Delaware
|
|
001-34703
|
|
20-0028718
|
||
(State or other Jurisdiction of Incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
||
|
|
|
||||
6120 Windward Parkway
Suite 290
Alpharetta, Georgia
|
|
30005
|
||||
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Not Applicable
|
(Former name or former address if changed since last report.)
|
|
ALIMERA SCIENCES, INC.
|
|
|
|
|
Dated: February 18, 2019
|
By:
|
/s/ J. Philip Jones
|
|
Name:
|
J. Philip Jones
|
|
Title:
|
Chief Financial Officer
|
•
|
Fourth quarter 2018 consolidated net revenue up 66%
|
•
|
International segment revenue increased 138% over the prior year period
|
•
|
Net Loss of $1.2 million vs. Net Loss of $7.2 million during 4Q17
|
•
|
Positive Adjusted EBITDA of $2.4 million vs. Adjusted EBITDA loss of $3.8 million during 4Q17
|
•
|
Consolidated net revenue up 31% in 2018 vs. 2017
|
•
|
U.S. net revenue increased 24%; International segment increased 49%
|
ALIMERA SCIENCES, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
||||
CURRENT ASSETS
|
|
|
|
||||||
|
Cash and cash equivalents
|
$
|
13,043
|
|
|
$
|
24,067
|
|
|
|
Restricted cash
|
32
|
|
|
34
|
|
|||
|
Accounts receivable, net
|
17,259
|
|
|
11,435
|
|
|||
|
Prepaid expenses and other current assets
|
2,109
|
|
|
2,278
|
|
|||
|
Inventory, net
|
2,405
|
|
|
1,508
|
|
|||
|
|
Total current assets
|
34,848
|
|
|
39,322
|
|
||
NON-CURRENT ASSETS:
|
|
|
|
||||||
|
Property and equipment, net
|
1,355
|
|
|
1,410
|
|
|||
|
Intangible asset, net
|
16,723
|
|
|
18,664
|
|
|||
|
Deferred tax asset, net
|
1,182
|
|
|
528
|
|
|||
TOTAL ASSETS
|
$
|
54,108
|
|
|
$
|
59,924
|
|
||
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||||
|
Accounts payable
|
$
|
6,355
|
|
|
$
|
5,905
|
|
|
|
Accrued expenses
|
3,643
|
|
|
3,582
|
|
|||
|
Capital lease obligations
|
236
|
|
|
184
|
|
|||
|
|
Total current liabilities
|
10,234
|
|
|
9,671
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
||||||
|
Notes payable, net of discount - less current portion
|
37,873
|
|
|
34,365
|
|
|||
|
Capital lease obligations - less current portion
|
305
|
|
|
203
|
|
|||
|
Other long-term liabilities
|
2,974
|
|
|
766
|
|
|||
STOCKHOLDERS' EQUITY
|
|
|
|
||||||
|
Preferred stock - Series A
|
19,227
|
|
|
19,227
|
|
|||
|
Preferred stock - Series B
|
—
|
|
|
49,568
|
|
|||
|
Preferred stock - Series C
|
11,117
|
|
|
—
|
|
|||
|
Common stock
|
701
|
|
|
691
|
|
|||
|
Additional paid-in capital
|
346,108
|
|
|
341,622
|
|
|||
|
Common stock warrants
|
3,707
|
|
|
3,707
|
|
|||
|
Accumulated deficit
|
(377,127)
|
|
|
(399,075)
|
|
|||
|
Accumulated other comprehensive loss
|
(1,011)
|
|
|
(821)
|
|
|||
TOTAL STOCKHOLDERS' EQUITY
|
2,722
|
|
|
14,919
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
|
$
|
54,108
|
|
|
$
|
59,924
|
|
|
Three Months Ended
December 31, |
|
Twelve Months Ended
December 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Unaudited)
|
||||||||||||||
NET REVENUE
|
$
|
15,114
|
|
|
$
|
9,142
|
|
|
$
|
46,970
|
|
|
$
|
35,912
|
|
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION
|
(1,325
|
)
|
|
(1,043
|
)
|
|
(4,679
|
)
|
|
(3,438
|
)
|
||||
GROSS PROFIT
|
13,789
|
|
|
8,099
|
|
|
42,291
|
|
|
32,474
|
|
||||
|
|
|
|
|
|
|
|
||||||||
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES
|
2,876
|
|
|
3,076
|
|
|
11,274
|
|
|
12,844
|
|
||||
GENERAL AND ADMINISTRATIVE EXPENSES
|
3,995
|
|
|
3,443
|
|
|
14,525
|
|
|
13,039
|
|
||||
SALES AND MARKETING EXPENSES
|
6,142
|
|
|
6,646
|
|
|
23,517
|
|
|
23,210
|
|
||||
DEPRECIATION AND AMORTIZATION
|
704
|
|
|
672
|
|
|
2,645
|
|
|
2,684
|
|
||||
RECOVERABLE COLLABORATION COSTS
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,851
|
)
|
||||
OPERATING EXPENSES
|
13,717
|
|
|
13,837
|
|
|
51,961
|
|
|
48,926
|
|
||||
NET INCOME (LOSS) FROM OPERATIONS
|
72
|
|
|
(5,738
|
)
|
|
(9,670
|
)
|
|
(16,452
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
INTEREST EXPENSE AND OTHER
|
(1,236
|
)
|
|
(1,427
|
)
|
|
(4,776
|
)
|
|
(5,579
|
)
|
||||
UNREALIZED FOREIGN CURRENCY (LOSS) GAIN, NET
|
(83
|
)
|
|
11
|
|
|
(65
|
)
|
|
5
|
|
||||
CHANGE IN FAIR VALUE OF DERIVATIVE WARRANT LIABILITY
|
—
|
|
|
—
|
|
|
—
|
|
|
188
|
|
||||
LOSS ON EARLY EXTINGUISHMENT OF DEBT
|
—
|
|
|
—
|
|
|
(1,766
|
)
|
|
—
|
|
||||
NET LOSS BEFORE TAXES
|
(1,247
|
)
|
|
(7,154
|
)
|
|
(16,277
|
)
|
|
(21,838
|
)
|
||||
PROVISION FOR TAXES
|
(2
|
)
|
|
(70
|
)
|
|
(106
|
)
|
|
(163
|
)
|
||||
NET LOSS
|
|
(1,249
|
)
|
|
|
(7,224
|
)
|
|
|
(16,383
|
)
|
|
|
(22,001
|
)
|
GAIN ON EXTINGUISHMENT OF PREFERRED STOCK
|
|
—
|
|
|
|
—
|
|
|
|
38,330
|
|
|
|
—
|
|
NET (LOSS) INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$
|
(1,249
|
)
|
|
$
|
(7,224
|
)
|
|
$
|
21,947
|
|
|
$
|
(22,001
|
)
|
NET (LOSS) INCOME PER COMMON SHARE — Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.25
|
|
|
$
|
(0.33
|
)
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING — Basic
|
70,065,682
|
|
|
69,133,011
|
|
|
70,002,901
|
|
|
66,993,649
|
|
||||
NET (LOSS) INCOME PER COMMON SHARE — Diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.25
|
|
|
$
|
(0.33
|
)
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING — Diluted
|
70,065,682
|
|
|
69,133,011
|
|
|
70,738,481
|
|
|
66,993,649
|
|
|
Three Months Ended
December 31, |
|
Twelve Months Ended
December 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Unaudited)
|
||||||||||||||
GAAP NET LOSS
|
$
|
(1,249)
|
|
|
$
|
(7,224)
|
|
|
$
|
(16,383)
|
|
|
$
|
(22,001)
|
|
Adjustments to net loss:
|
|
|
|
|
|
|
|
||||||||
Interest expense and other
|
1,236
|
|
|
1,427
|
|
|
4,776
|
|
|
5,579
|
|
||||
Provision for taxes
|
2
|
|
|
70
|
|
|
106
|
|
|
163
|
|
||||
Depreciation and amortization
|
704
|
|
|
672
|
|
|
2,645
|
|
|
2,684
|
|
||||
Stock-based compensation expenses
|
1,021
|
|
|
1,279
|
|
|
4,411
|
|
|
4,981
|
|
||||
Unrealized foreign currency exchange loss (gain)
|
83
|
|
|
(11)
|
|
|
65
|
|
|
(5)
|
|
||||
One-time non-cash accrued severance expenses
|
617
|
|
|
—
|
|
|
617
|
|
|
—
|
|
||||
Change in the fair value of derivative warrant liability
|
—
|
|
|
—
|
|
|
—
|
|
|
(188)
|
|
||||
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
|
1,766
|
|
|
—
|
|
||||
NON-GAAP ADJUSTED EBITDA
|
$
|
2,414
|
|
|
$
|
(3,787)
|
|
|
$
|
(1,997)
|
|
|
$
|
(8,787)
|
|
|
Three Months Ended
December 31, 2018 |
|
Three Months Ended
December 31, 2017 |
||||||||||||||||||||||||||||
|
U.S.
|
|
International
|
|
Other
|
|
Consolidated
|
|
U.S.
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||||||||
NET REVENUE
|
$
|
8,869
|
|
|
$
|
6,245
|
|
|
$
|
—
|
|
|
$
|
15,114
|
|
|
$
|
6,502
|
|
|
$
|
2,640
|
|
|
$
|
—
|
|
|
$
|
9,142
|
|
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION
|
(791
|
)
|
|
(534
|
)
|
|
—
|
|
|
(1,325
|
)
|
|
(811
|
)
|
|
(232
|
)
|
|
—
|
|
|
(1,043
|
)
|
||||||||
GROSS PROFIT
|
8,078
|
|
|
5,711
|
|
|
—
|
|
|
13,789
|
|
|
5,691
|
|
|
2,408
|
|
|
—
|
|
|
8,099
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES
|
1,531
|
|
|
1,139
|
|
|
206
|
|
|
2,876
|
|
|
1,765
|
|
|
1,072
|
|
|
239
|
|
|
3,076
|
|
||||||||
GENERAL AND ADMINISTRATIVE EXPENSES
|
1,937
|
|
|
843
|
|
|
1,215
|
|
|
3,995
|
|
|
2,169
|
|
|
538
|
|
|
736
|
|
|
3,443
|
|
||||||||
SALES AND MARKETING EXPENSES
|
4,142
|
|
|
1,783
|
|
|
217
|
|
|
6,142
|
|
|
4,881
|
|
|
1,462
|
|
|
303
|
|
|
6,646
|
|
||||||||
DEPRECIATION AND AMORTIZATION
|
—
|
|
|
—
|
|
|
704
|
|
|
704
|
|
|
—
|
|
|
—
|
|
|
672
|
|
|
672
|
|
||||||||
OPERATING EXPENSES
|
7,610
|
|
|
3,765
|
|
|
2,342
|
|
|
13,717
|
|
|
8,815
|
|
|
3,072
|
|
|
1,950
|
|
|
13,837
|
|
||||||||
SEGMENT INCOME (LOSS) FROM OPERATIONS
|
468
|
|
|
1,946
|
|
|
(2,342
|
)
|
|
72
|
|
|
(3,124
|
)
|
|
(664
|
)
|
|
(1,950
|
)
|
|
(5,738
|
)
|
||||||||
OTHER INCOME AND EXPENSES, NET
|
—
|
|
|
—
|
|
|
(1,319
|
)
|
|
(1,319
|
)
|
|
—
|
|
|
—
|
|
|
(1,416
|
)
|
|
(1,416
|
)
|
||||||||
NET LOSS BEFORE TAXES
|
|
|
|
|
|
|
$
|
(1,247
|
)
|
|
|
|
|
|
|
|
$
|
(7,154
|
)
|
|
Twelve Months Ended
December 31, 2018 |
|
Twelve Months Ended
December 31, 2017 |
||||||||||||||||||||||||||||
|
U.S.
|
|
International
|
|
Other
|
|
Consolidated
|
|
U.S.
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
|
|
||||||||||||||||||||||||||||||
NET REVENUE
|
$
|
32,337
|
|
|
$
|
14,633
|
|
|
$
|
—
|
|
|
$
|
46,970
|
|
|
$
|
26,146
|
|
|
$
|
9,766
|
|
|
$
|
—
|
|
|
$
|
35,912
|
|
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION
|
(3,246
|
)
|
|
(1,433
|
)
|
|
—
|
|
|
(4,679
|
)
|
|
(2,482
|
)
|
|
(956
|
)
|
|
—
|
|
|
(3,438
|
)
|
||||||||
GROSS PROFIT
|
29,091
|
|
|
13,200
|
|
|
—
|
|
|
42,291
|
|
|
23,664
|
|
|
8,810
|
|
|
—
|
|
|
32,474
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES
|
6,457
|
|
|
3,946
|
|
|
871
|
|
|
11,274
|
|
|
5,780
|
|
|
3,314
|
|
|
3,750
|
|
|
12,844
|
|
||||||||
GENERAL AND ADMINISTRATIVE EXPENSES
|
8,147
|
|
|
3,259
|
|
|
3,119
|
|
|
14,525
|
|
|
7,580
|
|
|
2,605
|
|
|
2,854
|
|
|
13,039
|
|
||||||||
SALES AND MARKETING EXPENSES
|
16,569
|
|
|
5,910
|
|
|
1,038
|
|
|
23,517
|
|
|
16,588
|
|
|
5,394
|
|
|
1,228
|
|
|
23,210
|
|
||||||||
DEPRECIATION AND AMORTIZATION
|
—
|
|
|
—
|
|
|
2,645
|
|
|
2,645
|
|
|
—
|
|
|
—
|
|
|
2,684
|
|
|
2,684
|
|
||||||||
RECOVERABLE COLLABORATION COSTS
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,851
|
)
|
|
(2,851
|
)
|
||||||||
OPERATING EXPENSES
|
31,173
|
|
|
13,115
|
|
|
7,673
|
|
|
51,961
|
|
|
29,948
|
|
|
11,313
|
|
|
7,665
|
|
|
48,926
|
|
||||||||
SEGMENT (LOSS) INCOME FROM OPERATIONS
|
(2,082
|
)
|
|
85
|
|
|
(7,673
|
)
|
|
(9,670
|
)
|
|
(6,284
|
)
|
|
(2,503
|
)
|
|
(7,665
|
)
|
|
(16,452
|
)
|
||||||||
OTHER INCOME AND EXPENSES, NET
|
—
|
|
|
—
|
|
|
(6,607
|
)
|
|
(6,607
|
)
|
|
—
|
|
|
—
|
|
|
(5,386
|
)
|
|
(5,386
|
)
|
||||||||
NET LOSS BEFORE TAXES
|
|
|
|
|
|
|
$
|
(16,277
|
)
|
|
|
|
|
|
|
|
$
|
(21,838
|
)
|