Applied Genetic Technologies Corporation (AGTC) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $3.62 million, or $ 0.20 a share in the quarter, against a net loss of $9.12 million, or $0.53 a share in the last year period.
Revenue during the quarter grew 6.73 percent to $11.81 million from $11.06 million in the previous year period. Operating margin for the quarter period stood at positive 28.71 percent as compared to a negative 83.29 percent for the previous year period.
Operating income for the quarter was $3.39 million, compared with an operating loss of $9.21 million in the previous year period.
"Over the past quarter, we have remained focused on efficiently enrolling the clinical trials of our lead product candidates for X-linked retinoschisis and achromatopsia caused by mutations in the CNGB3 gene," said Sue Washer, president and chief executive officer of AGTC. "We recently filed an IND for our product candidate to treat patients with achromatopsia caused by mutations in the CNGA3 gene and we look forward to initiating a Phase 1/2 clinical study for that product candidate in the coming months while continuing to advance our XLRS and achromatopsia B3 programs."
Working capital declines
Applied Genetic Technologies Corporation has witnessed a decline in the working capital over the last year. It stood at $85.21 million as at Sep. 30, 2016, down 24.59 percent or $27.78 million from $112.99 million on Sep. 30, 2015. Current ratio was at 2.68 as on Sep. 30, 2016, down from 2.86 on Sep. 30, 2015.
Days sales outstanding went down to 4 days for the quarter compared with 28 days for the same period last year.
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