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Omeros’ revenues reflect Omidria pass-through status
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Omeros Corp. reported a net loss of $39.5 million, or $0.81 per share, in the third quarter of 2018 compared to a net loss of $7.5 million, or $0.16 per share, in the third quarter of 2017.
Revenues for the quarter decreased from $21.7 million in 2017 to $4.6 million in 2018, all related to sales of Omidria, according to a company press release.
The decrease was attributed to a reduction in Omidria use among ASCs and hospitals in the absence of a transitional pass-through reimbursement. The third quarter revenue did represent an uptick from the second quarter’s revenue of $1.7 million, however, “primarily due to revenues from the company’s wholesalers in anticipation of renewed buying from ASCs and hospitals as a result of the reinstatement of pass-through reimbursement on October 1, 2018,” according to the release.
Costs and expenses for the company totaled $40.1 million in the third quarter compared to $26.8 million in 2017’s third quarter. The increase is due to higher manufacturing costs, which include the acquisition of manufacturing materials for the OMS721 programs and costs associated with a phase 3 clinical trial of OMS721 for lgA nephropathy, according to the release.
Omeros reports having cash and cash equivalents of $55.2 million as of Sept. 30, 2018.