Pernix Therapeutics Holdings, Inc (PTX) saw its loss widen to $169.59 million, or $21.67 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $148.32 million, or $27.81 a share. Revenue during the year dropped 19.90 percent to $140.86 million from $175.85 million in the previous year. Gross margin for the year contracted 152 basis points over the previous year to 69.25 percent. Operating margin for the year stood at negative 99.63 percent as compared to a negative 57.58 percent for the previous year.
Operating loss for the year was $140.33 million, compared with an operating loss of $101.25 million in the previous year.
However, the adjusted EBITDA for the year stood at $14,969 million compared with $20,744 million in the prior year period.
"Since July 2016, when we restructured our sales force, we have achieved significant progress in improving the performance of our business," said John Sedor, Chairman and Chief Executive Officer of Pernix Therapeutics. "Moreover, our prescription fulfillment program, Pernix Prescriptions Direct, continues to drive uptake of Treximet and Silenor. We remain focused on improving our commercial execution and driving further growth of our core brands. In addition, our business returned to positive adjusted EBITDA during the second half of 2016."
Working capital turns negative
Working capital of Pernix Therapeutics Holdings, Inc has turned negative to $0.62 million on Dec. 31, 2016 from positive $23.25 million on Dec. 31, 2015. Current ratio was at 0.99 as on Dec. 31, 2016, down from 1.17 on Dec. 31, 2015. Days sales outstanding went up to 158 days for the year compared with 143 days for the same period last year.
Days inventory outstanding has decreased to 33 days for the year compared with 73 days for the previous year period.
Debt comes down marginally
Pernix Therapeutics Holdings, Inc has recorded a decline in total debt over the last one year. It stood at $301.42 million as on Dec. 31, 2016, down 4.86 percent or $15.40 million from $316.83 million on Dec. 31, 2015. Total debt was 97.10 percent of total assets as on Dec. 31, 2016, compared with 61.98 percent on Dec. 31, 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
