Egalet Corporation (EGLT) saw its loss widen to $26.94 million, or $1.10 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.36 million, or $0.81 a share.
Revenue during the quarter surged 179.42 percent to $4.71 million from $1.69 million in the previous year period. Gross margin for the quarter expanded 130 basis points over the previous year period to 80.60 percent.
Operating loss for the quarter was $23.70 million, compared with an operating loss of $15.57 million in the previous year period.
"Much progress was made in the third quarter with the successful FDA Advisory Committee meeting for ARYMO ER and the closing of a $40 million financing with a potential additional $40 million upon ARYMO ER approval," said Bob Radie, president and chief executive officer of Egalet. "We are now focused on working closely with the FDA to complete the regulatory review of ARYMO ER and preparing for a potential launch in the first quarter of 2017."
Working capital drops significantly
Egalet Corporation has witnessed a decline in the working capital over the last year. It stood at $84.56 million as at Sep. 30, 2016, down 42.39 percent or $62.21 million from $146.77 million on Sep. 30, 2015. Current ratio was at 4.36 as on Sep. 30, 2016, down from 6.09 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 161 days for the quarter from 3993 days for the last year period. Days sales outstanding went down to 561 days for the quarter compared with 3961 days for the same period last year.
Days inventory outstanding has decreased to 75 days for the quarter compared with 980 days for the previous year period. At the same time, days payable outstanding went down to 475 days for the quarter from 948 for the same period last year.
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