DURECT Corporation (DRRX) saw its loss widen to $8.11 million, or $0.06 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.85 million, or $0.06 a share. Revenue during the quarter grew 26.58 percent to $4.57 million from $3.61 million in the previous year period. Gross margin for the quarter expanded 64 basis points over the previous year period to 66.21 percent.
Operating loss for the quarter was $7.57 million, compared with an operating loss of $7.32 million in the previous year period.
“We are very pleased to have a company with the market presence and resources of Sandoz to commercialize POSIMIR in the United States,” stated James E. Brown, D.V.M., President and Chief executive officer of DURECT. “Recent enrollment rates for PERSIST, the POSIMIR pivotal Phase 3 clinical trial in post-operative pain, are ahead of schedule and support completion of dosing in the second quarter of 2017, which would position us to announce top-line results in the fourth quarter of this year. We were also pleased to present at a major scientific meeting the results from our Phase 1b NASH study in which we observed promising decreases in certain cell death markers, an improvement of a key biomarker of liver function, and decreases in certain biomarkers associated with inflammation, in each case from a single oral dose of DUR-928, the lead molecule in our Epigenetic Regulator Program.”
Working capital drops significantly
DURECT Corporation has witnessed a decline in the working capital over the last year. It stood at $17.62 million as at Mar. 31, 2017, down 28.51 percent or $7.03 million from $24.65 million on Mar. 31, 2016. Current ratio was at 3.35 as on Mar. 31, 2017, down from 3.97 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 88 days for the quarter from 132 days for the last year period. Days sales outstanding went down to 20 days for the quarter compared with 22 days for the same period last year.
Days inventory outstanding has decreased to 101 days for the quarter compared with 147 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 36 for the same period last year.
Debt remains almost stable
DURECT Corporation has witnessed an increase in total debt over the last one year. It stood at $19.87 million as on Mar. 31, 2017, up 0.77 percent or $0.15 million from $19.72 million on Mar. 31, 2016. Total debt was 60.03 percent of total assets as on Mar. 31, 2017, compared with 47.86 percent on Mar. 31, 2016. Debt to equity ratio was at 6.12 as on Mar. 31, 2017, up from 1.93 as on Mar. 31, 2016. 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
