Neos Therapeutics, Inc. (NEOS) saw its loss widen to $18.37 million, or $1.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.10 million, or $0.57 a share.
Revenue during the quarter surged 111.15 percent to $3.50 million from $1.66 million in the previous year period. Gross margin for the quarter stood at negative 14.73 percent as compared to a negative 11.03 percent for the previous year period.
Operating loss for the quarter was $16.80 million, compared with an operating loss of $8.42 million in the previous year period.
"The strong prescription growth of Adzenys XR-ODT speaks to the growing demand for this first ever extended release ODT treatment option for patients with ADHD, and the success of our launch. Some encouraging trends include approximately 75% of all new prescriptions are coming from patient switches from another ADHD medication and we are seeing utilization across the spectrum of ADHD patients, from pediatric to adolescents and adults," said Vipin K. Garg, Ph.D., president and chief executive officer of Neos Therapeutics. "We are pleased to have recently completed a successful public offering and believe that these additional funds will be instrumental as we prepare for the potential launch of two additional patient-friendly ADHD products in the second half of this year."
Working capital drops significantly
Neos Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $33.62 million as at Dec. 31, 2016, down 59.15 percent or $48.68 million from $82.31 million on Dec. 31, 2015. Current ratio was at 2.55 as on Dec. 31, 2016, down from 6.16 on Dec. 31, 2015.
Debt increases substantially
Neos Therapeutics, Inc. has witnessed an increase in total debt over the last one year. It stood at $63.52 million as on Dec. 31, 2016, up 85.49 percent or $29.28 million from $34.24 million on Dec. 31, 2015. Total debt was 79.26 percent of total assets as on Dec. 31, 2016, compared with 27.95 percent on Dec. 31, 2015.
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