Vanda Pharmaceuticals (VNDA) saw its loss narrow to $7.64 million, or $0.17 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.36 million, or $0.29 a share. On an adjusted basis, net loss for the quarter was $4.94 million, when compared with $7.15 million in the last year period.

Revenue during the quarter grew 12.49 percent to $37.42 million from $33.26 million in the previous year period. Gross margin for the quarter expanded 721 basis points over the previous year period to 89.30 percent. Operating margin for the quarter stood at negative 21.13 percent as compared to a negative 37.51 percent for the previous year period.

Operating loss for the quarter was $7.91 million, compared with an operating loss of $12.48 million in the previous year period.

"We are pleased with the progress made in the first quarter of 2017 with the continued growth of our HETLIOZ business and the successful expansion of the Fanapt U.S. field sales team," said Mihael H. Polymeropoulos, M.D., Vanda’s president and chief executive officer. "Our research and development pipeline is advancing and the tradipitant program is nearing completion of the enrollment stage of the pruritus randomized clinical study. We look forward to sharing the pruritus study results in the third quarter of 2017."

Vanda Pharmaceuticals forecasts revenue to be in the range of $165 million to $175 million for fiscal year 2017.                                            

Days sales outstanding went down to 41 days for the quarter compared with 45 days for the same period last year.

Days inventory outstanding has decreased to 9 days for the quarter compared with 17 days for the previous year period.