Alimera Sciences, Inc. (ALIM) saw its loss widen to $9.24 million, or $0.16 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.54 million, or $0.03 a share. On an adjusted basis, net loss for the quarter was $8.61 million, when compared with $9.84 million in the last year period. Revenue during the quarter grew 20.24 percent to $8.30 million from $6.90 million in the previous year period. Gross margin for the quarter expanded 333 basis points over the previous year period to 94.14 percent.
Operating loss for the quarter was $7.24 million, compared with an operating loss of $8.44 million in the previous year period.
"Despite seasonality effects on our July business, we had very strong August and September sales reflecting the need for an alternative to anti-VEGF therapy and the increasing acceptance of corticosteroid use in treating DME," said Dan Myers, Alimera’s chief executive officer. "We are pleased to see the rising awareness that ILUVIEN is the only drug therapy that can treat the disease consistently every day by providing a continuous daily microdose,” continued Mr. Myers. "This represents a significant paradigm shift for physicians who are in the habit of using shorter duration high dose therapies that must be frequently repeated for many patients to achieve control of their DME. Change takes time, but we remain confident that that we have the most effective therapy to treat DME supported by our generation of real world data in Europe that reinforces the efficacy and safety benefits of ILUVIEN,” concluded Mr. Myers.
Working capital declines
Alimera Sciences, Inc. has witnessed a decline in the working capital over the last year. It stood at $43.75 million as at Sep. 30, 2016, down 6.22 percent or $2.90 million from $46.65 million on Sep. 30, 2015. Current ratio was at 6.57 as on Sep. 30, 2016, down from 7.92 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 434 days for the quarter from 103 days for the last year period. Days sales outstanding went up to 117 days for the quarter compared with 114 days for the same period last year.
Days inventory outstanding has decreased to 86 days for the quarter compared with 243 days for the previous year period. At the same time, days payable outstanding went up to 637 days for the quarter from 461 for the same period last year.
Debt comes down marginally
Alimera Sciences, Inc. has recorded a decline in total debt over the last one year. It stood at $34.06 million as on Sep. 30, 2016, down 1.75 percent or $0.60 million from $34.67 million on Sep. 30, 2015. Total debt was 45.43 percent of total assets as on Sep. 30, 2016, compared with 43.87 percent on Sep. 30, 2015. Debt to equity ratio was at 1.13 as on Sep. 30, 2016, up from 1.04 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
