BioSpecifics Technologies Corp. (BSTC) has reported a 6.36 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.05 million, or $0.42 a share in the quarter, compared with $2.87 million, or $0.39 a share for the same period last year.
Revenue during the quarter grew 9.42 percent to $6.88 million from $6.29 million in the previous year period. Total expenses were 31.33 percent of quarterly revenues, up from 31.29 percent for the same period last year. That has resulted in a contraction of 4 basis points in operating margin to 68.67 percent.
Operating income for the quarter was $4.73 million, compared with $4.32 million in the previous year period.
"BioSpecifics concentrates on developing XIAFLEX for medically necessary indications, and we look forward to the initiation of our Phase 1 clinical trial for the treatment of uterine fibroids by the end of this year," said Thomas L. Wegman, president of BioSpecifics. "Our partner Endo continues to see XIAFLEX as a core U.S. branded product and growth driver going forward. Cellulite is their main focus for non-marketed indications and they plan to announce Phase 2b data upon the completion of that trial. Endo is conducting a full commercial assessment and analysis of the R&D pipeline which will determine the clinical trial timelines moving forward."
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