Aratana Therapeutics, Inc. (PETX) saw its loss narrow to $13.37 million, or $0.38 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $54.44 million, or $1.58 a share.
Revenue during the quarter plunged 82.53 percent to $0.04 million from $0.23 million in the previous year period.
Operating loss for the quarter was $12.61 million, compared with an operating loss of $55.01 million in the previous year period.
"We have become a fully integrated development and commercial company with the FDA granting approval for our third therapeutic in 2016 and subsequent commercial launch," stated Steven St. Peter, M.D., president and chief executive officer of Aratana Therapeutics. "We are very pleased to begin making our innovative therapeutics available to veterinarians across the United States."
Working capital increases sharply
Aratana Therapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $89.54 million as at Sep. 30, 2016, up 28.01 percent or $19.59 million from $69.95 million on Sep. 30, 2015. Current ratio was at 5.18 as on Sep. 30, 2016, down from 13.98 on Sep. 30, 2015.
Days sales outstanding went up to 3654 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has increased to 897 days for the quarter compared with 685 days for the previous year period.
Debt increases substantially
Aratana Therapeutics, Inc. has witnessed an increase in total debt over the last one year. It stood at $40.07 million as on Sep. 30, 2016, up 167.44 percent or $25.09 million from $14.98 million on Sep. 30, 2015. Short-term debt stood at $5.83 million as on Sep. 30, 2016. Total debt was 23.95 percent of total assets as on Sep. 30, 2016, compared with 11.23 percent on Sep. 30, 2015. Debt to equity ratio was at 0.36 as on Sep. 30, 2016, up from 0.13 as on Sep. 30, 2015.
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