Alimera Sciences Inc (ALIM) saw its loss narrow to $5.93 million, or $0.09 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $10.71 million, or $0.24 a share. On the other hand, adjusted net loss for the quarter narrowed to $6.80 million, or $0.10 a share from a loss of $10.91 million or $0.24 a share, a year ago. Revenue during the quarter surged 83.36 percent to $10.68 million from $5.82 million in the previous year period. Gross margin for the quarter contracted 60 basis points over the previous year period to 91.35 percent.
Operating loss for the quarter was $5.36 million, compared with an operating loss of $9.76 million in the previous year period.
"We are pleased with our 53% top line growth in 2016 as compared to 2015 as well as the 84% growth we saw this quarter over the fourth quarter of 2015. We believe this growth reflects the increasing acceptance of ILUVIEN as the best product available to treat diabetic macular edema because it is the only drug therapy that enables the physician to treat the disease consistently every day," said Dan Myers, Alimera's chief executive officer. "Revenue in the U.S., Germany and Portugal grew significantly year over year and we were pleased to see our business rebound in the United Kingdom during the fourth quarter. Additionally, our distributor partnerships in both the Middle East and Italy, as well as the strengthening of our balance sheet, are highlights of our 2016 year and provide a great platform for growth in 2017."
Working capital increases sharply
Alimera Sciences Inc has recorded an increase in the working capital over the last year. It stood at $38.28 million as at Dec. 31, 2016, up 632.47 percent or $33.05 million from $5.23 million on Dec. 31, 2015. Current ratio was at 5.20 as on Dec. 31, 2016, up from 1.13 on Dec. 31, 2015.
Debt moves up marginally
Alimera Sciences Inc has witnessed an increase in total debt over the last one year. It stood at $33.55 million as on Dec. 31, 2016, up 2.90 percent or $0.95 million from $32.60 million on Dec. 31, 2015. Total debt was 47.77 percent of total assets as on Dec. 31, 2016, compared with 46.25 percent on Dec. 31, 2015. Debt to equity ratio was at 1.31 as on Dec. 31, 2016, up from 1.24 as on Dec. 31, 2015. D
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