Neos Therapeutics, Inc. (NEOS) saw its loss widen to $17.09 million, or $0.87 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.61 million, or $0.79 a share.
Revenue during the quarter surged 117.85 percent to $5.63 million from $2.58 million in the previous year period. Gross margin for the quarter period stood at positive 17.98 percent as compared to a negative 6.70 percent for the previous year period.
Operating loss for the quarter was $14.96 million, compared with an operating loss of $11.86 million in the previous year period.
"The first year of launch for Adzenys XR-ODT continues to be successful and in fact, the numbers show that during the first quarter of 2017, we reached more than 32,000 quarterly prescriptions and more than 13,000 monthly prescriptions for the first time," said Vipin K. Garg, Ph.D., president and chief executive officer of Neos Therapeutics. "Given the positive physician and patient feedback and continually increasing prescription numbers for Adzenys XR-ODT, we hope to achieve a similar success with the anticipated launch of Cotempla XR-ODT, our methylphenidate extended-release ODT product, this fall. We expect to use our current infrastructure and salesforce to launch Cotempla XR-ODT as well as our other product candidate, NT-0201, our amphetamine XR liquid suspension, if they are approved."
Working capital drops significantly
Neos Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $48.68 million as at Mar. 31, 2017, down 35.31 percent or $26.57 million from $75.25 million on Mar. 31, 2016. Current ratio was at 2.87 as on Mar. 31, 2017, down from 5.21 on Mar. 31, 2016.
Cash conversion cycle (CCC) has increased to 65 days for the quarter from 35 days for the last year period. Days sales outstanding went down to 126 days for the quarter compared with 186 days for the same period last year.
Days inventory outstanding has decreased to 55 days for the quarter compared with 83 days for the previous year period. At the same time, days payable outstanding went down to 115 days for the quarter from 234 for the same period last year.
Debt increases substantially
Neos Therapeutics, Inc. has witnessed an increase in total debt over the last one year. It stood at $66.01 million as on Mar. 31, 2017, up 93.44 percent or $31.88 million from $34.12 million on Mar. 31, 2016. Total debt was 66.66 percent of total assets as on Mar. 31, 2017, compared with 28.95 percent on Mar. 31, 2016. Debt to equity ratio was at 5.23 as on Mar. 31, 2017, up from 0.51 as on Mar. 31, 2016.
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