Aratana Therapeutics, Inc. (PETX) saw its loss narrow to $12.61 million, or $0.34 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $18.07 million, or $0.52 a share.
Revenue during the quarter surged 2,106.40 percent to $3.80 million from $0.17 million in the previous year period. Gross margin for the quarter contracted 7048 basis points over the previous year period to 18.47 percent.
Operating loss for the quarter was $11.84 million, compared with an operating loss of $17.26 million in the previous year period.
"It's rewarding to see our recently launched therapeutics gaining traction in veterinary clinics across the United States," stated Steven St. Peter, M.D., president and chief executive officer of Aratana Therapeutics. "We remain focused on preparing for the anticipated launch of Entyce by this fall and we continue to advance the development of other therapeutic candidates."
Working capital drops significantly
Aratana Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $51.24 million as at Mar. 31, 2017, down 25.11 percent or $17.18 million from $68.42 million on Mar. 31, 2016. Current ratio was at 2.67 as on Mar. 31, 2017, down from 8.92 on Mar. 31, 2016.
Days sales outstanding went up to 58 days for the quarter compared with 19 days for the same period last year.
Days inventory outstanding has decreased to 132 days for the quarter compared with 8762 days for the previous year period.
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