Corcept Therapeutics Incorporated (CORT) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $2.58 million, or $ 0.02 a share in the quarter, against a net loss of $0.60 million, or $0.01 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $4.87 million, or $0.04 a share compared with $1.64 million or $0.02 a share, a year ago. Revenue during the quarter surged 63.83 percent to $21.72 million from $13.26 million in the previous year period. Gross margin for the quarter contracted 114 basis points over the previous year period to 96.93 percent. Total expenses were 85.86 percent of quarterly revenues, down from 99.23 percent for the same period last year. This has led to an improvement of 1337 basis points in operating margin to 14.14 percent.
Operating income for the quarter was $3.07 million, compared with $0.10 million in the previous year period.
"The success of our Korlym franchise is allowing us to build a development program of exciting breadth and depth," said Robert S. Fishman, MD, Corcept's Chief Medical Officer. "Our proprietary, selective cortisol modulator CORT125134 -- now in its Phase 2 trial -- may offer Cushing's syndrome patients Korlym's powerful benefits, but without the side effects associated with Korlym's affinity for the progesterone receptor. We look forward to those results next year.
Corcept Therapeutics Incorporated projects revenue to be in the range of $79 million to $82 million for financial year 2016.
Working capital increases
Corcept Therapeutics Incorporated has recorded an increase in the working capital over the last year. It stood at $28.10 million as at Sep. 30, 2016, up 6.38 percent or $1.69 million from $26.41 million on Sep. 30, 2015. Current ratio was at 1.89 as on Sep. 30, 2016, down from 2.41 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 271 days for the quarter from 150 days for the last year period. Days sales outstanding went down to 28 days for the quarter compared with 38 days for the same period last year.
Days inventory outstanding has decreased to 160 days for the quarter compared with 549 days for the previous year period. At the same time, days payable outstanding went down to 459 days for the quarter from 737 for the same period last year.
Debt comes down significantly
Corcept Therapeutics Incorporated has recorded a decline in total debt over the last one year. It stood at $6.87 million as on Sep. 30, 2016, down 76.81 percent or $22.77 million from $29.64 million on Sep. 30, 2015. Total debt was 10.92 percent of total assets as on Sep. 30, 2016, compared with 61.27 percent on Sep. 30, 2015. Debt to equity ratio was at 0.22 as on Sep. 30, 2016, down from 2.20 as 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
