BioDelivery Sciences International, Inc. (BDSI) saw its loss narrow to $15.98 million, or $0.30 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $20.44 million, or $0.39 a share. Revenue during the quarter surged 189.15 percent to $3.57 million from $1.24 million in the previous year period. Gross margin for the quarter period stood at positive 35.20 percent as compared to a negative 37.57 percent for the previous year period.
Operating loss for the quarter was $15.20 million, compared with an operating loss of $19.65 million in the previous year period.
"We continue to achieve meaningful progress throughout our business, most importantly with managed care contracting for BUNAVAIL," said Dr. Mark A. Sirgo, president and chief executive officer. "During the third quarter, we achieved our goal of stabilizing the BUNAVAIL business behind the lowered cost structure that we implemented in the second quarter. Our focus now is on bringing BUNAVAIL to profitability by the end of 2017. We will achieve this objective by focusing first on increasing BUNAVAIL top-line sales, which will be driven by improved managed care access and formulary position and new patients entering treatment following the recent patient cap increase. These two factors alone have the potential to provide us with access to nearly 1 million new prescriptions over the next year that we did not have access to previously. Second, we will continue improving the bottom-line both through our reduced commercial expenses and an improved profit margin by reducing our COGS and improving our gross to net for BUNAVAIL."
Operating cash flow remains negative
BioDelivery Sciences International, Inc. has spent $41.36 million cash to meet operating activities during the nine month period as against cash outgo of $32.72 million in the last year period. The company has spent $0.32 million cash to meet investing activities during the nine month period as against cash outgo of $0.62 million in the last year period.
Cash flow from financing activities was $2.80 million for the nine month period, down 83.83 percent or $14.50 million, when compared with the last year period.
Cash and cash equivalents stood at $44.68 million as on Sep. 30, 2016, down 17.91 percent or $9.75 million from $54.43 million on Sep. 30, 2015.
Working capital drops significantly
BioDelivery Sciences International, Inc. has witnessed a decline in the working capital over the last year. It stood at $23.95 million as at Sep. 30, 2016, down 31.80 percent or $11.17 million from $35.12 million on Sep. 30, 2015. Current ratio was at 1.74 as on Sep. 30, 2016, down from 2.34 on Sep. 30, 2015.
Days sales outstanding went down to 59 days for the quarter compared with 109 days for the same period last year.
Days inventory outstanding has decreased to 80 days for the quarter compared with 93 days for the previous year period.
Debt comes down marginally
BioDelivery Sciences International, Inc. has recorded a decline in total debt over the last one year. It stood at $29.17 million as on Sep. 30, 2016, down 1.71 percent or $0.51 million from $29.68 million on Sep. 30, 2015. Total debt was 44.36 percent of total assets as on Sep. 30, 2016, compared with 40.98 percent on Sep. 30, 2015. 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
