Neos Therapeutics, Inc. (NEOS) saw its loss widen to $25.81 million, or $1.61 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.37 million, or $0.77 a share.
Revenue during the quarter surged 616.29 percent to $1.58 million from $0.22 million in the previous year period.
Operating loss for the quarter was $23.73 million, compared with an operating loss of $6.98 million in the previous year period.
"Adzenys XR-ODTTM has been performing very well since our launch in May 2016, as demonstrated by the prescription growth reported by IMS. We are seeing product adoption across both pediatric and adult patient populations and the feedback from physicians and patients continues to be positive," said Vipin K. Garg, Ph.D., president and chief executive officer of Neos Therapeutics. "We also remain on track to resubmit the NDA for Cotempla XR-ODTTM our extended-release methylphenidate ODT product, and to submit the NDA for NT-0201, our extended-release amphetamine liquid suspension, in the fourth quarter of 2016. If approved, we anticipate the launch of both these products during the second half of 2017."
Working capital drops significantly
Neos Therapeutics has witnessed a decline in the working capital over the last year. It stood at $50.55 million as at Sep. 30, 2016, down 45.76 percent or $42.64 million from $93.19 million on Sep. 30, 2015. Current ratio was at 3.36 as on Sep. 30, 2016, down from 8.04 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 81 days for the quarter from 22 days for the last year period. Days sales outstanding went up to 124 days for the quarter compared with 10 days for the same period last year.
Days inventory outstanding has increased to 114 days for the quarter compared with 104 days for the previous year period. At the same time, days payable outstanding went up to 157 days for the quarter from 93 for the same period last year.
Debt increases substantially
Neos Therapeutics has witnessed an increase in total debt over the last one year. It stood at $61.71 million as on Sep. 30, 2016, up 79.64 percent or $27.36 million from $34.35 million on Sep. 30, 2015. Total debt was 63.34 percent of total assets as on Sep. 30, 2016, compared with 26.20 percent on Sep. 30, 2015. Debt to equity ratio was at 3.88 as on Sep. 30, 2016, up from 0.39 as on Sep. 30, 2015.
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