Delcath Systems Inc (DCTH) saw its loss widen to $11.33 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.81 million, or $1.25 a share. Revenue during the quarter surged 100.81 percent to $0.74 million from $0.37 million in the previous year period. Gross margin for the quarter expanded 52 basis points over the previous year period to 70.52 percent.
Operating loss for the quarter was $4.21 million, compared with an operating loss of $3.46 million in the previous year period.
“During the first three months of 2017 we continued to advance our clinical development programs in ocular melanoma liver metastases and intrahepatic cholangiocarcinoma, while making steady progress with commercialization of CHEMOSAT in Europe,” said Jennifer K. Simpson, Ph.D., MSN, CRNP president and chief executive officer of Delcath. “As we announced recently, we have concluded a new SPA agreement with the FDA for the initiation of a pivotal trial for the use of Melphalan/HDS in patients with ICC.
Working capital turns negative
Working capital of Delcath Systems Inc has turned negative to $1.08 million on Mar. 31, 2017 from positive $7.56 million on Mar. 31, 2016. Current ratio was at 0.97 as on Mar. 31, 2017, down from 2.94 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 18 days for the quarter from 542 days for the last year period. Days sales outstanding went down to 40 days for the quarter compared with 58 days for the same period last year.
Days inventory outstanding has decreased to 179 days for the quarter compared with 653 days for the previous year period. At the same time, days payable outstanding went up to 202 days for the quarter from 169 for the same period last year.
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