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Horizon Pharma plc (HZNP) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $130.54 million, or $ 0.81 a share in the quarter, against a net profit of $23.99 million, or $0.15 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $106.38 million, or $0.64 a share compared with $105.51 million or $0.64 a share, a year ago. Revenue during the quarter grew 26.91 percent to $310.35 million from $244.54 million in the previous year period. Gross margin for the quarter contracted 2062 basis points over the previous year period to 51.75 percent. Operating margin for the quarter stood at negative 41.92 percent as compared to a positive 15.56 percent for the previous year period.
Operating loss for the quarter was $130.11 million, compared with an operating income of $38.05 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $136.42 million compared with $122.48 million in the prior year period. At the same time, adjusted EBITDA margin contracted 613 basis points in the quarter to 43.96 percent from 50.09 percent in the last year period.
“We delivered a strong fourth quarter and another exceptional year of performance driven by continued commercial execution and the completion of two transformative acquisitions that bolster our rapidly expanding rare disease business,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “Our performance and continued strategic acquisitions have strengthened and diversified the Company and positioned us well to deliver on our growth objectives over the long term.”
Horizon Pharma projects revenue to be in the range of $1,240 million to $1,290 million for financial year 2017.
Operating cash flow improves significantly
Horizon Pharma plc has generated cash of $369.46 million from operating activities during the year, up 90.28 percent or $175.29 million, when compared with the last year. The company has spent $1,375.88 million cash to meet investing activities during the year as against cash outgo of $995.05 million in the last year.
Cash flow from financing activities was $657.07 million for the year, down 54.45 percent or $785.41 million, when compared with the last year.
Cash and cash equivalents stood at $509.06 million as on Dec. 31, 2016, down 40.78 percent or $350.56 million from $859.62 million on Dec. 31, 2015.
Working capital drops significantly
Horizon Pharma plc has witnessed a decline in the working capital over the last year. It stood at $440.43 million as at Dec. 31, 2016, down 41.17 percent or $308.16 million from $748.59 million on Dec. 31, 2015. Current ratio was at 1.73 as on Dec. 31, 2016, down from 3.09 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 83 days for the quarter from 41 days for the last year period. Days sales outstanding went up to 45 days for the quarter compared with 40 days for the same period last year.
Days inventory outstanding has increased to 54 days for the quarter compared with 13 days for the previous year period. At the same time, days payable outstanding went up to 16 days for the quarter from 11 for the same period last year.
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