Pernix Therapeutics Holdings, Inc. (PTX) saw its loss widen to $26.44 million, or $2.99 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.74 million, or $1.76 a share.
Revenue during the quarter dropped 14.70 percent to $41.47 million from $48.62 million in the previous year period. Gross margin for the quarter contracted 138 basis points over the previous year period to 73.86 percent. Operating margin for the quarter stood at negative 41.96 percent as compared to a negative 33.23 percent for the previous year period.
Operating loss for the quarter was $17.40 million, compared with an operating loss of $16.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.38 million compared with $8.67 million in the prior year period. At the same time, adjusted EBITDA margin improved 237 basis points in the quarter to 20.21 percent from 17.84 percent in the last year period.
"We are encouraged with the progress of our turnaround efforts, especially the reorganization of our salesforce, which we expect will increase the efficiency of our company, drive us toward profitability and position us well for future growth," said John Sedor, chairman and chief executive officer of Pernix Therapeutics Holdings. "Importantly, in the face of the workforce reductions, sales force reorganization and efforts to improve our operating efficiency, we are seeing solid increases in prescription trends across each of our core brands, Treximet, Zohydro ER and Silenor. In addition, our prescription fulfillment program, Pernix Prescriptions Direct, continues to gain increased traction as more patients utilize this program."
Working capital drops significantly
Pernix Therapeutics Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $7.06 million as at Sep. 30, 2016, down 85.21 percent or $40.65 million from $47.71 million on Sep. 30, 2015. Current ratio was at 1.08 as on Sep. 30, 2016, down from 1.37 on Sep. 30, 2015.
Days sales outstanding went down to 114 days for the quarter compared with 117 days for the same period last year.
Days inventory outstanding has decreased to 35 days for the quarter compared with 75 days for the previous year period.
Debt comes down
Pernix Therapeutics Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $301.59 million as on Sep. 30, 2016, down 6.61 percent or $21.35 million from $322.94 million on Sep. 30, 2015. Total debt was 80.60 percent of total assets as on Sep. 30, 2016, compared with 53.96 percent on Sep. 30, 2015.
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