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Oculus Innovative Sciences Provides Second Half CY 2012 Business Update

Stocks in this article: OCLS

Revenue Growth

Oculus management anticipates sustainable revenue growth as a result of the following domestic partnerships:

  • U.S. sales of Oculus' dermatology products and expansion of product lines will provide the greatest near-term revenue boost with revenue growth guidance of 40% to 60% for full fiscal year 2013.
  • Animal healthcare partner, Innovacyn, Inc., provided Oculus with revenue growth of 36% in the first half of FY 2013. The company has provided guidance of up to 20% revenue growth for FY 2013. 

The company's international sales are expected to grow as a result of additional drug and device approvals in both India and China in Q4 FY 2013 with commercialization to follow in Q1 FY 2014. Oculus will update guidance as these initiatives move forward.  

Scar Study

Oculus completed patient enrollment for its scar management trial. This trial is being conducted based on an FDA-reviewed protocol to support the company's pending FDA 510(k) clearance for management of hypertrophic and keloid scars. The company expects to announce top line data from this trial in early calendar year 2013. Upon successful completion of the clinical trial and anticipated FDA clearance, AmDerma/Quinnova will reimburse Oculus for the cost of the trial and will introduce another innovative Microcyn-based product into the U.S. dermatology market. This is part of Oculus' strategy to provide partners with growing and robust product pipelines for their respective markets.

Two FY 2013 Licensing Agreements

Oculus' partner, More Pharma, assumed all Microcyn-based product marketing and sales responsibilities in South America and the Caribbean as of August 2012. In addition to an upfront payment of $5.1 million to Oculus, More Pharma's 200-person marketing/sales team has assumed all product marketing/sales in Mexico, while also pursuing further regulatory approvals and subsequent commercialization in other Latin American countries. Oculus believes long-term sales will grow at a much greater pace as these regulatory approvals are secured. More Pharma's 200-person marketing/sales team has assumed all product marketing/sales in Mexico as of August 2012. As a result of this successful transition the company eliminated its marketing and sales team in that region, thus lowering its SG&A expenses by $2.8 million per annum.

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