Expert Financial Analysis and Reporting

After four years of following Alimera and never having a Buy on the Company, I upgraded to a Buy in a report published on June 21, 2017: Iluvien Sales Seem to Have Caught Traction; It Is Time to Buy! (ALIM, Buy, $1.35). The basis for my upgrade was two-fold. Very importantly US unit growth for Iluvien […]

Investment Perspective Alimera’s second quarter results threw investors (and me) a sweeping curve ball. I initiated coverage on May 31, 2013 but never recommended purchase, until I upgraded my opinion to a Buy on June 21, 2017. See Alimera Sciences: Iluvien Sales Seem to Have Caught Traction; It Is Time to Buy! (ALIM, Buy, $1.35) […]

Key Points In 1Q, 2017 unit sales of Iluvien increased 34% in the US and foreign unit sales increased 32%.Management believes that these rates of growth could continue for the balance of 2017. Management also believes that it can reach breakeven or turn cash flow positive later in 2017. My model shows the Company achieving […]

Investment Perspective I first started writing reports on Alimera in May of 2013, but have never recommended the stock. I thought then and continue to think that its first and only product Iluvien, has meaningful commercial potential. I think that Iluvien can potentially reach $300+ millions of worldwide sales and if so, Alimera would be […]

SmithOnStocks Mailbox About the Mailbox: My mailbox comments are brief articles on stocks in which I am involved. These can come from recent events or from subscribers’ questions. They are meant to address specific issues about these stocks and are not full and balanced reports. Please refer to the Reports section of my website for […]

Investment Thesis I have been speaking with ophthalmologists, investors and Alimera (ALIM) management about the upcoming Iluvien launch. As I write this, the sales team is in meetings preparatory to an imminent roll out. I think that it is fair to say that most new product launches have proven disappointing in recent years and this […]

Background on the Complete Response Letter This note focuses on the implications of the complete response letter (CRL) received by Alimera (ALIM) for Iluvien. This product was developed by pSivida (PSDV) but was partnered with Alimera. This report deals only with the investment significance for pSivida. Alimera announced that it had received another CRL from […]

Investment Scenarios: The Positive and Negative Case pSivida (PSDV) has a very important binary event upcoming on October 17, 2013; this is the PDUFA date for Iluvien, an ocular implant for diabetic macular edema that was licensed to Alimera (ALIM). I cannot answer the question of whether the government shutdown might delay the PDUFA date […]

Overview of This Week’s Report This week I published a major report on Alimera Sciences and pSivida which led to my recommendation of pSivida. I also comment on Neuralstem’s press release on a rat study modeling the use of NSI-566 neural stem cells in an acute spinal cord injury which showed some encouraging data. The […]