=Ophthotech (OPHT) reported earnings on Wed 26 July 2017 (b/o)

Ophthotech beats by $0.42, beats on revs :

• Reports Q2 (Jun) loss of $0.62 per share, $0.42 better than the Capital IQ Consensus of ($1.04); revenues fell 94.1% year/year to $1.66 mln vs the $1.38 mln Capital IQ Consensus.
• Initial, top-line data from the Company's Fovista OPH1004 trial, its remaining Phase 3 clinical trial, are expected in the third quarter of 2017. The Company believes the failure of two previous Phase 3 Fovista clinical trials and the failure of a competitor's Phase 2 clinical trial investigating the combination of a PDGF inhibitor and a VEGF inhibitor may be indicative of a low likelihood of success for OPH1004. The Company expects that its strategy for the Fovistadevelopment program for the treatment of wet AMD will be primarily determined by the data from OPH1004, and in the context of the negative data from the Company's previous Phase 3 Fovista clinical trials.
• As of June 30, 2017, the Company had $196.4 million in cash, cash equivalents, and marketable securities. The Company expects a 2017 year end cash balance of between $145 million and $160 million, excluding any potential business development activities, and after accounting for the approximately $20 million to $35 million that remains committed to implementing a reduction in personnel, the winding-down of the Phase 3 Fovista in combination with Lucentis clinical trials, the termination of the Fovista Expansion Studies, and obtaining initial, top-line data for OPH1004.