Acorda Therapeutics, Inc. (ACOR) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $3.09 million, or $ 0.07 a share in the quarter, against a net profit of $9.20 million, or $0.21 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $2.47 million, or $0.05 a share compared with $13.76 million or $0.31 a share, a year ago.
Revenue during the quarter grew 7.43 percent to $140.63 million from $130.90 million in the previous year period. Gross margin for the quarter contracted 131 basis points over the previous year period to 78.40 percent. Total expenses were 99.49 percent of quarterly revenues, up from 97.04 percent for the same period last year. That has resulted in a contraction of 245 basis points in operating margin to 0.51 percent.
Operating income for the quarter was $0.71 million, compared with $3.87 million in the previous year period.
"The positive Phase 3 data from our pivotal trial of CVT-301 represents a major milestone for Acorda, potentially bringing an important new therapy to people with Parkinson’s," said Ron Cohen, M.D., Acorda's president and chief executive officer. "We plan to file a New Drug Application in the second quarter of 2017, pending the results of two long-term safety studies. Data from these studies are expected in the first quarter of 2017."
For fiscal year 2017, Acorda Therapeutics, Inc. forecasts revenue to be in the range of $535 million to $545 million.
Debt moves up
Acorda Therapeutics, Inc. has witnessed an increase in total debt over the last one year. It stood at $331.05 million as on Dec. 31, 2016, up 13.54 percent or $39.49 million from $291.56 million on Dec. 31, 2015. Total debt was 24.66 percent of total assets as on Dec. 31, 2016, compared with 26.12 percent on Dec. 31, 2015. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, up from 0.48 as on Dec. 31, 2015.
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