DURECT Corporation (DRRX) saw its loss widen to $8.83 million, or $0.06 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.49 million, or $0.05 a share. Revenue during the quarter dropped 21.08 percent to $3.74 million from $4.74 million in the previous year period. Gross margin for the quarter contracted 3960 basis points over the previous year period to 41.76 percent.
Operating loss for the quarter was $8.28 million, compared with an operating loss of $5.97 million in the previous year period.
"We are pleased to have provided a separate update today on our DUR-928 program," stated James E. Brown, D.V.M., president and chief executive officer of DURECT. "Regarding POSIMIR®, we have switched over the majority of our active clinical trial sites in the PERSIST Phase 3 trial from Part 1 to Part 2, in which POSIMIR is compared head-to-head against bupivacaine HCL, and continue to add new sites as enrollment proceeds."
Working capital declines
DURECT Corporation has witnessed a decline in the working capital over the last year. It stood at $27.37 million as at Sep. 30, 2016, down 17.29 percent or $5.72 million from $33.09 million on Sep. 30, 2015. Current ratio was at 4.84 as on Sep. 30, 2016, down from 5.91 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 70 days for the quarter from 376 days for the last year period. Days sales outstanding went down to 39 days for the quarter compared with 40 days for the same period last year.
Days inventory outstanding has decreased to 77 days for the quarter compared with 411 days for the previous year period. At the same time, days payable outstanding went down to 45 days for the quarter from 76 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 $19.84 million as on Sep. 30, 2016, up 0.96 percent or $0.19 million from $19.65 million on Sep. 30, 2015. DURECT Corporation has witnessed an increase in long-term debt over the last one year. It stood at $19.84 million as on Sep. 30, 2016, up 0.96 percent or $0.19 million from $19.65 million on Sep. 30, 2015. Total debt was 45.53 percent of total assets as on Sep. 30, 2016, compared with 40.67 percent on Sep. 30, 2015. Debt to equity ratio was at 1.53 as on Sep. 30, 2016, up from 1.14 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
