Omeros’ Omidria Revenues Drop 86 Percent in Q1-2018; Company Attributes Decline to Temporary Loss of Pass-through Status

May 11, 2018: By Jon Swedien

Revenues from Omidria dropped to $1.6 million in Q1-2018 from $12.3 million in Q1-2017, an 86 percent decline, Seattle-based Omeros reported May 10.

The decrease is the result of the scheduled expiration of Omidria’s pass-through reimbursement status on Jan. 1, 2018, Omeros said.

Omeros announced in April that Omidria received a two-year extension on pass-through status through the US omnibus bill signed into law March 23. Pass-through status restarts Oct. 1, 2018.

Surgeons use Omidria (phenylephrine and ketorolac injection) during cataract surgery for maintaining pupil size by preventing miosis and for reducing postoperative ocular pain.

In 2014, Omidria gained US FDA approval and pass-through status for three years. The latter allowed the Centers for Medicare and Medicaid Services (CMS) to reimburse ASCs $465 per single-use-patient vial above the cataract surgery facility fee of about $1 thousand. When pass-through status expired, the CMS rolled the cost of Omidria into the cataract facility fee.

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