Recro Pharma, Inc (REPH) saw its loss widen to $5.38 million, or $0.50 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.15 million, or $0.24 a share.
Revenue during the quarter went up marginally by 2.49 percent to $16.95 million from $16.54 million in the previous year period. Gross margin for the quarter expanded 2681 basis points over the previous year period to 66.11 percent. Operating margin for the quarter stood at negative 23.13 percent as compared to a negative 0.99 percent for the previous year period.
Operating loss for the quarter was $3.92 million, compared with an operating loss of $0.16 million in the previous year period.
"During the third quarter, we made significant progress advancing our lead candidate, IV meloxicam, with positive top-line data from the first of two pivotal Phase III efficacy trials, and we remain on track to report top-line data from the second pivotal trial by year end," said Gerri Henwood, president and chief executive officer of Recro Pharma. "With the acute pain space currently dominated by opioids, which can cause addiction and other serious side effects, there exists an urgent medical need for non-opioid options that provide patients with rapid and sustained pain relief. We look forward to sharing future clinical updates as we work toward a possible NDA filing for IV meloxicam in mid-summer 2017."
Working capital increases sharply
Recro Pharma, Inc has recorded an increase in the working capital over the last year. It stood at $37.74 million as at Sep. 30, 2016, up 28.76 percent or $8.43 million from $29.31 million on Sep. 30, 2015. Current ratio was at 4.35 as on Sep. 30, 2016, up from 2.53 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 132 days for the quarter from 145 days for the last year period. Days sales outstanding went up to 75 days for the quarter compared with 69 days for the same period last year.
Days inventory outstanding has decreased to 79 days for the quarter compared with 83 days for the previous year period. At the same time, days payable outstanding went up to 21 days for the quarter from 7 for the same period last year.
Debt comes down significantly
Recro Pharma, Inc has recorded a decline in total debt over the last one year. It stood at $24.24 million as on Sep. 30, 2016, down 36.26 percent or $13.79 million from $38.02 million on Sep. 30, 2015. Total debt was 16.60 percent of total assets as on Sep. 30, 2016, compared with 28.27 percent on Sep. 30, 2015. Debt to equity ratio was at 0.60 as on Sep. 30, 2016, down from 1.34 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
