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Omeros posts $30.1 million loss in first quarter

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Omeros reported a net loss of $30.1 million, or $0.62 per share, in the first quarter of 2018 compared with a net loss of $15.1 million, or $0.34 per share, in 2017’s first quarter, according to a press release.

Revenues for the quarter, all from sales of Omidria (phenylephrine 1% and ketorolac 0.3% intraocular solution), were $1.6 million compared with $12.3 million in the first quarter of 2017.

The lower revenue was attributed to decreased ASC and hospital purchasing “following the scheduled loss of pass-through reimbursement status as of Jan. 1, 2018.” Pass-through status for Omidria has been reinstated for 2 years, from Oct. 1, 2018, to Sept. 30, 2020, as part of the Consolidated Appropriations Act.

Costs and expenses increased from $25 million in 2017 to $29.3 million in this year’s first quarter.

Omeros had $72.8 million in cash, cash equivalents and short-term investments as of March 31.