Amarin Corporation Plc (AMRN) saw its loss widen to $27.45 million, or $0.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $21.89 million, or $0.12 a share. Revenue during the quarter surged 45.29 percent to $38.70 million from $26.63 million in the previous year period. Gross margin for the quarter expanded 526 basis points over the previous year period to 73.76 percent. Operating margin for the quarter stood at negative 33.24 percent as compared to a negative 69.92 percent for the previous year period.
Operating loss for the quarter was $12.86 million, compared with an operating loss of $18.62 million in the previous year period.
“2016 was another exceptional year of progress for Amarin both commercially and operationally,” commented John F. Thero, president and chief executive officer. “We begin 2017 with a strong team of motivated people, a product in Vascepa that has a positively differentiated efficacy and safety profile, and managed care coverage for Vascepa that was broad at the start of 2016 and expanded further over the past year. We are pleased to observe key opinion leaders increasing their attention to the potential impacts on public health and the practice of medicine if REDUCE-IT achieves the results we seek and we, of course, look forward to learning the results of this landmark study.”
Working capital declines
Amarin Corporation Plc has witnessed a decline in the working capital over the last year. It stood at $70.08 million as at Dec. 31, 2016, down 24.49 percent or $22.72 million from $92.80 million on Dec. 31, 2015. Current ratio was at 1.92 as on Dec. 31, 2016, down from 2.83 on Dec. 31, 2015.
Debt comes down significantly
Amarin Corporation Plc has recorded a decline in total debt over the last one year. It stood at $116.45 million as on Dec. 31, 2016, down 52.08 percent or $126.54 million from $242.99 million on Dec. 31, 2015. Total debt was 69.73 percent of total assets as on Dec. 31, 2016, compared with 140.08 percent on Dec. 31, 2015.
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