MyoKardia swings to fourth-quarter profit on a YOY basis
Source: IRIS | 14 Mar, 2017, 06.18PM
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 MyoKardia Inc (MYOK) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $14.26 million, or $ 0.44 a share in the quarter, against a net loss of $7.91 million, or $0.48 a share in the last year period. Revenue during the quarter surged 704.23 percent to $28.55 million from $3.55 million in the previous year period. Operating income for the quarter was $14.18 million, compared with an operating loss of $7.88 million in the previous year period. “The year 2016 saw MyoKardia deepen our leadership, expand our scientific platform and advance our growing clinical pipeline,” said Tassos Gianakakos, chief executive officer. “We enter 2017 with two programs in the clinic aimed at the two most common heritable cardiomyopathies, HCM and DCM, and sufficient cash to fund operations into 2019. Both programs have data reporting out in the third-quarter of this year that we hope will bring us one step closer to helping HCM and DCM patients.” Working capital increases sharply
MyoKardia Inc has recorded an increase in the working capital over the last year. It stood at $153.28 million as at Dec. 31, 2016, up 67.38 percent or $61.70 million from $91.57 million on Dec. 31, 2015. Current ratio was at 5.65 as on Dec. 31, 2016, up from 5.17 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
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