Alimera Sciences (ALIM) Prelim. Q2 Revenue Outpaces Views

Alimera Sciences (Nasdaq: ALIM) pre-announced its revenue for the second quarter of 2016 and also announced certain modifications to its loan facility.

Second quarter 2016 revenue is expected to be in the range of $9.3 million to $9.5 million, representing sequential growth of more than 50% over the first quarter of 2016 and growth in excess of 50% over the second quarter of 2015. Second quarter 2016 U.S. revenue is expected to be in the range of $7.0 million to $7.2 million, representing sequential growth of more than 65% over the first quarter of 2016 and growth in excess of 75% over the second quarter of 2015.

*** The Street sees Q2 revenue of $7.2 million.

"We are delighted to announce record sales of ILUVIEN in the second quarter of 2016. I am pleased with the level of execution by our management team and the performance by our sales force. They have worked tirelessly to improve ILUVIEN education and adoption," said Dan Myers, Chief Executive Officer of Alimera Sciences. "While we performed well during this quarter, we believe we are still early in the adoption of ILUVIEN and that an opportunity for significant growth and market penetration clearly remains."

The Company also announced that it has modified the liquidity and revenue covenants in its existing loan agreement with Hercules Capital, Inc. (NYSE: HTGC). The modification allows for the reduction of Alimera's liquidity threshold and reduces its trailing three-month revenue requirement through the period ending August 31, 2016. Additional terms of the loan agreement, as modified, are disclosed in the Company's Current Report on Form 8-K filed today in conjunction with this press release.

"We expect our refinancing plans will provide additional liquidity and improved financial flexibility during this period of growth and we believe this modification affords us additional time to accomplish our refinancing plans," said Rick Eiswirth, President and Chief Financial Officer of Alimera Sciences.

Second Quarter Conference Call

Alimera also announced that it will release its financial results for the period ending June 30, 2016, after the market closes on August 3, 2016.

An accompanying conference call will be hosted by Dan Myers, Chief Executive Officer and Rick Eiswirth, President and Chief Financial Officer to discuss the results. The call will be held at 10:00 AM ET, on August 4, 2016. Please refer to the information below for conference call dial-in information and webcast registration.

Conference date: August 4, 2016, 10:00 AM ET

Conference dial-in: 877-269-7756

International dial-in: 201-689-7817

Conference Call Name: Alimera Sciences' Second Quarter 2016 Results Call

Webcast Registration: Click Here

Following the live call, a replay will be available on the Company's website, www.alimerasciences.com, under "Investor Info".

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