Spectrum Pharmaceuticals (SPPI) saw its loss widen to $22.97 million, or $0.29 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.32 million, or $0.14 a share. On an adjusted basis, net loss for the quarter was $11.36 million, when compared with net profit $0.35 million in the last year period.
Revenue during the quarter plunged 33.66 percent to $29.10 million from $43.87 million in the previous year period. Operating margin for the quarter stood at negative 73.29 percent as compared to a negative 14.32 percent for the previous year period.
Operating loss for the quarter was $21.33 million, compared with an operating loss of $6.28 million in the previous year period.
"We remain focused on our advanced stage pipeline and look forward to several important milestones in the near future," said Rajesh C. Shrotriya, MD, chairman and chief executive officer of Spectrum Pharmaceuticals. "Based on the preclinical results and clinical data from the first compassionate-use patient, treated at MD Anderson Cancer Center by Dr. John Heymach under a compassionate-use protocol approved by the FDA, enthusiasm is building in the scientific community about the potential of poziotinib in non-small cell lung cancer patients with exon 20 insertion mutations. There is immense need for effective therapies in this disease as the current progression free survival is under 2 months. In addition, I am delighted with the recent pace of enrollment of the ROLONTIS Phase 3 program. Since the beginning of this year, we have enrolled over 135 patients in the pivotal trial. We are looking forward to Phase 3 results and a BLA filing next year. With three advanced stage drugs being studied in multiple tumors, I believe Spectrum is poised for transformational growth."
Working capital increases
Spectrum Pharmaceuticals has recorded an increase in the working capital over the last year. It stood at $139.81 million as at Mar. 31, 2017, up 23.77 percent or $26.85 million from $112.96 million on Mar. 31, 2016. Current ratio was at 3.44 as on Mar. 31, 2017, up from 2.90 on Mar. 31, 2016.
Days sales outstanding went up to 137 days for the quarter compared with 80 days for the same period last year.
Debt comes down marginally
Spectrum Pharmaceuticals has recorded a decline in total debt over the last one year. It stood at $98.59 million as on Mar. 31, 2017, down 2.32 percent or $2.34 million from $100.93 million on Mar. 31, 2016. Spectrum Pharmaceuticals has recorded a decline in long-term debt over the last one year. It stood at $98.59 million as on Mar. 31, 2017, down 2.32 percent or $2.34 million from $100.93 million on Mar. 31, 2016. Total debt was 24.43 percent of total assets as on Mar. 31, 2017, compared with 25.15 percent on Mar. 31, 2016. Debt to equity ratio was at 0.45 as on Mar. 31, 2017, down from 0.48 as on Mar. 31, 2016.
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