Alimera Sciences, Inc. (NASDAQ:ALIM) Q3 2018 Earnings Conference Call Transcript

Nov 06, 2018 • 09:00 am ET


Alimera Sciences, Inc. (NASDAQ:ALIM) Q3 2018 Earnings Conference Call Transcript


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Greetings, and welcome to the Alimera Sciences Third Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jacob Goldberger of CG Capital. Thank you, sir. You may begin.

Jacob Goldberger

Thank you, Jesse, and thank you all for joining us today for the Alimera Sciences Third Quarter 2018 Financial Results Conference Call. With me on the call today are Dan Myers, CEO; and Rick Eiswirth, President and CFO. Yesterday, the company issued a press release announcing third quarter 2018 results. Today's call is being webcast and a recording will be posted to the company's website. Following remarks by management, we will open the call up to your questions.

(Forward Looking Cautionary Statements)

Alimera's press release includes certain non-GAAP financial measures. Alimera does so because it uses those non-GAAP financial measures to measure performance and believes that such non-GAAP financial information can enhance an overall understanding of the company's financial performance when considered together with GAAP figures. Adjusted EBITDA excludes certain non-cash items. These non-GAAP metrics, however, is not a measure of financial performance under GAAP and should not be considered a substitute for GAAP net loss and may not be comparable to similarly titled measures reported by other companies.

Non-GAAP financial measures should be read in conjunction only with financial information reported under GAAP when understanding Alimera's operating performance. For a reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measures, see the table located towards the end of this presentation. For reconciliations of other non-GAAP financial measures to the most directly comparable GAAP financial measures, see the tables located in Alimera's earnings release from yesterday.

In addition, any unaudited financial information is preliminary and does not purport to project financial positions or operating results of the company. Actual results may differ materially. All numbers discussed in this call and on the slides accompanying this presentation are approximate unless otherwise indicated. For the benefit of those of you who may be listening to the replay of this call, this call was held and recorded on Tuesday, November 6, at approximately 9 A.M. Eastern Time. Since then, Alimera may have made additional announcements related to topics discussed and filed its quarterly report on Form 10-Q for the quarter ended September 30, 2018. Please reference Alimera's most recent press releases and filings with the SEC.

Now I'd like to turn the call over to Dan Myers, CEO of Alimera.

Dan Myers

Thank you, Jacob, and welcome to everyone. We are proud to announce that in the third quarter of 2018, we continue to grow the adoption of ILUVIEN and reduced our net loss and adjusted EBITDA loss. We posted another record quarter for consolidated net revenue of $11.1 million in the third quarter of 2018, a 13% increase from the same period in 2017. This was driven in part by third quarter