ATLANTA—Alimera Sciences, Inc. (NASDAQ: ALIM), a global pharmaceutical company specializing in retinal health, has announced financial results for the first quarter of 2024. “Our results in this quarter were consistent with our expectations as we continue to integrate YUTIQ [a treatment for chronic, non-infectious uveitis] into our U.S. business and support the acceleration of growth in international markets, providing further confidence in our ability to achieve $105 million in revenue and at least 20 percent EBITDA margins this year," said Rick Eiswirth, Alimera’s president and chief executive officer.

"This quarter provided some key clinical milestones with the completion of enrollment in the Synchronicity Study and the randomization of the first patient in the DRCR Retina Network study where ILUVIEN is being studied as a treatment for radiation retinopathy. We also continue to advance plans for potential indication expansion opportunities and were pleased that the National Institute for Health and Care Excellence (NICE) recommended that chronic DME (diabetic macular edema) patients with a natural lens gain access to ILUVIEN in the United Kingdom."

ILUVIEN is a back-of-the-eye implant that provides a therapeutic effect for up to 36 months by delivering sustained sub-microgram levels of fluocinolone acetonide for the treatment of DME. 

Other key highlights from the financial report include the following:

● Net revenue of $23.0 million, up 70 percent compared with the prior-year quarter.

● Net loss of $6.3 million compared with a net loss of $5.0 million in Q1 2023.

● Positive adjusted EBITDA of $1.8 million compared with an adjusted EBITDA loss of $2.4 million in Q1 2023.

● U.S. net revenue of $14.6 million, up 92 percent compared with the prior-year quarter.

● International net revenue of $8.5 million, up 42 percent compared with Q1 2023.

● Global end-user demand was up 23 percent compared with Q1 2023, at 4,028 units for the quarter.

● Alimera increased its term loan agreement with its current lenders, investment affiliates managed by SLR Capital Partners, LLC, by $5.0 million.

Total operating expenses were approximately $22.0 million for Q1 2024, compared with approximately $14.8 million for Q1 2023. The increase was primarily attributable to $3.3 million of additional sales and marketing expenses driven by expansion of the company’s commercial infrastructure to support selling two products in the U.S., $2.4 million in additional amortization expense attributable to the YUTIQ acquisition in May 2023, and a $1.3 million increase in general administrative expenses relating to $0.7 million of personnel costs and $0.5 million of stock-based compensation expense, according to Alimera.

As of March 31, 2024, Alimera had cash and cash equivalents of approximately $14.3 million, compared with $12.1 million as of December 31, 2023, the company said.