OPKO Health, Inc. (OPK) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $15 million, or $ 0.03 a share in the quarter, against a net profit of $128.20 million, or $0.18 a share in the last year period.
Revenue during the quarter surged 108.39 percent to $298 million from $143 million in the previous year period. Gross margin for the quarter contracted 368 basis points over the previous year period to 49.26 percent. Operating margin for the quarter stood at negative 7.95 percent as compared to a negative 5.73 percent for the previous year period.
Operating loss for the quarter was $23.70 million, compared with an operating loss of $8.20 million in the previous year period.
"We are finalizing the details of our commercial launch of RAYALDEE and have completed the selection and hiring of a very talented commercial team, all of whom bring deep relationships in the nephrology and specialty pharmaceutical sales market," stated Phillip Frost, M.D., chairman and chief executive officer of OPKO.
Working capital increases sharply
OPKO Health, Inc. has recorded an increase in the working capital over the last year. It stood at $247.50 million as at Sep. 30, 2016, up 54.86 percent or $87.67 million from $159.83 million on Sep. 30, 2015. Current ratio was at 1.97 as on Sep. 30, 2016, up from 1.45 on Sep. 30, 2015.
Days sales outstanding went down to 4 days for the quarter compared with 70 days for the same period last year.
Debt comes down significantly
OPKO Health, Inc. has recorded a decline in total debt over the last one year. It stood at $51.50 million as on Sep. 30, 2016, down 58.03 percent or $71.21 million from $122.71 million on Sep. 30, 2015. Total debt was 1.84 percent of total assets as on Sep. 30, 2016, compared with 4.07 percent on Sep. 30, 2015. Debt to equity ratio was at 0.02 as on Sep. 30, 2016, down from 0.06 as on Sep. 30, 2015.
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