Corium International, Inc (CORI) saw its loss widen to $10.43 million, or $0.46 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.40 million, or $0.42 a share. Revenue during the quarter dropped 7.54 percent to $6.97 million from $7.54 million in the previous year period. Gross margin for the quarter expanded 859 basis points over the previous year period to 11.02 percent.
Operating loss for the quarter was $8.41 million, compared with an operating loss of $7.45 million in the previous year period.
"We are pleased to report on the important progress we have made on the pilot bioequivalence study for Corplex Donepezil, our lead transdermal candidate for Alzheimer’s disease," said Peter D. Staple, President and Chief Executive Officer of Corium. "The data from the first treatment period look very promising -- indicating a steady state pharmacokinetic profile consistent with what we had projected, as well as good skin tolerability and safety profiles. These interim results reinforce our confidence in the program as we prepare to initiate the pivotal trial in the second half of the year."
Working capital drops significantly
Corium International, Inc. has witnessed a decline in the working capital over the last year. It stood at $30.69 million as at Dec. 31, 2016, down 51.67 percent or $32.81 million from $63.50 million on Dec. 31, 2015. Current ratio was at 4.62 as on Dec. 31, 2016, down from 9.51 on Dec. 31, 2015. Cash conversion cycle (CCC) has decreased to 9 days for the quarter from 51 days for the last year period. Days sales outstanding went down to 53 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has decreased to 14 days for the quarter compared with 36 days for the previous year period. At the same time, days payable outstanding went up to 58 days for the quarter from 42 for the same period last year.
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