Emergent Biosolutions (EBS) has reported 162.72 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.48 million, or $0.23 a share in the quarter, compared with $3.99 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $14.30 million, or $0.29 a share compared with $13.30 million or $0.28 a share, a year ago.
Revenue during the quarter grew 13.49 percent to $116.86 million from $102.96 million in the previous year period. Gross margin for the quarter contracted 1633 basis points over the previous year period to 60.36 percent. Total expenses were 87.24 percent of quarterly revenues, up from 79.45 percent for the same period last year. That has resulted in a contraction of 779 basis points in operating margin to 12.76 percent.
Operating income for the quarter was $14.91 million, compared with $21.16 million in the previous year period.
Working capital decreases marginally
Emergent Biosolutions has witnessed a decline in the working capital over the last year. It stood at $421.46 million as at Mar. 31, 2017, down 3.71 percent or $16.25 million from $437.70 million on Mar. 31, 2016. Current ratio was at 7.22 as on Mar. 31, 2017, up from 5.84 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 99 days for the quarter from 228 days for the last year period. Days sales outstanding went up to 101 days for the quarter compared with 89 days for the same period last year.
Days inventory outstanding has decreased to 69 days for the quarter compared with 313 days for the previous year period. At the same time, days payable outstanding went down to 71 days for the quarter from 174 for the same period last year.
Debt remains almost stable
Total debt of Emergent Biosolutions remained almost stable for the quarter at $248.39 million, when compared with the last year period. Long-term debt of Emergent Biosolutions remained almost stable for the quarter at $248.39 million, when compared with the last year period. Total debt was 26.10 percent of total assets as on Mar. 31, 2017, compared with 23.86 percent on Mar. 31, 2016. Debt to equity ratio was at 0.41 as on Mar. 31, 2017, up from 0.37 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 7.69 for the quarter from 13.88 for the same period last year.
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