Avedro, Inc. Announces First Quarter 2019 Financial Results
09 Maggio 2019 - 10:05PM
Avedro, Inc. (Nasdaq: AVDR) (Avedro) today reported financial
results for the quarter ended March 31, 2019.
Recent Highlights
- First quarter 2019 revenue of $8.8 million – an increase of 70%
year over year
- Gross margin increased to 74.0% vs. 49.2% in the prior
year
- Completed enrollment for the Epi-On pivotal clinical trial
- Added coverage from five regional insurance providers,
increasing total payor coverage to approximately 181 million lives,
greater than 95% of the total addressable patient population for
keratoconus in the United States
- Strong and growing awareness of keratoconus in the United
States
- Over 80 presentations on keratoconus and cross-linking at the
American Society of Cataract and Refractive Surgery (ASCRS) annual
meeting held last week
- Social media and website traffic significantly higher,
including a greater than 150% increase year over year for the
patient-focused site, www.livingwithkeratoconous.com
"We are pleased with our first quarter performance which
reflects strong customer adoption of our sight-preserving
cross-linking technology, revenue growth and a solid increase in
gross margin. With the recent implementation of the
product-specific J Code for our Photrexa formulations, customers
are now experiencing fewer drug-related reimbursement inquiries
from the payors,” said Reza Zadno, President and CEO. “Through
investments in our commercial and reimbursement teams and pipeline
of next-generation products, we are well positioned to drive
meaningful top-line growth and continued margin expansion
throughout 2019 and beyond.”
First Quarter Financial ResultsRevenue for the
quarter ended March 31, 2019, increased 70% to $8.8 million, from
$5.2 million during the same period in 2018. The increase in
revenue was primarily driven by an increase in U.S. revenue which
amounted to $3.3 million, and by a $0.3 million increase in
non-U.S. revenue.
Gross margin was 74.0% for the first quarter of 2019, as
compared to 49.2% in the same period in 2018.
Operating expenses for the first quarter of 2019 increased
76.0%, or $6.3 million, compared to the first quarter of 2018. The
increase in operating costs was primarily due to the expansion of
our sales and reimbursement teams and an increase in research and
development expenses from ongoing clinical trials.
Operating loss was $8.0 million in the first quarter of 2019, as
compared to $5.7 million in the same period in 2018.
Net loss was $8.4 million in the first quarter of 2019, as
compared to $6.6 million in the same period in 2018.
Guidance for Full Year 2019Avedro expects
revenue for 2019 to be in the range of $37 million to $40 million,
representing annual growth of approximately 39% at the midpoint of
the range. This compares to previous expectations for 2019 revenue
to be in the range of $36 million to $40 million.
Webcast and Conference Call InformationAvedro’s
management team will host a conference call today beginning at 4:30
p.m. ET. Investors interested in listening to the conference call
may do so by dialing (866) 951-6741 for domestic callers or (409)
216-0623 for international callers, using Conference ID: 8696943. A
live and archived webcast of the event will be available on the
“Investors” section of Avedro’s website at
www.avedro.com.
About Avedro, Inc.Avedro is a leading
commercial-stage ophthalmic medical technology company focused on
treating corneal ectatic disorders and improving vision to reduce
dependency on eyeglasses or contact lenses. Avedro’s proprietary
Corneal Remodeling Platform is designed to strengthen, stabilize
and reshape the cornea utilizing corneal cross-linking in minimally
invasive and non-invasive outpatient procedures to treat corneal
ectatic disorders and correct refractive conditions. The Avedro
Corneal Remodeling Platform is comprised of Avedro’s KXL and Mosaic
systems, each of which delivers ultraviolet A light, and a suite of
proprietary single-use riboflavin drug formulations, which, when
applied together to the cornea, induce a biochemical reaction
called corneal collagen cross-linking.
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
are not limited to, statements about Avedro’s financial condition
and results of operations, broadening payor and reimbursement
coverage and Avedro’s future financial performance for the full
year 2019. Words such as “anticipates,” “believes,” “expects,”
“intends,” “projects,” “anticipates,” and “future” or similar
expressions are intended to identify forward-looking statements.
Any forward-looking statements are based on management’s current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. For a discussion of risks and
uncertainties and other important factors, any of which could cause
Avedro’s actual results to differ from those contained in the
forward-looking statements, see the section titled “Risk Factors”
in Avedro’s in Avedro’s annual report on Form 10-K
filed March 21, 2019 as well as discussions of potential
risks, uncertainties and other important factors in Avedro’s
subsequent filings with the Securities and Exchange Commission. All
information in this press release is as of the date of the release,
and Avedro undertakes no duty to update this information unless
required by law.
Investor Contact:Greg Chodaczek or Lynn
LewisPhone: 646-924-1769investors@avedro.com
Avedro, Inc. |
Condensed Statement of Operations |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2019 |
|
2018 |
Revenue |
$ |
8,773 |
|
|
$ |
5,154 |
|
Cost of goods sold |
|
2,284 |
|
|
|
2,618 |
|
Gross profit |
|
6,489 |
|
|
|
2,536 |
|
Gross margin |
|
74.0 |
% |
|
|
49.2 |
% |
|
|
|
|
Operating expenses: |
|
|
|
Selling, general and administrative |
|
10,221 |
|
|
|
5,288 |
|
Research and development |
|
4,285 |
|
|
|
2,954 |
|
Total operating expenses |
|
14,506 |
|
|
|
8,242 |
|
Loss from operations |
|
(8,017 |
) |
|
|
(5,706 |
) |
Other expense, net |
|
(336 |
) |
|
|
(928 |
) |
Net loss |
$ |
(8,353 |
) |
|
$ |
(6,634 |
) |
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(1.00 |
) |
|
$ |
(4.85 |
) |
|
|
|
|
Weighted average common shares
used to compute net loss per share, basic and diluted |
|
8,368,839 |
|
|
|
1,367,914 |
|
|
|
|
|
|
|
|
|
Avedro, Inc. |
Condensed Balance Sheet |
(in thousands) |
(unaudited) |
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
|
|
|
|
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash & cash equivalents |
$ |
64,809 |
|
|
$ |
9,769 |
|
Accounts receivable, net |
|
10,973 |
|
|
|
4,725 |
|
Inventories |
|
4,473 |
|
|
|
4,259 |
|
Prepaid expenses and other current assets |
|
3,116 |
|
|
|
1,919 |
|
Total current assets |
|
83,371 |
|
|
|
20,672 |
|
Equipment and furniture,
net |
|
1,447 |
|
|
|
1,524 |
|
Other non-current assets |
|
931 |
|
|
|
3,671 |
|
Total assets |
$ |
85,749 |
|
|
$ |
25,867 |
|
|
|
|
|
|
Liabilities, convertible preferred stock and stockholders'
equity (deficit) |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
$ |
2,521 |
|
|
$ |
2,126 |
|
Accrued expenses and other current liabilities |
|
6,163 |
|
|
|
6,304 |
|
Total current liabilities |
|
8,684 |
|
|
|
8,430 |
|
Long-term liabilities |
|
|
|
|
Long-term debt |
|
20,128 |
|
|
|
19,939 |
|
Other non-current liabilities |
|
665 |
|
|
|
2,663 |
|
Total liabilities |
|
29,477 |
|
|
|
31,032 |
|
Convertible preferred
stock |
|
- |
|
|
|
68,423 |
|
Total stockholders' equity
(deficit) |
|
56,272 |
|
|
|
(73,588 |
) |
Total liabilities, convertible preferred stock and stockholders'
equity |
$ |
85,749 |
|
|
$ |
25,867 |
|
|
|
|
|
|
|
|
|
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