Imprimis Posts 2017 Revenues of $26.77 Million, a 34 Percent Increase

March 9, 2018: By Joan McKenna

Imprimis Pharmaceuticals Inc. announced March 8 that its 2017 revenues totaled $26.77 million, a 34 percent increase over 2016 revenues of $19.94 million.

Fourth quarter revenues totaled $7.34 million, an increase of 27 percent over the 2016 total of $5.79 million.

The San Diego-based compounder said its average order at its 503B outsourcing facility in New Jersey was $1,400 in the fourth quarter.

Mark Baum, CEO of Imprimis, said Q4-2017 was the 15th consecutive quarter of double-digit or better year-over-year growth. The company’s customer network now exceeds 2 thousand prescribers, and it expects four new ophthalmic formulations to become available from its 503B facility during Q1-2018.

Imprimis attributed its annual revenue increase to a rise in sales and added ophthalmic formulations.

The company, which began generating revenues in 2014, has been attempting to disrupt the market with lower prices.

Imprimis said net losses for 2017 totaled $11.99 million. Its debt totaled $88.84 million at the end of 2017, and it expects to incur further losses as it continues to grow.

The company said it has raised more than $55 million through equity and debt financings since January 2015.

Addressing Supply Chain Vulnerabilities

On March 6, Imprimis announced that it has launched a new program to provide ophthalmologists and optometrists with custom compounded ophthalmic medications that are increasingly difficult to find, with products shipping within 24 to 48 hours.  Imprimis intends to make this program available in all 50 US states.

The move followed a Jan. 30 hearing by a US House subcommittee in which George Williams, MD, the AAO’s incoming president and a practicing retinal specialist in Michigan, testified that current FDA enforcement policies of state-regulated pharmacies is forcing practitioners to rely solely on outsourcing facilities, and sometimes only one facility, for office-use drugs, creating supply chain vulnerabilities.

 

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