Ocular Therapeutix

OCUL

Biotechnology · Healthcare

Price

$8.97

-0.20 (-2.13%)

Market Cap

$1.96B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+127.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 82.2M (2021) → 187.2M (2025)

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. 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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-5.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$197M/ year

↑ Rising (+54% vs prior year)

380.3% of revenue

21.1x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

15.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$667M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$667M cash & investments at current burn rate

Heavy R&D investment

Ocular Therapeutix is putting 380% of revenue into R&D and that number is rising. That's 21.1x the sector average. With 2+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

87.7%

Premium pricing power — 87.7% gross margin

Operating Margin

-865.5%

Losing money on operations — -865.5%

ROCE

-14.2%

Weak — -14.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-12.8%

Shrinking sales (-12.8% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-463.0%

Burning cash (-463.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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