Ironwood Pharmaceuticals (IRWD) saw its loss narrow to $13.50 million, or $0.09 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.04 million, or $0.10 a share. On the other hand, adjusted net loss for the quarter widened to $17.74 million, or $0.12 a share from a loss of $15.66 million or $0.11 a share, a year ago.
Revenue during the quarter surged 64.07 percent to $87.46 million from $53.31 million in the previous year period. Operating margin for the quarter stood at negative 7.20 percent as compared to a negative 10.93 percent for the previous year period.
Operating loss for the quarter was $6.30 million, compared with an operating loss of $5.83 million in the previous year period.
"Ironwood’s outstanding performance in 2016 was driven by continued strong growth in LINZESS demand and profitability, the launch of ZURAMPIC - our first marketed product for uncontrolled gout, topline data from our linaclotide colonic release Phase IIb trial and the advancement of sGC stimulators IW-1973 and IW-1701 into Phase IIa studies," said Peter Hecht, chief executive officer of Ironwood. "We look forward to continuing this momentum in 2017, as we expect our two innovative commercial products to grow large markets through our focused commercial effort, and our innovation to deliver multiple commercial launches and numerous catalysts from our mid- to late-stage pipeline."
Working capital drops significantlyIronwood Pharmaceuticals has witnessed a decline in the working capital over the last year. It stood at $289.05 million as at Dec. 31, 2016, down 31.79 percent or $134.69 million from $423.74 million on Dec. 31, 2015. Current ratio was at 4.17 as on Dec. 31, 2016, down from 6.54 on Dec. 31, 2015. Debt comes down marginallyIronwood Pharmaceuticals has recorded a decline in total debt over the last one year. It stood at $372.80 million as on Dec. 31, 2016, down 2.28 percent or $8.68 million from $381.48 million on Dec. 31, 2015. Total debt was 52.52 percent of total assets as on Dec. 31, 2016, compared with 61.62 percent on Dec. 31, 2015. Debt to equity ratio was at 5.59 as on Dec. 31, 2016, up from 4.01 as on Dec. 31, 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
