Ocular Therapeutix, Inc (OCUL) saw its loss narrow to $9.60 million, or $0.39 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11.52 million, or $0.47 a share. Revenue during the quarter grew 11.19 percent to $0.48 million from $0.43 million in the previous year period. Gross margin for the quarter contracted 227 basis points over the previous year period to 76.52 percent.
Operating loss for the quarter was $9.24 million, compared with an operating loss of $11.17 million in the previous year period.
"Following productive discussions with the FDA, we are preparing for the resubmission of our NDA for DEXTENZA™ for post-surgical ocular pain by the end of the year," said Amar Sawhney, Ph.D., president, chief executive officer and chairman. "We are also pleased to have commenced patient enrollment in our first Phase 3 clinical trial with OTX-TP for the treatment of glaucoma and ocular hypertension. We believe that this is the first Phase 3 clinical trial to be conducted with a non-invasive, sustained release drug candidate for the treatment of glaucoma, and our goal is to address the major issue of low patient compliance rates associated with currently approved topical therapies. Further, we are excited to have entered into a strategic collaboration with Regeneron to develop a potential first-in-class sustained release protein-based anti-VEGF hydrogel injection for the treatment of wet AMD and other serious retinal diseases."
Working capital drops significantly
Ocular Therapeutix, Inc has witnessed a decline in the working capital over the last year. It stood at $68.58 million as at Sep. 30, 2016, down 34.51 percent or $36.14 million from $104.72 million on Sep. 30, 2015. Current ratio was at 9.32 as on Sep. 30, 2016, down from 10.37 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 1754 days for the quarter from 2057 days for the last year period. Days sales outstanding went up to 39 days for the quarter compared with 38 days for the same period last year.
Days inventory outstanding has decreased to 52 days for the quarter compared with 148 days for the previous year period. At the same time, days payable outstanding went down to 1845 days for the quarter from 2242 for the same period last year.
Debt moves up marginally
Ocular Therapeutix, Inc has witnessed an increase in total debt over the last one year. It stood at $15.55 million as on Sep. 30, 2016, up 2.76 percent or $0.42 million from $15.13 million on Sep. 30, 2015. Total debt was 18.88 percent of total assets as on Sep. 30, 2016, compared with 12.68 percent on Sep. 30, 2015. Debt to equity ratio was at 0.25 as on Sep. 30, 2016, up from 0.15 as on Sep. 30, 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
