BioDelivery Sciences International, Inc (BDSI) saw its loss widen to $67.14 million, or $1.25 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $37.67 million, or $0.72 a share. Revenue during the year plunged 67.77 percent to $15.55 million from $48.23 million in the previous year. Gross margin for the year contracted 5562 basis points over the previous year to 27.58 percent.
Operating loss for the year was $63.94 million, compared with an operating loss of $35.18 million in the previous year.
"We were extremely pleased to have reacquired worldwide commercial rights to BELBUCA under very attractive financial terms," said Dr. Mark A. Mark Sirgo, President and Chief Executive Officer. "This transaction can truly be transformative for us, as it will enable our commercial business to potentially reach profitability as early as the end of the current quarter. Most importantly, we believe BELBUCA is a clearly differentiated product that can be part of a real solution to the current opioid crisis in the U.S., and thus, has significant future potential. BELBUCA has demonstrated potent analgesic efficacy in both opioid naïve and experienced patients, tolerability comparable to placebo in the double-blind portion of our Phase 3 study in opioid-experienced patients and is classified as a Schedule III drug, which means it is deemed to have less abuse and addiction potential relative to Schedule II drugs, such as morphine, hydrocodone and oxycodone. In addition, from a safety perspective, buprenorphine has also been shown to have a ceiling effect on respiratory depression."
Operating cash flow remains negativeBioDelivery Sciences International, Inc has spent $53.98 million cash to meet operating activities during the year as against cash outgo of $3.73 million in the last year. The company has spent $0.40 million cash to meet investing activities during the year as against cash outgo of $0.70 million in the last year.
Cash flow from financing activities was $2.85 million for the year, down 83.76 percent or $14.68 million, when compared with the last year.
Cash and cash equivalents stood at $32.02 million as on Dec. 31, 2016, down 61.68 percent or $51.54 million from $83.56 million on Dec. 31, 2015.
Working capital drops significantly
BioDelivery Sciences International, Inc has witnessed a decline in the working capital over the last year. It stood at $23.20 million as at Dec. 31, 2016, down 64 percent or $41.25 million from $64.46 million on Dec. 31, 2015. Current ratio was at 2.17 as on Dec. 31, 2016, down from 3.30 on Dec. 31, 2015.
Days sales outstanding went up to 78 days for the year compared with 15 days for the same period last year.
Days inventory outstanding has increased to 120 days for the year compared with 100 days for the previous year period.
Debt moves up marginally
BioDelivery Sciences International, Inc has witnessed an increase in total debt over the last one year. It stood at $29.27 million as on Dec. 31, 2016, up 1.37 percent or $0.40 million from $28.88 million on Dec. 31, 2015. Total debt was 55.95 percent of total assets as on Dec. 31, 2016, compared with 28.10 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
