Financial Data and Key Metrics Changes - Revenues for Q1 2020 were $14.5 million, up 12% compared to $12.9 million in Q1 2019 [6][10] - Adjusted EBITDA was $1.3 million in Q1 2020, compared to $27,000 in Q1 2019 [9] - Cash and cash equivalents increased to approximately $12.2 million as of March 31, 2020, up from $9.4 million on December 31, 2019 [11] Business Line Data and Key Metrics Changes - U.S. net sales were $7.1 million, a 4% increase over Q1 2019 [7] - End user demand for ILUVIEN in the U.S. declined to 855 units in Q1 2020 from 939 units in Q1 2019 [7] - International segment sales were $7.5 million, up 23% from $6.1 million in the previous year [8] Market Data and Key Metrics Changes - The international segment continues to grow as a percentage of total revenue, driven by both diabetic macular edema and uveitis indications [8] - The COVID-19 pandemic has limited patient access to physicians, impacting ILUVIEN utilization [12] Company Strategy and Development Direction - The company plans to manage costs by minimizing non-payroll spending while maintaining staffing levels [16] - There is a focus on leveraging the unique value of ILUVIEN, particularly its continuous microdosing technology, to reduce the need for frequent physician visits [13][14] - The company aims to increase unit demand for ILUVIEN in both U.S. and international markets, and expand geographically into new markets [19] Management's Comments on Operating Environment and Future Outlook - The management has withdrawn previously communicated guidance regarding revenue growth and cash flow for 2020 due to the uncertainty caused by COVID-19 [13] - There is cautious optimism about market reopening and a gradual return to normal operations [18] - The management believes that the pandemic highlights the value of ILUVIEN in treatment paradigms, especially for vulnerable patients [14] Other Important Information - The company achieved a revenue milestone of $30 million in trailing six-month revenue, allowing for an additional $2.5 million drawdown to strengthen the balance sheet [10] - The company received $1.8 million in support from the federal government under the Paycheck Protection Program [11] Q&A Session Summary Question: Have providers reached out for information on ILUVIEN related to COVID-19? - Management noted some anecdotal feedback from doctors expressing a desire for more ILUVIEN patients to help manage patient visits during the pandemic [22] Question: What factors contributed to strong European sales? - Management indicated that the strength was due to a combination of factors, including the uveitis indication and a strong presence at conferences [24] Question: How has the COVID-19 situation impacted patient volumes? - Management reported that patient volumes have decreased by 60% to 80% in some practices, but noted that their business has not been impacted to that extent [26] Question: What is the current status of the sales force? - The company has 30 sales reps in the U.S. and about 30 in Europe, with efforts to prepare them for virtual engagement with doctors [41][51] Question: Are there any updates on the stock shortage in the U.S.? - The shortage was due to increased demand and manufacturing equipment issues, but the company is now in good shape regarding inventory [48] Question: Will the company consider changes to its cost structure post-COVID? - Management indicated that they are evaluating their cost structure and may continue to adapt based on the evolving situation [38]
Alimera Sciences(ALIM) - 2020 Q1 - Earnings Call Transcript