Applied Genetic Technologies Corporation (AGTC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.82 million, or $ 0.05 a share in the quarter, against a net profit of $1.97 million, or $0.11 a share in the last year period.
Revenue during the quarter plunged 30.08 percent to $8.39 million from $12 million in the previous year period. Operating margin for the quarter stood at negative 9.97 percent as compared to a positive 14.73 percent for the previous year period.
Operating loss for the quarter was $0.84 million, compared with an operating income of $1.77 million in the previous year period.
"In the past quarter, we completed enrollment in the dose escalation portion of the Phase 1/2 clinical trial for our XLRS product candidate and are scheduling patients for enrollment in XLRS as well as for ACHMB3 and ACHMA3 Phase 1/2 clinical trials," said Sue Washer, president and chief executive officer of AGTC. "We are also looking forward to filing the IND for our XLRP program later in 2017 and continue to advance our preclinical programs in these potentially transformative therapies."
Working capital increases sharply
Applied Genetic Technologies Corporation has recorded an increase in the working capital over the last year. It stood at $103.69 million as at Mar. 31, 2017, up 25.95 percent or $21.36 million from $82.33 million on Mar. 31, 2016. Current ratio was at 4.24 as on Mar. 31, 2017, up from 2.51 on Mar. 31, 2016.
Days sales outstanding went down to 1 days for the quarter compared with 4 days for the same period last year.
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