Cardiome Pharma Corporation (CRME) saw its loss narrow to $19.62 million, or $0.79 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $24.46 million, or $1.34 a share.
Revenue during the year grew 20.78 percent to $25.26 million from $20.91 million in the previous year. Gross margin for the year expanded 652 basis points over the previous year to 75.02 percent.
Operating loss for the year was $14.55 million, compared with an operating loss of $22.08 million in the previous year.
Operating cash flow remains negative
Cardiome Pharma Corp has spent $15.98 million cash to meet operating activities during the year as against cash outgo of $16.31 million in the last year.
The company has spent $13.64 million cash to meet investing activities during the year as against cash outgo of $0.17 million in the last year.
Cash flow from financing activities was $38.56 million for the year, up 76.71 percent or $16.74 million, when compared with the last year.
Cash and cash equivalents stood at $26.76 million as on Dec. 31, 2016, up 51.51 percent or $9.10 million from $17.66 million on Dec. 31, 2015.
Debt increases substantially
Cardiome Pharma Corp has witnessed an increase in total debt over the last one year. It stood at $19.39 million as on Dec. 31, 2016, up 102.03 percent or $9.79 million from $9.60 million on Dec. 31, 2015.
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