Teligent, Inc. (TLGT) saw its loss narrow to $5.43 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.38 million, or $0.12 a share. On an adjusted basis, net profit for the quarter stood at $0.71 million, or $0.01 a share compared with a net loss of $1.02 million, or $0.02 a share in the last year period.
Revenue during the quarter surged 37.21 percent to $17.94 million from $13.07 million in the previous year period. Gross margin for the quarter expanded 561 basis points over the previous year period to 51.08 percent. Operating margin for the quarter period stood at positive 1.82 percent as compared to a negative 21.18 percent for the previous year period.
Operating income for the quarter was $0.33 million, compared with an operating loss of $2.77 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.08 million compared with $0.89 million in the prior year period. At the same time, adjusted EBITDA margin improved 477 basis points in the quarter to 11.58 percent from 6.80 percent in the last year period.
Teligent's president and chief executive officer, Jason Grenfell-Gardner, stated, "In 2016 we continued our transformation into a specialty generics pharmaceutical company. We nearly doubled the size of our U.S. product portfolio to 20 products in 50 presentations, up from 11 products at the end of 2015. Our portfolio now includes four generic injectable products and 16 topical generic products, including the nine product approvals from our internally developed pipeline that we received from the U.S. FDA in 2016. Despite some headwinds in our industry, Teligent continued to execute and grow our business. We submitted 12 new ANDAs with the U.S. FDA in 2016, and an additional eight applications to Health Canada in 2016. As of today, after our approval of Triamcinolone Acetonide Ointment USP 0.5% yesterday, we have 35 ANDAs on file in the U.S. with a total addressable market of $2 billion, based on January 2017 QuintilesIMS data."
For fiscal year 2017, Teligent, Inc. forecasts revenue to be in the range of $85 million to $100 million.
Operating cash flow turns positive
Teligent, Inc. has generated cash of $1.10 million from operating activities during the year as against cash outgo of $15.51 million in the last year. The company has spent $21.97 million cash to meet investing activities during the year as against cash outgo of $53.07 million in the last year.
The company has spent $0.01 million cash to carry out financing activities during the year as against cash outgo of $3.11 million in the last year period.
Cash and cash equivalents stood at $66.01 million as on Dec. 31, 2016, down 24.30 percent or $21.19 million from $87.19 million on Dec. 31, 2015.
Working capital declines
Teligent, Inc. has witnessed a decline in the working capital over the last year. It stood at $88.33 million as at Dec. 31, 2016, down 16.69 percent or $17.70 million from $106.03 million on Dec. 31, 2015. Current ratio was at 6.90 as on Dec. 31, 2016, down from 10.85 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 98 days for the quarter from 82 days for the last year period. Days sales outstanding went up to 56 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has increased to 67 days for the quarter compared with 58 days for the previous year period. At the same time, days payable outstanding went down to 24 days for the quarter from 26 for the same period last year.
Debt moves up
Teligent, Inc. has witnessed an increase in total debt over the last one year. It stood at $111.39 million as on Dec. 31, 2016, up 8.11 percent or $8.36 million from $103.03 million on Dec. 31, 2015. Total debt was 60.79 percent of total assets as on Dec. 31, 2016, compared with 55.77 percent on Dec. 31, 2015. Debt to equity ratio was at 1.97 as on Dec. 31, 2016, up from 1.54 as on Dec. 31, 2015.
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