ALIM - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by. Good morning, and welcome to the Alimera Sciences Third Quarter 2019 Financial Results and Corporate Update Conference Call. At this time, all participants will be in a listen-only mode. [Operator Instructions]. Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes.

this end be January of of hour approximately XX, replay the after the webcast call available will one XXXX. A call through to Public now Abraham, firm. the would like turn Relations conference I to company's Investor Director for Relations over of Core IR, the Jules ahead, go Please sir.

Jules Abraham

in Thank Good participating thank call. you and Chuck. conference you, for morning today's

Chief me Executive Officer; Chief from President Eiswirth, and Alimera's Joining Phil leadership Financial Jones, Rick teams today are Officer. and

address forward-looking During for Alimera's this that management including call, results. expectations making performance statements, operational be or future statements will

Forward-looking may statements differ those factors involve risks and cause materially other that statements. to actual results from

Form more described filed today SEC Alimera's risks, in For reports statements with please press factors recently and accompanies this it. release most cautionary the the filed the periodic risk and these call, X-K about Alimera's in XX-K particularly on the refer information Form that to XX-Q, Form

non-GAAP be that includes conference measure Alimera EBITDA, performance. its financial evaluating can a believes in Today's adjusted call useful

consider not accordance with should in isolation substitute prepared this as in You results GAAP. for additional information or

call. call release. to of content as a located to most its information in XX, loss reflect reconciliation disclaims required by financial events any financial information earnings see comparable circumstances non-GAAP of GAAP Alimera's press For law, today, that's any XXXX. net or directly accurate occur Alimera or measure, this update obligation only October table Except measure, this after revise as of please this contains reconciliation to time-sensitive the The that publicly

to turn pleasure Eiswirth. my over Rick? to now It's Rick call the

Richard Eiswirth

about to I'm everyone to performance. Thank speak good on you, morning quarter and with today you third call. excited our this Jules,

grow significant of over ILUVIEN revenue growth revenue of continued of plan International extremely the disappointing XX% geographically compared of our an executing and in net increase our sequential year, over This with with markets quarter, in $XX.X topline X,XXX that the treated markets. globally, year eyes our for XX% to ILUVIEN use results, proud in representing the our increase of quarter second reported the the We consolidated our million. to last of partners to I'm and and all international the who increase represents greatly approximately with recent our quarter, XX% expand in a period. our for business being to delivering employees of organically third During segment same period improvement after both have growth contributed these second incremental quarter. across last quarter

reestablished thank we quarter. physicians more Importantly, I'd in was our our teamwork this. recently demand the like that very experienced increase was with behind end for second X% U.S. a positive U.S. user as the has a in fully consistent organization effective over presence staffed put completed the result sales to U.S. everyone The in organization

a and consistency a and fourth energized long-term quarter. is Philip Andy ILUVIEN heightened effectiveness now is the to people rolled markets. we've sales team I'm and engaged an sales is and of segment as important experience improve our and that pleased we having general to to the which quarter, our and retention greater our and that of hired announce the more believe position program deferred of in better now international Europe on in well. I for Young platform our At consistency international focus U.S. clear are XX promotion half has involvement Steve the direction into incentive ability sensitive both Chief sales Operations management planning globally. had International force our Europe possible our out sales disruption years that going also includes U.S. in meeting, we plan, strategic in structure, employee execution. The and addition effectiveness, SVP taken to sales Sales sales highly revised in and in sales to enable and over our the first Officer key that recognition even expansion. of strategic VP the U.S. Commercial force and It's messages of steps our our in during recent brings a will sales chance our we minimize us our year. compensation the Steve Steve gives as Sales in Laub leverage approach Ashman, in our the Operating Steve and force

unique growth contributed ophthalmology and has our having company we presence, U.S., so. to and the it as continue small to are a expect We do our and materially in business international a both to internationally

quarter, During segment. strategic made this initiatives great the international on our within third we progress

international obtaining expansion agreement Because of ILUVIEN ranked Horus early we've ILUVIEN expanded first recent Benelux our third begin quarter year. the the in monthly ILUVIEN that the suffer this the of with into to in of greatly in the are markets France our Our our announced the French to contributed three Pharma, these for will ILUVIEN of the within France countries Spain quarter. treat next receptive for all markets that countries: quarter. from in The approximately Belgium, DME, distribution use launch reimbursement patients process to very Horus and France, and with during Those partner Horus two user strong Luxembourg. XX,XXX we of Netherlands, DME we had and estimates to our corticosteroids growth sell and success across demand end

suffering available uveitis, key a have market the European for with making our As of we patients patients most prevention for you of growth ILUVIEN strategy. is component non-infectious relapse uveitis in of approval know, ILUVIEN from to recurrent posterior

commercial up early efforts and implement to September traction. government have in around the guidance indication trusts in late we our begun this U.K. well. effect the NICE the see the for the first on a treatment to launched to in Germany the we for days quarter see and We uveitis, period in concluded U.K., so as reimbursement In October XX year of to that of ILUVIEN fourth X, expect positive had

We country. of approval posterior label are authorization Portugal, in ILUVIEN's and uveitis we indication now also in awaiting reimbursement announced that

and the Physician interest finalize posterior the provide indication for uveitis been XXXX. indication We countries has strong label in expect to in this reimbursement far. thus additional

the You may a X greater more than demonstrated indication the we point arm, on reduction a in with disease period of number this XX% average is the recurrences recurrence Xx years. results and medium than Phase received had three control directly trial data. free of over recall the patient The the of uveitis that

eye. value prevention in that Our for same treating DME. this disease treatment retinal the of in of control, delivers relapse uveitis the noninfectious that believe for in of speaks of label emphasizing ILUVIEN and to ILUVIEN reads our disease unique message wording that we affecting were the segment posterior recurrent the the We the leverages of message the longer-term indication

to The the true distinguishing therapy of only to two continuously and non-acute consistently offer and in benefits the ILUVIEN edema DME minimize value retina. to posterior its designed is the the information treat continuous is as is drug Europe. uveitis delivering to globally dosing micro technology treat condition, that One in

and Both uveitis out want demonstrates are key focused treat vision posterior in to of patient ILUVIEN used physicians in real our of these enable the message patient more and therapies reduce data The the on continue way DME and with fewer to acute to and number believe this stands is they shift clinical the field of target benefits in among a paradigm to to what and clinicians the other driving endure. episodically. change two we crowded that our is longer to recurrence the are of starting that take support paradigm into lasting world therefore patients discussion trials place. provide patients We must injections injections. physician these remain audiences of for this the and disease significantly the treated, benefits disease management:

were own And fortunate His disease Italian should we retina "breaking early In remind directly were Retina indication We the [indiscernible] the our the in very ILUVIEN drug DME treatment uveitis Paris, Conference cycle the "need works change have the well-attended was to at two theme the in the in well and the One with attendees Professor the messaging. ILUVIEN the posterior extremely consistent vision for treats and specialist, day. specialists be use message the his words, that, of earlier." and and DME. addressed the point much hosted retina highlighted conference different and the our every under to way renowned benefit of on the treatment paradigm of -- there received. used September ILUVIEN at the other is with recurrence," of symposia

its US need and of addressing and to behind in We because believe, with as inflammation delivery, treat momentum effectiveness deliver way physicians steroids in are Both the is dose posterior well. a in ability uveitis this do we the to their understanding internationally, more retina and and the and, this their of many DME the the low and broad diseases benefit believe of to treating offering benefit. is steroids continuous better growing, and a differentiated ILUVIEN value

neuroprotective is neuroprotection. targeted broadly the steroids. Single on and the or not shared treatments information information address effect It the at anti-inflammatory of anti-VEGF of more changes provide are Specifically, acting being vascular disease. does

DME us neuro pleased need Kaba expand he with help as Sam, discussion the experience the us and Samer neuroprotection inflammation, are Officer. doing demonstrate as neuro believe on ophthalmology this trained in Dr. we treat joined Chief provide so. of We a and unique inflammation and earlier Medical that ILUVIEN in year, neurologist, to very can our and value the

pleased who were edema which advisory participate with benefits doctors attended had highlighted of refer to ILUVIEN's studies, acute scientific a Ophthalmology very At was that state erratic some we month to this meeting, interest groups the customers. case San as vision with patients the Francisco when the chaos. Conference. engagement therapies, Academy American share doctors XX and invited earlier I our strong now treated three-year our seen the We were team in the in in with and we where

is the the Compared uveitis, DME to posterior management potential and of believe changing about the team after the consistent all sometimes DME have ILUVIEN we Alimera the the need right do at treat right in neuroprotection. that. and product refer It's and paradigm and ILUVIEN the in inflammation we calm. just of discussed to The to ILUVIEN to treatment to the injected, doctors as same of provide

in benefits review the as patients experience financial to and quarter. and We Phil? our continue for Phil for ILUVIEN. US over overseas will our focus the turn the the call to driving of I'll who shareholders, results on now patients value more for

Philip Jones

everyone. hello and Rick, Thanks,

international our in the our XX%, consolidated consolidated as During of quarter quarter net to performance we the to million third million, $XX.X quarter revenue XXXX, of second compared net XXXX, continue to third re-establish $XX.X up or deliver and territories strong the certain XXXX. segment. in was to Sequentially, compared of our revenue grew XX% sales

net end-user US was the X% US to up XXX quarter for of units up approximately the flat third represents XX% Sequentially, units XXXX. purchased XXXX. which XXXX, of pharmacies physicians net was demand in $X.X the from third million slightly revenue second quarter of in million XXXX. approximately XXXX, $X.X the our in a to versus quarter units essentially revenue distributors decrease quarter the US period for third was by of from and from compared XXX same

GAAP distributors. have we our our purchases shared, always to specialty the do demand revenues in not As end-user with the timing perfectly US, of due correlate previously by

across third was from million for our flat $X.X This period last approximately of third were same the XXXX, expenses were year. to driven million markets. $X.X for by $X.X $X.X quarter the XX% XXXX the to expenses and of for and third XXXX last and approximately compared revenue period million, the XXXX. to growth segment administrative million Research, year. million approximately compared development medical General Net of quarters increased all international quarter same approximately $X.X during affairs at the for

and medical was conferences. This advertising the with million XXXX third launch costs XXXX. costs an XX% of The marketing personnel increases to in for primarily attend program, the during compared the of attributable quarter and our million, in approximately marketing associated direct-to-patient exhibit were costs decreases primarily increase quarter to to personnel-related was $X.X attributable at to third $X.X of Sales up cost. decrease expenses

for Total operating of XXXX $XXX,XXX. XXXX. the or X%, XXth, XXXX, three expenses we increased losses September third EBITDA to XXXX, ended reported September $XX by quarter $XX.X months both million million three the XXth, adjusted compared and In the of months into $XXX,XXX for to

approximately to to $X.X With in generate XXXX. business and million comparison a in international September three of positive loss US adjusted Net continued XXXX, loss months September expect segment, $X.X growth our ended the months for three the net our to rebound the ended moving decrease forward. was we of for XXth, the approximately breakeven XXth, million, EBITDA the

ended $X.XX share third loss This share outstanding, XX.X September per securities. XX income diluted three net on XXth, to Our shares approximately XX approximately for compares was share months participating weighted basic on of per share per of average for average outstanding. which million XXXX, million net basic XXXX shares million the $X.XX and the approximately quarter weighted includes per

income On September decrease net and XXst, shares share, reported the equivalents, had cash cash XXXX, for approximately which share dilutive and XXXX. in was securities. outstanding, million average cash of on from includes Diluted approximately million per $X.XX weighted cash $X.X XXthr, that a the of quarter we million $XX on equivalents per we third million, December approximately XXXX XX.X and participating XX.X

business fund working the second summer quarter, our large during was of our end. Because a the of timing generated quarter, During growing an majority balance and with distributor the we orders, of of large our the revenue the in unusually the the to spent resulting receivable cash months during seasonality capital. of of third quarter at half amount

We to our cash positive debt goal anticipate of the generate flow of is neutrality over from cash along our our and growth next this after XXXX. service. EBITDA with collection is quarters. receivables the possible We that in to two business result to operate these in believe adjusted Prospectively, positive will company neutral operations maintaining the

Park last Capital to million that October XXth, which are on purchased million closing announced XXXX. Chicago-based stock you $XX Lincoln of represented common week, investor. purchase a of $X a at Many share, of premium aware our we Under with per that market Lincoln agreement, price institutional stock registered agreement Park XX% a Fund, $X.XX common the stock the

fund very Park's pursue growth we We comment strong capital to if Lincoln to the efficiently need the a maintain balance on are closing, performance our and our capital with to potential additional flexibility year-to-date. growth, agreement commitment and like provides opportunities. this In sheet for pleased I'd strategic that

Our for first the first we consolidated with our compared represents growth for strong. $XX.X months positioned nine and of rate to months XX%. progress than nine the US our internationally, greater this that million, With million are business revenue year XXXX strengthening of we This continued $XX.X to XXXX. finish a is believe

million one-time Europe. note important fourth that benefit Ozurdex of to from situation It's year the a our revenue quarter out-of-stock last of in $X.X included

comparisons, full consistent with of impact the remain year results. we year-to-date XXXX our Excluding this to benefit year-over-year our expect in

that, remarks. now to With turn to the over I'll call Rick Rick? back wrap up prepared our

Richard Eiswirth

Thank Phil. you,

our few shared we I meeting. very I As I with with quarter at recently at share we and is accomplishing a are team that said what earlier, Alimera created at sales facts what special. are I want pleased have And we a Alimera. to our third believe

eyes week, in have received that to on continue XX XXXX patients leverage ranked into uveitis. we this been countries XX,XXX of Our is ophthalmology XXth in the and significant that one eyes the XX and approved approximately employees. treated largest for us in like the retina-only efficiently which revenue. product non-infectious great internationally. can one in US is It's believe from posterior we for company available and we focused has our done last analysis great from now utilization space, for And a commercial as potential no have we We investment There and countries. commercially platform with footprint the globally. future have have treated both with and a XXX product still the ophthalmology recently been launch. XX,XXX the Over is the in DME countries banks now over XX based US us globally since ILUVIEN

We the in increasing look markets share and remainder year all forward of through XXXX. this in to

strategy and physicians We to infrastructure take And also ready retinal patients. leading build to with continue their intend are a company overview, our that pursuing our Operator? leverage worldwide to we to sales now questions. and dedicated

Operator

of Please B. come Incorporated. will Andrew our go from FBR ahead. [Operator question first Instructions]. D'Silva And Riley

Andrew D'Silva

rebound. hear moment. me the you well, Good also, in power sequential then here morning, we at on outages apologies if are And the can't California congrats having very

starting questions quick few for me, bookkeeping a with some ones. quick Just just off

started a know as third a Specifically, If when the where they progress for sales were quarter you're they as development today? just you current the let pulling the group operations for where cash that, they please from you're Group's insight CapEx then, status are discuss the force? and and while could and flow me what And Rick, and just could the was their looking quarter? of how whole. I'm charting you

Richard Eiswirth

one one stronger quarter, underperforming have our at more the get of Well, the vacant turnover candidly, team in now, believe, to continued I And, one that I we the point there think we right quarter, territory over is territories. rep. were did

I And so, say the have stronger three XXXX continued some the we're that upgrade that the months. of reps are have there, month course of continuing but team over couple joined in actually October. in get just our to territories in to newer A is would of last salespeople us build leading to and the

continued It's get Like any you in bell a I curve. have sales think better. force to

We end curve. have stands performance top at of some bell really the strong out that the

You've that. some middle pack team got you about the like have underperformers and in then and looks the our

we've have team and in improve, for is onboard. made we the to room to people three continue plenty over of with very there us quality the six pleased but rebuilding to of the and last So, very, the progress months that

Philip Jones

issue QX, capital a $X.X flow. $X.X was $XXX,XXX impact There point was to from the with Cash burn. flow burn clarification, and working as we from just $X.X And of million, working in the from commentary the CapEx million million spend, of a a cash in that we your operations Andrew, point included capital. a on mentioned, the impact had

Andrew D'Silva

we indicated looks ILUVIEN some checks label for have use then, you progress know, the region? that Or, ran any had how there? benefits similar, again, shortages, then uveitis, Okay, are as you recently. channel now like at you perfect. checks And And you OZURDEX quantify are some the way there It is our to tracking EU of least the expansion? in benefit seeing

Richard Eiswirth

With heard on either Andy, to the same being of about OZURDEX, stock rumors respect or out we've it hold.

going accounts believe us, did up. stock impact seems yet. into larger don't hearing been of seen It to from their their much that we good larger to we've we've field, ILUVIEN from the some at what job least that accounts However, and getting a

of the the we able improvement have sales least have materially those in NICE had because been shelf for late very, specifically seeing in reimbursement. month In guidance, until we're do guidance We're haven't it and on It's NICE impact October, October. at we impact very an all. at We accounts do For the uveitis prescriptions. to an the and OZURDEX use quarter UK, impacted to think where going, indications an us the we said was or Xst seeing for identify launched unit's the in appears uveitis, we October implement an uveitis the impact seen in Trust, believe difficult We to September had and believe With there. that October. we're respect in seeing third the see don't that. individual of to don't Germany,

it's bump we sales when a door, We uveitis know start we are do don't going the DME we out an as having impact. patients fourth patient, whether but goes in a in it's unit So seeing think the to quarter.

Andrew D'Silva

about basis had per Good to that corticosteroids. least, at wondering I I new this Netherlands historically corticosteroid Are you've Luxembourg, there. Portugal, and like upcoming referenced brands their Canada, you regions then, year regions, And obtained believe hear. is question. of capita and regions any it's any if or been my or certain since strong these a utilization? utilization target from was very Okay. even last of Belgium, similar approval the like

Richard Eiswirth

Both nothing of the of countries, Andy, it steroids. that in in I there they the size size because on way of populations, the would use say as the is Southern no. out I there is material Europe. the mean, is

markets newer are in launching as Netherlands other would I some countries Belgium a However, these we position. better Luxembourg and much, go from into and say that the of like the that much we and drug

we're drug launched, few said used As anti-VEGFs be stress think alternative both positioning year does the Europe the launched, patients on in these should way was refractory ago, it U.S. much truth drug it a consistently a for these launches. much the more before is day, I've and unfortunately, some treats to and years three I every it and something the there do, don't this towards around, disease was of the with think being calls, the better the earlier, I

our of job that well. And think in France launching our position, has as that [ph] so, I their and launch greatly under frankly, done I has and theme outstanding partner Horus it contributed an to think

So better is new our a hope time the that market now. in every is positioning

Andrew D'Silva

great. any update in of Canada And is there? Okay, sort

Richard Eiswirth

pricing XX there, best. Canada, anything lease. year, an don't they That's often the on well into next partner have reimbursement Canadian is still and working month at process expect to at

I it'll [indiscernible]. think a So be

Andrew D'Silva

Okay, awesome.

much for And thank Okay, XXXX. Hey, very you luck good note was taking the guys. questions.

Operator

next Our ahead. Craig-Hallum of will from go come Nowak Please Group. Alex Capital question

Alexander Nowak

want Good morning, into financing decisions. everyone. to the recent dive I

the here in quarters sufficient financing on given to So, today, breakeven have you an next flow agreement, the cash to prior couple just -- got planning go that asset. you're and to of here it's out the next year you in purchase over guided cash us

million I just to and capital sufficient $XX of asset product or late-stage we this just get some cover would commercial would potentially Is an sort be even there, color a flow going pipeline could in So breakeven projections? target? was plan how the the you what impact to acquisition hoping that, be do cash a to assets

Richard Eiswirth

other those capital the on over think factors markets I the think money that. Because housekeeping a in put with to is what's raise happen months facility I to markets next think the there's capital is we XX and and the credit the election that going points contributing to uncertainty with ability of place, of mean the in couple we there. Well, lot so, Alex a I good

period time So wanted a we to sure of it. needed over make had capital we to if access we

other on the product is to like would we [indiscernible] that to You're to comment look right that have of looking one for at on any are things this into can't reasons we organization. I our point look transaction, talk would more capital specifically at.

the something just would tell pharmaceutical. I be Although general, in obviously, you priority will

could to We better what also get the asset At closer would is best for another pharmaceutical do. the love space, And for retina the doing devices unlike same the commercialization. time are the retina want to it the more office. quality in call because there, looking the open with surgical we more the at positions, two and we because the to we've right it's than find longer, opportunity as a week we to separate the it and to are us the in leverage areas retina retina that arena well space farm because keep and other about retina typically give think physicians and one that we time treating a position thing addition to surgery could or we office for physicians in you or if three get talk days on

physicians something serves rest we're open. So But their patients. focus the the is very of that and

Alexander Nowak

Okay, asset had. instead refocusing down I on of understood. because an putting has distracted opinion, But why now this you've right that in guess get our think undervalued asset heads buying been ILUVIEN, my ILUVIEN I I

I think I left the is from still Why there. there that, question. get distracted I in potential guess

Richard Eiswirth

grow long value. company Look, we deliver a the job distraction. think, Well, I strategically, to and haul so for I have continue call a necessarily this it to wouldn't

what I focused think think perspective, from on day, I ILUVIEN doing we're and at getting are ILUVIEN, and operational we're better an a lot that. doing every we in

and company. And executive the as asset some price product not with on right don't we've because frankly, because form got same sure we been second at ways right now think I that distraction. it's can But team viewed contributed stronger the in leveraged accretive strategically, asset this think be although picky will to make find I evaluate been over we bigger time. We've company the the to this our make you. right have is got dilutive level, we we've that's a to find of a agree distraction. time not single to I we by a it's that's stock will the strategy, to hand and why a pursuing story the and on our of be And thing pressure

Alexander Nowak

Okay, understood.

spots What change switching here over couple quarters. to over was of the Just been for one bright over the of management the segment. reason on it's last international, here the the kind of international

Richard Eiswirth

There international change at -- was to it. It no was segment all. the in we added

have parallel So of VP we Andy there doing did is not done Sales what of sales we've we've a and hired VP over when to a is here.

and So Europe. [ph] and Steve Ashman control of we consistency provide Laub the sort of of Andy just functionally Philip sales more middle in over Young and the to has between been with more in inserted managers sort the country operate there effort work closely

we across a the VP Affairs and of now Europe. a Marketing, we have have Sales consistency of across to we get VP VP and functions the countries all of have a So Medical manage

Alexander Nowak

consistent per here $X to new $X couple Got look forward a you over of it, okay. quarters? million as Is million rate target good the And international next what here, quarter? the the is run

Richard Eiswirth

run the $X that's good our but income, we I mean that have a we're moment. to getting mean to million little will distributor in million pretty I is $X a getting the continue rate. direct at million rate think stronger and a I bit quarter-to-quarter, inconsistent think I I range close $X rate business more somewhere think is and

Operator

from Please Alliance will next Molloy come our And go James of Global ahead. Partners. question

James Molloy

space, the acquisition of thanks can speak in seeing a an two able give is at acquisitions, to for look to and one be market you're a of guys, taking question us potential Hey, potential bit are my on you opportunities timing the then buyer's any question. would there Alex's I engagement, but more just great. on little what you're or it have more on can or

Richard Eiswirth

space. Jim, are opportunities I specific in tell color you I I there's can't than speak that the about any any really will near that couldn't that. limited more acquisition. give commercial

also to little the look need we bit things are earlier pipeline. So a in that at

Our range question time, the and to because risk add on underutilized we're something revenue middle in same goal from that. of grow to the Alex potential a to are wrong do responded said XX-month to lot we still that. was in time six there's the I as going this extremely that as the still well, on not asset ILUVIEN came think I when with a to the we and at we're we said, as earlier of I And to pushing for But board. is take

we'll opportunistic, be be but prudent it to smart as So, and very we're going well. about

James Molloy

a fourth if Could I you the seen be of XX two the what seen of coming range guess two the those on been I you're forward? I little we with going last in how mark you've back for looking there? the anything quarter And disconnect that question in big big look for quarter question retreatments range guidance should and fourth a then, bit XX have three one year might the 'XX the the think sort said at what consistent XX to what and you've or and a for it was in looking quarter be too guess -- speak so

Richard Eiswirth

Yes.

of couple a things. So

growth year there think he of consistent will Phil's year. were Ozurdex last feel with as XX% Does be and we sense? that I what the that level like comments referenced that makes to characterize growth absent revenue

James Molloy

sir. time, more One

Richard Eiswirth

last were you the and saying will the XX% end he So that year-to-date, we've was absent what towards quarter revenue OZURDEX giving guidance he been fourth some referenced XX% onetime in true the hold thinks year. about his comments Phil of when

James Molloy

there perhaps great. on Okay, the reason OZURDEX quarter there the the earlier [indiscernible]. then think that in call foreshadowing in for be another OZURDEX is another to fourth is shortfall might had And any -- commentary

Richard Eiswirth

Germany, So are counting say the that in we but out a be of we I to nothing possible, mean is was stock say out at -- rumors I we and point. markets. had that's and of I and What France October believe that ship that OZURDEX heard of in U.S would going would there heard on couple we this in or maybe. to the some unable in

as got really appears in October. shortage use that month earlier been their the and we've to said been the to to in lot we're lot inventory there as able of talking accounts larger a of of I on they've in that what's in, it OZURDEX to accounts as However, Allergan prior frankly well out the stock their and a that accounts,

seen an from they're yet. we've this we shipping heard that to impact any not of won't probably early start impact again if able one-time And be in So have November quarter. as there

James Molloy

Got thanks. it,

you on the Just current on about last the that bit a squared NASDAQ thinking can little away? listing, getting speak question

Richard Eiswirth

reverse So a next Monday. vote stock file, we've split on a we a prospectus have got and on shareholder

plan our that end before month of the So to the of is November. address

Operator

come will Chen question Yi go from Wainwright. next our And of H.C. Please ahead.

Yi Chen

Thank you taking my question. for

roughly. confirm to is million, that outstanding Just XX.X shares current the

Richard Eiswirth

correct roughly, from after That the down take would Park be Lincoln Capital.

Yi Chen

What currently? diluted shares will fully be the

Richard Eiswirth

XXX. shares that -- diluted and all stuff. And fully again participation yes would would of options The and include the inside shares the preferred for

Yi Chen

XXX?

Richard Eiswirth

XXX Yes, million.

Operator

ahead, any remarks. sir. This closing question-and-answer like Richard would Please our Eiswirth over go for session. I concludes the back turn to to conference

Richard Eiswirth

our and your on want I results XXXX. for on today's conference quarter have in We -- of thank sharing quarterly we a for fourth XXXX progress for call to participating to early all next day. look call Thanks, do Sciences. when Alimera and report forward our our good interest you for

Operator

now attending The presentation. conference today's concluded. Thank you for has

You may now disconnect.

Alimera Sciences (ALIM) 30 Oct 192019 Q3 Earnings call transcript