Financial Data and Key Metrics Changes - Consolidated global net revenue increased 70% year-over-year to $23 million in Q1 2024, driven by the acquisition of YUTIQ and growth in global end-user demand [9][18] - Adjusted EBITDA was $1.8 million in Q1 2024, compared to an adjusted EBITDA loss of $2.4 million in Q1 2023 [9][21] - Net loss was approximately $6.3 million in Q1 2024, compared to approximately $5 million in Q1 2023 [21] Business Line Data and Key Metrics Changes - U.S. net revenue increased 92% to approximately $14.6 million in Q1 2024, primarily due to the acquisition of YUTIQ [10][18] - International net revenue grew 42% to approximately $8.5 million in Q1 2024, driven by a 53% increase in end-user demand [12][19] Market Data and Key Metrics Changes - U.S. end-user demand for products was up 96% in Q1 2024, including the addition of YUTIQ, and 2% on a pro forma basis [10][18] - International total end-user demand increased 53% to 2,050 units compared to Q1 2023 [19] Company Strategy and Development Direction - The company aims to grow the utilization of ILUVIEN and YUTIQ in 2024 and beyond, with a focus on cross-selling opportunities [23] - The NICE guidance in the U.K. is expected to expand the potential user base for ILUVIEN, positively impacting utilization in the second half of 2024 [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $105 million in revenue and at least 20% adjusted EBITDA margins for the year [9][24] - The company anticipates revenue fluctuations due to seasonality, but remains optimistic about long-term growth prospects [10][21] Other Important Information - The company has increased its term loan agreement by $5 million to provide more operating flexibility [22] - The first patient has been randomized in a significant clinical trial evaluating treatment options for radiation retinopathy [16] Q&A Session Summary Question: Awareness of Product Indications - Management acknowledged that there is an awareness issue among physicians regarding the dual indications of their products and is implementing an education campaign [26][29] Question: Rebating Strategy - A non-clinical value program was implemented to provide value back to physician practices using ILUVIEN or YUTIQ more consistently, with expectations for a small impact in Q2 [30][31] Question: Financial Support for Protocol AL Trial - The company will contribute approximately $1.25 million over four to five years for the protocol AL trial [41] Question: Impact of NICE Recommendation - The NICE recommendation is expected to potentially double the market for available patients in the U.K., but the speed of adoption remains uncertain [45] Question: Sales and Marketing Expenses - The company expects sales and marketing expenses to normalize after one-time costs incurred in Q1 2024 [35][63] Question: Field Feedback on New Messaging - Initial feedback on the new messaging has been positive, with advocates recognizing the importance of early intervention [68]
Alimera Sciences(ALIM) - 2024 Q1 - Earnings Call Transcript