|in here 1.90 on revised earnings .....EyePoint Pharmaceuticals Announces Preliminary Fourth Quarter and Full-Year 2019 Revenues|
2020-01-23 07:00 ET - News Release
- Q4 2019 total revenues are estimated to be between $7.5 - $8.2 million and full-year 2019 total revenues are estimated to be between $19.3 - $20.0 million -
- Q4 2019 net product revenues are estimated to be between $6.9 - $7.6 million and full-year 2019 net product revenues are estimated to be between $15.8 - $16.5 million, representing a significant acceleration from Q3 2019 -
- Management to host a conference call and webcastto review fourth quarter and full year 2019 results on Thursday, March 5, 2020 at 8:30 AM ET -
WATERTOWN, Mass., Jan. 23, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a biopharmaceutical company committed to developing and commercializing innovative ophthalmic products today reported preliminary, unaudited, total and net product revenue for the fourth quarter and full-year 2019. For the fourth quarter ended December 31, 2019, total revenues are estimated to be between $7.5 and $8.2 million and net product revenues are estimated to be between $6.9 and $7.6 million, a significant acceleration from net product revenues of $1.0 million reported for the third quarter ended September 30, 2019. For the full-year 2019, total revenues are estimated to be between $19.3 and $20.0 million and net product revenues are estimated to be between $15.8 and $16.5 million. The net product revenues acceleration in the fourth quarter of 2019 was driven by strong customer demand for both DEXYCU® and YUTIQ®.
“2019 was a year marked by significant achievement as evidenced by two successful commercial product launches, DEXYCU and YUTIQ,” said Nancy Lurker, President & Chief Executive Officer of EyePoint. “We are very pleased by the sales acceleration in the fourth quarter for both products which positions the Company well for a strong 2020. Customer demand is building, physician acceptance continues to grow, and we will continue to execute on additional agreements with payors to expand access to our products. In parallel, we remain focused on advancing and enhancing our pipeline for areas of unmet need in ocular disease. “
Customer demand, represented as units purchased by physicians and ambulatory surgical centers (ASCs) from the Company’s distributors, showed continued strong unit growth for both products with estimated increases of 43% and 86% for YUTIQ and DEXYCU, respectively, in the fourth quarter of 2019 versus the third quarter of 2019. This growth was supported by the permanent and specific J-Code for YUTIQ in place as of October 1, 2019 and the execution of key agreements with payors and large ASCs during the period.
The difference between reported GAAP net product revenues and customer demand is due to the timing of distributor purchases from the Company based upon customer demand and distributor inventory levels from quarter to quarter. The Company also moved from a single distributor title model to a more traditional multi-distributor structure during the fourth quarter.
Net product revenue for YUTIQ is estimated to be between $4.1 and $4.5 million and between $11.4 and $11.8 million for the fourth quarter and full-year ended December 31, 2019, respectively.
Net product revenue for DEXYCU is estimated to be between $2.8 and $3.1 million and between $4.4 and $4.7 million for the fourth quarter and full-year ended December 31, 2019, respectively.
The Company estimates that it had cash and cash equivalents of approximately $22 million at December 31, 2019.
The preliminary fourth quarter and full-year 2019 revenue results included in this release were calculated prior to the completion of a review by the Company’s independent registered public accounting firm and are therefore subject to adjustment.
Fourth Quarter and Full Year 2019 Financial Results Conference Call
Eyepoint Pharmaceuticals will host a conference call and webcast to discuss fourth quarter and full-year 2019 financial results on Thursday, March 5, 2020 at 8:30 AM ET. To access the conference call, please dial (877) 312-7507 from the U.S. and Canada or (631) 813-4828 (international) at least 10 minutes prior to the start time and refer to conference ID 7314529. A live webcast will be available on the Investor Relations section of the corporate website at http://www.eyepointpharma.com. A replay of the webcast will also be available on the corporate website.