Alimera Sciences, Inc. (NASDAQ:ALIM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Alimera Sciences, Inc. (NASDAQ:ALIM) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Alimera Sciences Second Quarter 2020 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the call over to Scott Gordon, President of CORE IR, the company's Investor Relations firm. Please go ahead.

Scott Gordon

Thank you, Stanford, and good morning everyone. Thank you for participating in today's conference call. Joining me from Alimera's leadership team are Rick Eiswirth, President and Chief Executive Officer and Phil Jones, Chief Financial Officer. During this call, management will be making forward-looking statements, including statements that address Alimera's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Alimera's most recently filed periodic reports on Form 10-K and Form 10-Q. The Form 8-K filed with the SCC yesterday after the market closed and Alimera's press release that accompanies this call, particularly the cautionary statement in it.

Today's conference call includes adjusted EBITDA and non-GAAP financial measure that Alimera believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure, to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in Alimera's earnings press release. The content of this call contains time-sensitive information that is accurate only as of today, July 30, 2020. Except as required by law, Alimera disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

With that, it is now my pleasure to turn the call over to Rick Eiswirth. Rick, please go ahead.

Rick Eiswirth

Thank you, Scott, and good morning to everybody on the call. I'm very excited to share the results that we delivered in the second quarter of this year, especially given the significant challenges that the Covid-19 pandemic has created throughout the world. We are reporting just over 10 million in consolidated net revenue for the second quarter of 2020. That compares to 10.9 million that we reported in the second quarter of last year. This was only an 8% decrease despite our limited access to physicians and reduced patient visits over the quarter as a result of the pandemic. We're going to discuss our revenue performance in a little more detail later. We were also very pleased with our ability to manage our bottom line and our balance sheet during these challenging times.

While we were able to limit our adjusted EBITDA loss to less than $300,000 during the quarter, which compares very favorably to the adjusted EBITDA loss of $2.1 million that we reported in the second quarter of last year. Importantly, we were able to achieve this without making