BioSpecifics Technologies Corp. (BSTC) has reported a 9.71 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.92 million, or $0.40 a share in the quarter, compared with $2.66 million, or $0.36 a share for the same period last year.
Revenue during the quarter grew 7.85 percent to $6.62 million from $6.14 million in the previous year period. Total expenses were 34.87 percent of quarterly revenues, down from 36.56 percent for the same period last year. This has led to an improvement of 169 basis points in operating margin to 65.13 percent.
Operating income for the quarter was $4.31 million, compared with $3.89 million in the previous year period.
"During 2016, not only did revenues of XIALFEX grow 20 percent from the prior year, but we were also happy to report positive Phase 2 data for two pipeline indications, cellulite and human lipoma. We are continuing to work with our partner Endo to maximize the potential of XIAFLEX both commercially and clinically and look forward the initiation of the Phase 3 trials for cellulite in the second half of this year," said Thomas L. Wegman, president of BioSpecifics. "Turning to the development programs that we manage ourselves, the initiation of our Phase 1 clinical trial in uterine fibroids in the first quarter of 2017 is very important as it supports our business objective to develop XIAFLEX for medically necessary indications."
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
