Ocular Therapeutix, Inc

OCUL

Pharmaceutical Preparations

Mkt Cap

$782.9M

PE

-6.79

Debt

Cash

$484.7M

EV

FCF

-$87.11M

Market Cap

$782.9M

P/E Ratio

-6.79

Debt

Cash

$484.7M

EV

FCF

-$87.11M

Charts data: {"Earnings":[{"time":"2014-12-30","value":-28659000},{"time":"2015-12-30","value":-39748000},{"time":"2016-12-30","value":-44703000},{"time":"2017-12-30","value":-63386000},{"time":"2018-12-30","value":-59978000},{"time":"2019-12-30","value":-86372000},{"time":"2020-12-30","value":-155636000},{"time":"2021-12-30","value":-6553000},{"time":"2022-12-30","value":-71038000},{"time":"2023-12-30","value":-80736000}],"Sales":[{"time":"2014-12-30","value":772000},{"time":"2015-12-30","value":1750000},{"time":"2016-12-30","value":1887000},{"time":"2017-12-30","value":1923000},{"time":"2018-12-30","value":1990000},{"time":"2019-12-30","value":4227000},{"time":"2020-12-30","value":17403000},{"time":"2021-12-30","value":43522000},{"time":"2022-12-30","value":51494000},{"time":"2023-12-30","value":58443000}],"Net Margins":[{"time":"2014-12-30","value":-37.123056994818654},{"time":"2015-12-30","value":-22.713142857142856},{"time":"2016-12-30","value":-23.68998410174881},{"time":"2017-12-30","value":-32.96203848153926},{"time":"2018-12-30","value":-30.139698492462312},{"time":"2019-12-30","value":-20.43340430565413},{"time":"2020-12-30","value":-8.943055794977877},{"time":"2021-12-30","value":-0.15056752906575985},{"time":"2022-12-30","value":-1.3795393638093758},{"time":"2023-12-30","value":-1.381448590934757}],"Assets":[{"time":"2014-12-30","value":78193000},{"time":"2015-12-30","value":110306000},{"time":"2016-12-30","value":74939000},{"time":"2017-12-30","value":55431000},{"time":"2018-12-30","value":73043000},{"time":"2019-12-30","value":78740000},{"time":"2020-12-30","value":261863000},{"time":"2021-12-30","value":204887000},{"time":"2022-12-30","value":149289000},{"time":"2023-12-30","value":252060000}],"Stockholders Equity":[{"time":"2014-12-30","value":58696000},{"time":"2015-12-30","value":89588000},{"time":"2016-12-30","value":52008000},{"time":"2017-12-30","value":26147000},{"time":"2018-12-30","value":35875000},{"time":"2019-12-30","value":-3630000},{"time":"2020-12-30","value":76095000},{"time":"2021-12-30","value":87999000},{"time":"2022-12-30","value":35379000},{"time":"2023-12-30","value":91131000}],"ROE":[{"time":"2014-12-30","value":-0.4882615510426605},{"time":"2015-12-30","value":-0.4436754922534268},{"time":"2016-12-30","value":-0.8595408398707891},{"time":"2017-12-30","value":-2.424216927372165},{"time":"2018-12-30","value":-1.6718606271777003},{"time":"2019-12-30","value":23.793939393939393},{"time":"2020-12-30","value":-2.0452854983901703},{"time":"2021-12-30","value":-0.07446675530403754},{"time":"2022-12-30","value":-2.0079142994431725},{"time":"2023-12-30","value":-0.8859334364815485}],"ROA":[{"time":"2014-12-30","value":-0.34650160500300536},{"time":"2015-12-30","value":-0.34628216053523836},{"time":"2016-12-30","value":-0.5781502288528003},{"time":"2017-12-30","value":-1.1171185798560372},{"time":"2018-12-30","value":-0.8093588708021302},{"time":"2019-12-30","value":-1.0896875793751588},{"time":"2020-12-30","value":-0.23999954174511098},{"time":"2021-12-30","value":-0.380878240200696},{"time":"2022-12-30","value":-0.5268573036191548},{"time":"2023-12-30","value":-0.32683488058398796}]}

Ocular Therapeutix, Inc., a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets ReSure Sealant, an ophthalmic device to prevent wound leaks in corneal incisions following cataract surgery; and 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 OTX-TKI, an axitinib intravitreal implant that is in phase 1 clinical trials for the treatment of wet age-related macular degeneration and other retinal diseases; OTX-TIC, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension; OTX-CSI, a cyclosporine intracanalicular insert that has completed phase 2 clinical trials for the treatment of dry eye disease; and OTX-DED, a dexamethasone intracanalicular insert, which is in phase 2 clinical trials for the short-term treatment of the signs and symptoms of dry eye disease. Ocular Therapeutix, Inc. has a strategic collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron) for the development and commercialization of products using the Company's sustained-release hydrogel in combination with Regeneron's large molecule VEGF-targeting compounds for the treatment of retinal diseases; and AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC, as well as a discovery collaboration with Mosaic Biosciences to identify new targets and therapeutic agents for the treatment of dry age-related macular degeneration (dMAD). The company was incorporated in 2006 and is headquartered in Bedford, Massachusetts.

Sector

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Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-2.3K%	-2.4K%	-3.3K%	-3K%	-2K%	-890%	-15%	-140%	-140%	-190%
ROA	-35%	-58%	-110%	-81%	-110%	-24%	-38%	-53%	-33%	-17%
ROE	-44%	-86%	-240%	-170%	2.4K%	-200%	-7.4%	-200%	-89%	-28%

What is the average Net Margin?

The average Net Margin over the past 5 years is -1.04K%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +599.27%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -56.23%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +11.31%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +285.14%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -204.3%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Data are missing

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-0.04	-0.09	-	-0.30	-0.61	-0.40	-0.45	-0.12	-
Debt Equity	-	0.03	0.21	-	-6.70	0.44	0.30	0.81	0.10	-
MIN
Graham Stability	-	-	-	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.05.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	63%	97%	50%	13%	3.1%
Net Income	-	-	-	-	-
Stockholders Equity	8.3%	20%	6.2%	160%	8.1%
FCF	-	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +96.6%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +3.05%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +6.12%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +20.5%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +8.08%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +8.35%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.