Aviragen Therapeutics, Inc (BOTA) saw its loss narrow to $4.40 million, or $0.11 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.20 million, or $0.14 a share. Revenue during the quarter dropped 7.55 percent to $4.90 million from $5.30 million in the previous year period. Operating margin for the quarter stood at negative 77.55 percent as compared to a negative 98.11 percent for the previous year period.
Operating loss for the quarter was $3.80 million, compared with an operating loss of $5.20 million in the previous year period.
“We are expeditiously working with our Board and financial advisors to consider a wide range of strategic alternatives in a process that is intended to enhance shareholder value both in the near and long term,” commented Joseph M. Patti, PhD, President and Chief Executive Officer of Aviragen Therapeutics. “We remain confident about the overall value proposition of Aviragen based on our fuller review of data from our clinical trials that reported topline results earlier this year, our ongoing Phase 2 study of BTA074 and our solid financial position.”
Working capital declines
Aviragen Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $40.90 million as at Mar. 31, 2017, down 21.04 percent or $10.90 million from $51.80 million on Mar. 31, 2016. Current ratio was at 8.44 as on Mar. 31, 2017, up from 6.95 on Mar. 31, 2016. Days sales outstanding went down to 107 days for the quarter compared with 130 days for the same period last year.
Debt comes down significantly
Aviragen Therapeutics, Inc has recorded a decline in total debt over the last one year. It stood at $0.40 million as on Mar. 31, 2017, down 50 percent or $0.40 million from $0.80 million on Mar. 31, 2016. Total debt was 0.86 percent of total assets as on Mar. 31, 2017, compared with 1.29 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.02 as on Mar. 31, 2017, when compared with the last year. 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
