Ocular Therapeutix, Inc (OCUL) saw its loss widen to $16.02 million, or $0.58 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.84 million, or $0.44 a share. Revenue during the quarter grew 3.71 percent to $0.48 million from $0.46 million in the previous year period. Gross margin for the quarter contracted 259 basis points over the previous year period to 75.79 percent.
Operating loss for the quarter was $15.67 million, compared with an operating loss of $10.51 million in the previous year period.
“This is an important time for Ocular Therapeutix as we approach the PDUFA target action date for our lead product candidate, DEXTENZA, for the treatment of ocular pain following ophthalmic surgery,” said Amar Sawhney, Ph.D., President, Chief Executive Officer and Chairman. “Should DEXTENZA be approved, its commercial launch will enable our transition into a fully-integrated, commercial-stage, revenue-generating company. DEXTENZA has now been extensively studied for the treatment of post-surgical ocular pain and inflammation in over 550 clinical trial participants. If approved, we believe DEXTENZA will address the compliance issues associated with steroid eyedrops and serve as an attractive alternative for both patients and ophthalmologists.”
Working capital declines
Ocular Therapeutix, Inc has witnessed a decline in the working capital over the last year. It stood at $74.62 million as at Mar. 31, 2017, down 18.08 percent or $16.47 million from $91.09 million on Mar. 31, 2016. Current ratio was at 9.62 as on Mar. 31, 2017, down from 16.17 on Mar. 31, 2016. Cash conversion cycle (CCC) has increased to 2156 days for the quarter from 1686 days for the last year period. Days sales outstanding were almost stable at 41 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 38 days for the quarter compared with 120 days for the previous year period. At the same time, days payable outstanding went up to 2235 days for the quarter from 1848 for the same period last year.
Debt moves up
Ocular Therapeutix, Inc has witnessed an increase in total debt over the last one year. It stood at $17.72 million as on Mar. 31, 2017, up 15.31 percent or $2.35 million from $15.36 million on Mar. 31, 2016. Total debt was 19.54 percent of total assets as on Mar. 31, 2017, compared with 15.30 percent on Mar. 31, 2016. Debt to equity ratio was at 0.28 as on Mar. 31, 2017, up from 0.19 as on Mar. 31, 2016. 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
