MannKind Corporation (MNKD) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $53.98 million, or $ 0.56 a share in the quarter, against a net loss of $277.02 million, or $3.30 a share in the last year period.
Revenues for the quarter were $12.40 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 5.01 percent.
Operating loss for the quarter was $11.83 million, compared with an operating loss of $272.86 million in the previous year period.
Working capital remains negative
Working capital of MannKind Corporation was negative $14.56 million on Dec. 31, 2016 compared with negative $191.67 million on Dec. 31, 2015. Current ratio was at 0.84 as on Dec. 31, 2016, up from 0.29 on Dec. 31, 2015.
Debt comes down marginally
MannKind Corporation has recorded a decline in total debt over the last one year. It stood at $98.97 million as on Dec. 31, 2016, down 3.15 percent or $3.22 million from $102.20 million on Dec. 31, 2015. Total debt was 92.44 percent of total assets as on Dec. 31, 2016, compared with 80.84 percent on Dec. 31, 2015.
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