revenue growth in the first quarter of 2025, achieving $280 million in directional revenue guidance for the year [6][20] - Cash flow from operations reached a record $19.7 million [6] - The company aims to generate approximately $232 million in revenue over the remaining three quarters of the year [6] Business Line Data and Key Metrics Changes - Vevi revenue increased by 35% sequentially from $16 million in Q4 2024 to $21.5 million in Q1 2025, prior to the launch of the VIVI Access for All program [7][12] - iHizo's sales were impacted by destocking in Q1 2025, but unit sales more than doubled in April compared to the monthly average in Q1 [15][16] - Triassence completed critical market access initiatives in Q1, leading to a doubling of accounts ordering the product since the beginning of the year [18][19] Market Data and Key Metrics Changes - The company noted seasonality in its business, with Q1 typically being the weakest revenue period [9] - The specially branded products faced challenges due to volatility in gross to net estimates, affecting recognizable revenue [10] Company Strategy and Development Direction - The company is focused on achieving and potentially exceeding its 2025 revenue guidance through various product lines, including Vevi, iHizo, and Triassence [6][20] - The VeeVai Access for All program is expected to significantly impact revenue growth, with the potential to become a leading product in the dry eye medication market [12][14] - The company is not planning to exit the compounding business, emphasizing its importance in building commercial relationships and credibility [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance, citing strong momentum in new prescriptions and refill rates for Vevi [11][21] - The company anticipates that the third quarter will see stronger numbers driven by compounding effects from new prescriptions [23] - Management acknowledged the need for improvement in certain product lines and plans to review current strategies [59] Other Important Information - The company expects to deliver over $50 million in revenue from iHizo in 2025, with significant growth anticipated [22] - The ImprimisRx compounding business is projected to deliver more than $80 million in revenue in 2025 [22] Q&A Session Summary Question: Price increase initiatives for iHizo - Management indicated that there were no significant price increases for iHizo, and some price decreases were implemented to enhance accessibility [26][29] Question: Project Beagle initiatives - Management clarified that Project Beagle focuses on transitioning Clarity C patients to Vevi, which is expected to be financially beneficial [30][32] Question: Sequential changes in iHizo - Management noted that unit demand is returning to growth mode, with expectations for incremental growth in Q2 [38][41] Question: Triassence volume inflection - Management reported that many new accounts are beginning to use Triassence, with positive signs of adoption in various care settings [44][46] Question: Impact of tariffs on products - Management estimated a negligible impact of current tariff policies on gross margins, around 50 basis points [68][70] Question: Debt refinancing plans - Management expressed confidence in successfully restructuring debt by late summer or early fall, with positive discussions ongoing with lenders [85][86]