Alimera Sciences (ALIM) saw its loss narrow to $6.74 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $11.14 million, or $0.25 a share.
Revenue during the quarter grew 14.08 percent to $6.62 million from $5.80 million in the previous year period. Gross margin for the quarter contracted 235 basis points over the previous year period to 91.13 percent.
Operating loss for the quarter was $5.51 million, compared with an operating loss of $8.79 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $3.68 million compared to negative $9.37 million in the prior year second quarter.
"We are very pleased with the significant increase in end user unit demand seen in the first quarter of 2017. Additionally, our distribution partners made strides to put us in an excellent position for expansion of ILUVIEN availability in our international business," said Dan Myers, Alimera's chief executive officer. "The presentation of real world data on ILUVIEN this week at the ARVO conference, data that we believe better demonstrates ILUVIEN's safety and effectiveness than our pivotal FAME Trial, will resonate well with physicians and will have a positive impact on our business. Due to the increase in end user unit demand, anticipated growth and our reduction in operating expenses, we believe we should be able to achieve positive cash flows from operations."
Working capital turns positive
Working capital of Alimera Sciences has turned positive to $33.67 million on Mar. 31, 2017 from negative $5.20 million on Mar. 31, 2016. Current ratio was at 5.97 as on Mar. 31, 2017, up from 0.88 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 409 days for the quarter from 452 days for the last year period. Days sales outstanding went down to 140 days for the quarter compared with 148 days for the same period last year.
Days inventory outstanding has decreased to 61 days for the quarter compared with 350 days for the previous year period. At the same time, days payable outstanding went down to 611 days for the quarter from 950 for the same period last year.
Debt comes down marginally
Alimera Sciences has recorded a decline in total debt over the last one year. It stood at $33.75 million as on Mar. 31, 2017, down 2 percent or $0.69 million from $34.44 million on Mar. 31, 2016. Total debt was 53.92 percent of total assets as on Mar. 31, 2017, compared with 55.55 percent on Mar. 31, 2016. Debt to equity ratio was at 1.68 as on Mar. 31, 2017, down from 2.04 as on Mar. 31, 2016.
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