Osmotica Pharmaceuticals plc (OSMT) Misses Q1 EPS by 10c, Revenues Miss

Osmotica Pharmaceuticals plc (NASDAQ: OSMT) reported Q1 EPS of ($0.22), $0.10 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $37.53 million versus the consensus estimate of $40.83 million.

Second Quarter 2020 Financial Highlights

• Total revenues were $37.5 million, compared to $57.5 million in the second quarter of 2019;
• Net loss was $13.0 million, compared to a net loss of $124.9 million in the second quarter of 2019;
• Adjusted EBITDA1 was $2.3 million, compared to Adjusted EBITDA of $14.5 million in the second quarter of 2019; and
• Cash and cash equivalents were $140.4 million, and debt (net of deferred financing costs) was $268.5 million as of June 30, 2020.

“The past several months have been extremely productive, achieving several critical milestones. In July, we received FDA approval for Upneeq, our first-in-class pharmacologic treatment for acquired ptosis in adults. This is truly an exciting opportunity for patients who have never had a non-surgical solution available to treat what is more commonly known as 'droopy eyelid.' This accomplishment is the culmination of our rigorous clinical program that demonstrated the safety, efficacy and tolerability of this once-a-day eye drop. We are now ready to introduce Upneeq to doctors and their patients and look forward to making the product commercially available after Labor Day,” said Brian Markison, Chief Executive Officer of Osmotica Pharmaceuticals.

“We are delighted to have entered into an exclusive license agreement with Santen Pharmaceutical Co., Ltd., a premier global ophthalmology focused company with an extensive international footprint and stellar reputation. This transaction allows us to address the large worldwide unmet need for patients with acquired blepharoptosis, and we are pleased to give eyecare professionals in Japan, Asia and EMEA access to this new therapeutic option,” continued Markison.

“As planned, we completed our clinical development program for arbaclofen ER for spasticity in Multiple Sclerosis patients and resubmitted our New Drug Application (“NDA”). The FDA has accepted the application and set a user fee goal date of December 29, 2020. These accomplishments set the stage for an exciting period of growth for our company as we continue to execute our strategic vision,” concluded Markison.

For earnings history and earnings-related data on Osmotica Pharmaceuticals plc (OSMT) click here.

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