Omeros Corporation Announces Record High Quarterly Revenue Results for the Fourth Quarter 2018
– Broadening OMIDRIA Coverage from Payers and Increasing Funding for OMS721 Commercial Preparations –
Omeros’ preliminary (unaudited) total and OMIDRIA®
(phenylephrine and ketorolac intraocular solution) 1% / 0.3% revenues
for the fourth quarter of 2018 are expected to be a record high at
$22.0 millioncompared to $4.6 millionin 3Q 2018 and $13.8 millionin the prior year fourth quarter. The increase from the prior periods reflects strong demand for OMIDRIA from ambulatory surgery centers (ASCs) and hospitals following reinstatement of pass-through reimbursement for OMIDRIA on October 1, 2018.
December 31, 2018, days of wholesaler inventory on hand were consistent with historical norms.
Increased utilization within commercial insurance and
Veterans Health Administrationsystems contributed to the increased revenues.
- Units sold by wholesalers to ASCs and to hospitals (sell-through) as well as the number of purchasing hospital accounts for the fourth quarter 2018 each also represent a record high.
Annualized run rate of weekly net sales in December was approximately
Consistent with Omeros’ strategy, growing revenues from OMIDRIA are
increasingly funding the progress across the company’s pipeline,
including the advancement of its OMS721 Phase 3 program in hematopoietic
stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA).
As reflected in an update recently submitted to clinicaltrials.gov,
“We are very pleased that demand for OMIDRIA, in its first quarter of
restored separate payment, has not only returned quickly to the levels
experienced prior to the expiration of pass-through reimbursement but
that quarterly revenue and sell-through results are already setting new
high-water marks,” said
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, which are subject to the “safe
harbor” created by those sections for such statements. All statements
other than statements of historical fact are forward-looking statements,
which are often indicated by terms such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “goal,” “intend,” “likely”, “look forward
to,” “may,” “plan,” “potential,” “predict,” “project,” “prospects,”
“should,” “slated,” “will,” “would” and similar expressions and
variations thereof. Forward-looking statements are based on management’s
beliefs and assumptions and on information available to management only
as of the date of this press release. Omeros’ actual results could
differ materially from those anticipated in these forward-looking
statements for many reasons, including, without limitation, risks
associated with product commercialization and commercial operations,
unproven preclinical and clinical development activities, regulatory
oversight, the ability for OMIDRIA to obtain separate reimbursement as
part of CMS’ OPPS, intellectual property claims, competitive
developments, litigation, and the risks, uncertainties and other factors
described under the heading “Risk Factors” in the company’s Quarterly
Report on Form 10-Q filed with the
Jennifer Cook Williams
Cook Williams Communications, Inc.
Investor and Media Relations