Amarin Corporation plc (AMRN) saw its loss narrow to $15.77 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $30.68 million, or $0.18 a share. On the other hand, adjusted net loss for the quarter narrowed to $15.97 million, or $0.08 a share from a loss of $26.53 million or $0.14 a share, a year ago.
Revenue during the quarter surged 52.37 percent to $32.73 million from $21.48 million in the previous year period. Gross margin for the quarter expanded 899 basis points over the previous year period to 74.18 percent.
Operating loss for the quarter was $15.27 million, compared with an operating loss of $25.81 million in the previous year period.
"Q3 2016 was another quarter of considerable progress for Amarin. Prescription growth for Vascepa was again greater than 50% compared to the corresponding period of last year. REDUCE-IT continues to progress as expected and is now approximately one year from reaching the onset of 1,612 primary cardiovascular events which is the completion target for the study. We are pleased that over 100,000 patients are currently using Vascepa each month to support their health," stated John F. Thero, president and chief executive officer. "We are working to increase usage of Vascepa based on the drug’s already established positive efficacy, safety and tolerability profile while increasingly preparing for a market expanding opportunity for Vascepa upon achieving anticipated successful results in the REDUCE-IT study."
Working capital declines
Amarin Corporation plc has witnessed a decline in the working capital over the last year. It stood at $86.07 million as at Sep. 30, 2016, down 14.64 percent or $14.76 million from $100.82 million on Sep. 30, 2015. Current ratio was at 2.15 as on Sep. 30, 2016, down from 2.82 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 38 days for the quarter from 103 days for the last year period. Days sales outstanding went down to 39 days for the quarter compared with 45 days for the same period last year.
Days inventory outstanding has decreased to 108 days for the quarter compared with 247 days for the previous year period. At the same time, days payable outstanding went down to 108 days for the quarter from 190 for the same period last year.
Debt comes down significantly
Amarin Corporation plc has recorded a decline in total debt over the last one year. It stood at $117.39 million as on Sep. 30, 2016, down 49.21 percent or $113.72 million from $231.11 million on Sep. 30, 2015. Total debt was 60.54 percent of total assets as on Sep. 30, 2016, compared with 126.69 percent on Sep. 30, 2015.
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