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Alimera Sciences Reports Second Quarter 2014 Financial Results
Date:8/7/2014

cond Quarter 2014 Financial Results Net revenue for the second quarter of 2014 was $2.2 million, compared to $2.1 million in the first quarter of 2014 and $179,000 for the second quarter of 2013.

GAAP cost of goods sold for the second quarter of 2014 was $376,000 compared to $11,000 for the second quarter of 2013. GAAP cost of goods sold for the second quarter of 2014 were impacted by a reserve of $207,000 for potential German inventory expiration later in 2014. This reserve relates to the initial inventory build of German product in late 2012 and early 2013 in advance of the expected launch in Germany, which has not progressed as initially expected. Excluding this reserve, non-GAAP adjusted cost of goods sold was $169,000. Non-GAAP adjusted gross margin was $2.0 million, or 91%, for the second quarter of 2014, compared to $168,000, or 94%, for the second quarter of 2013.

Research and development expenses for the second quarter of 2014 decreased 18% to $1.8 million, compared to $2.2 million for the second quarter of 2013. The decrease was primarily attributable to the completion of the physician utilization study in the fourth quarter of 2013 and cost associated with April 2013 resubmission of the ILUVIEN NDA, offset by additional personnel hired in the EU following the commercial launch of ILUVIEN in Germany and the United Kingdom.

General and administrative expenses in the second quarter of 2014 increased 17% to $2.8 million, compared to $2.4 million in the second quarter of 2013. The increase was primarily attributable to additional personnel hired following the commercial launch of ILUVIEN in Germany and the United Kingdom.

Sales and marketing expenses in the second quarter of 2014 decreased 37% to $3.1 million, compared to $4.9 million for the second quarter of 2013. The decrease was primarily attributable to decreases of non-recurring marketing and market access costs incurred during the second quarter of 2013 in connection with the
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SOURCE Alimera Sciences, Inc.
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