Cardiome Pharma Corporation (CRME) saw its loss widen to $6.33 million, or $0.20 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.23 million, or $0.09 a share.
Revenue during the quarter dropped 26.67 percent to $5.20 million from $7.09 million in the previous year period. Gross margin for the quarter contracted 1137 basis points over the previous year period to 68.53 percent.
Operating loss for the quarter was $5.49 million, compared with an operating loss of $1.13 million in the previous year period.
Commenting on Cardiome's achievements during the quarter, William Hunter, MD, chief executive officer and president of Cardiome, said "The first quarter of 2017 was a quarter of achievement for Cardiome on many important fronts: we are very proud to now have BRINAVESS approved for sale in Canada and, as a result, we have built a new commercial footprint in Canada with an initial focus on selling BRINAVESS and AGGRASTAT. We expect that additional products will be made available to our Canadian sales force over time as we anticipate to file NDS's for both TREVYENT and XYDALBA in 2017 and we are currently negotiating for compelling new medicines for all of our territories, including Canada. We continue to be pleased with our XYDALBA launch across major European markets, with the most recent being our commercial launch in France, and look forward to seeing the uptake of XYDALBA sales in the latter half of 2017. The first quarter of 2017 unfolded as we expected and we are guiding to meet our annual revenue target of approximately $28 to $30 million. We believe that 2017 will be a pivotal year for Cardiome."
Operating cash flow remains negativeCardiome Pharma Corporation has spent $6.84 million cash to meet operating activities during the quarter as against cash outgo of $5.22 million in the last year period. The company has spent $0.01 million cash to meet investing activities during the quarter as against cash outgo of $0.02 million in the last year period.
The company has spent $0.58 million cash to carry out financing activities during the quarter as against cash outgo of $0.72 million in the last year period.
Cash and cash equivalents stood at stood at $19.37 million as at Mar. 31, 2017.
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