Halozyme Therapeutics (HALO) saw its loss widen to $28.95 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $24.46 million, or $0.19 a share.
Revenue during the quarter surged 53.29 percent to $31.85 million from $20.78 million in the previous year period. Gross margin for the quarter expanded 106 basis points over the previous year period to 71.32 percent.
Operating loss for the quarter was $22.74 million, compared with an operating loss of $23.24 million in the previous year period.
"The third quarter was highlighted by Genentech’s BLA filing for rituximab in a subcutaneous formulation using Halozyme’s ENHANZE platform in multiple blood cancers, a development that adds to the potential for our royalty revenue and highlights the benefits of our business model,” said Dr. Helen Torley, president and chief executive officer. “In our oncology pillar, we continued initiation of our global sites in our phase 3 study of PEGPH20 and are making progress toward dose expansion in our study with Keytruda, all as we anticipate reporting topline results from stage 2 of our HALO-202 study once the data is mature.”
Halozyme Therapeutics projects revenue to be in the range of $145 million to $150 million for financial year 2016.
Working capital increases sharplyHalozyme Therapeutics has recorded an increase in the working capital over the last year. It stood at $219.95 million as at Sep. 30, 2016, up 103.20 percent or $111.71 million from $108.24 million on Sep. 30, 2015. Current ratio was at 5.18 as on Sep. 30, 2016, up from 3.41 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 60 days for the quarter from 116 days for the last year period. Days sales outstanding were almost stable at 40 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 65 days for the quarter compared with 140 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 64 for the same period last year.
Debt increases substantiallyHalozyme Therapeutics has witnessed an increase in total debt over the last one year. It stood at $212.20 million as on Sep. 30, 2016, up 326.16 percent or $162.40 million from $49.79 million on Sep. 30, 2015. Total debt was 75.11 percent of total assets as on Sep. 30, 2016, compared with 31.37 percent 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
