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Ocular Therapeutix, Inc., a biopharmaceutical company, engages in the development and commercialization of therapies for retinal diseases and other eye conditions using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is also developing AXPAXLI, an axitinib intravitreal hydrogel that is in phase 3 clinical trials for the treatment of wet age-related macular degeneration and non-proliferative diabetic retinopathy; OTX-TIC, a travoprost intracameral hydrogel, which has completed phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension. The company has a license agreement and collaboration with AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $52M | $-250M | $-266M | $-217M | -40.6% | -18.5% | 37.4% |
| 2024 | $64M | $-176M | $-194M | $-136M | -61.4% | 9.0% | 139.7% |
| 2023 | $58M | $-66M | $-81M | $-76M | -88.6% | 13.5% | 13.7% |
| 2022 | $51M | $-62M | $-71M | $-63M | -200.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 51.49 | 58.44 | 63.72 | 51.95 |
| Operating Revenue | - | 51.49 | 58.44 | 63.72 | 51.95 |
| Cost Of Revenue | - | 4.54 | 5.28 | 5.63 | 6.57 |
| Gross Profit | - | 46.95 | 53.16 | 58.10 | 45.38 |
| Operating Expense | - | 125.61 | 135.54 | 229.88 | 315.39 |
| Research And Development | - | 53.46 | 61.06 | 127.64 | 197.10 |
| Selling General And Administration | - | 72.15 | 74.49 | 102.24 | 118.30 |
| Total Expenses | - | 130.15 | 140.82 | 235.50 | 321.97 |
| Operating Income | - | -78.65 | -82.38 | -171.78 | -270.02 |
| Total Operating Income As Reported | - | -78.65 | -82.38 | -171.78 | -270.02 |
| EBITDA | - | -61.91 | -66.42 | -176.14 | -249.78 |
| Normalized EBITDA | - | -75.75 | -75.42 | -147.71 | -247.31 |
| EBIT | - | -64.02 | -69.40 | -179.93 | -254.10 |
| Interest Income | - | 0.80 | 3.98 | 20.28 | 18.36 |
| Interest Expense | - | 7.02 | 11.34 | 13.58 | 11.84 |
| Net Interest Income | - | -6.22 | -7.36 | 6.70 | 6.52 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | - | 0.03 |
| Other Income Expense | - | 13.84 | 9 | -28.43 | -2.44 |
| Interest Income Non Operating | - | 0.80 | 3.98 | 20.28 | 18.36 |
| Interest Expense Non Operating | - | 7.02 | 11.34 | 13.58 | 11.84 |
| Net Non Operating Interest Income Expense | - | -6.22 | -7.36 | 6.70 | 6.52 |
| Pretax Income | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income From Continuing And Discontinued Operation | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income From Continuing Operation Net Minority Interest | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income Common Stockholders | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Net Income Including Noncontrolling Interests | - | -71.04 | -80.74 | -193.51 | -265.94 |
| Normalized Income | - | -84.88 | -89.74 | -165.08 | -263.47 |
| Diluted NI Availto Com Stockholders | - | -80.28 | -86.97 | -193.51 | -265.94 |
| Basic Average Shares | - | 76.88 | 79.83 | 158.27 | 187.24 |
| Diluted Average Shares | - | 82.64 | 85.60 | 158.27 | 187.24 |
| Reconciled Depreciation | - | 2.11 | 2.98 | 3.79 | 4.32 |
| Reconciled Cost Of Revenue | - | 4.54 | 5.28 | 5.63 | 6.57 |
| Total Unusual Items | - | 13.84 | 9 | -28.43 | -2.47 |
| Total Unusual Items Excluding Goodwill | - | 13.84 | 9 | -28.43 | -2.47 |
| Special Income Charges | - | 0 | 14.19 | -27.95 | 0 |
| Other Special Charges | - | - | -14.19 | 27.95 | - |
| Gain On Sale Of Security | - | 13.84 | -5.19 | -0.48 | -2.47 |
| General And Administrative Expense | - | 67.98 | 69.66 | 97.13 | 112.15 |
| Other Gand A | - | 23.07 | 20.87 | 29.28 | 35.41 |
| Salaries And Wages | - | 44.91 | 48.79 | 67.85 | 76.74 |
| Selling And Marketing Expense | - | 4.17 | 4.83 | 5.12 | 6.15 |
| Average Dilution Earnings | -73.71 | -9.24 | -6.23 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ocular Therapeutix, Inc.this co. | OCUL | $1.9B | -7.25 | 2.94 | -40.6% | -5.07 |
| Progyny, Inc. | PGNY | $2.0B | 34.11 | 3.87 | 11.3% | 21.18 |
| Omnicell, Inc. | OMCL | $2.0B | 967.26 | 1.61 | 0.2% | 21.53 |
| Trevi Therapeutics, Inc. | TRVI | $2.0B | -46.25 | 10.79 | -23.3% | -45.92 |
| Iovance Biotherapeutics, Inc. | IOVA | $2.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| -5.00 |
| 2.80 |
| -56.0% |
| -5.25 |
| Harmony Biosciences Holdings, Inc. | HRMY | $1.9B | 12.02 | 2.19 | 18.2% | 5.17 |
| Astrana Health, Inc. | ASTH | $1.9B | 83.46 | 2.41 | 2.9% | 18.67 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | -272.47 | 5.32 | -2.0% | -95.36 |
| Pulse Biosciences, Inc. | PLSE | $1.9B | -25.62 | 23.12 | -90.2% | -23.61 |
| Peer Median | - | 3.51 | 3.33 | -0.9% | -0.04 | |