Biodelivery Sciences International (BDSI) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $48.32 million, or $ 0.87 a share in the quarter, against a net loss of $18.73 million, or $0.36 a share in the last year period.
Revenue during the quarter surged 869.67 percent to $29.48 million from $3.04 million in the previous year period. Gross margin for the quarter expanded 6473 basis points over the previous year period to 80.85 percent.
Operating income for the quarter was $7.90 million, compared with an operating loss of $17.94 million in the previous year period.
"We are very pleased with the financial results of the first quarter, particularly what we were able to accomplish with BELBUCA in our hands," said Dr. Mark A. Sirgo, president and chief executive officer of BDSI.
Operating cash flow remains negativeBiodelivery Sciences International has spent $9 million cash to meet operating activities during the quarter as against cash outgo of $16.66 million in the last year period. Cash flow from financing activities was $12.20 million for the quarter, up 347.78 percent or $9.48 million, when compared with the last year period.
Cash and cash equivalents stood at $35.22 million as on Mar. 31, 2017, down 49.25 percent or $34.17 million from $69.39 million on Mar. 31, 2016.
Working capital drops significantly
Biodelivery Sciences International has witnessed a decline in the working capital over the last year. It stood at $23.89 million as at Mar. 31, 2017, down 51.99 percent or $25.86 million from $49.75 million on Mar. 31, 2016. Current ratio was at 1.78 as on Mar. 31, 2017, down from 2.64 on Mar. 31, 2016.
Days sales outstanding went down to 15 days for the quarter compared with 69 days for the same period last year.
Days inventory outstanding has decreased to 65 days for the quarter compared with 132 days for the previous year period.
Debt moves upBiodelivery Sciences International has witnessed an increase in total debt over the last one year. It stood at $34.80 million as on Mar. 31, 2017, up 20.11 percent or $5.83 million from $28.97 million on Mar. 31, 2016. Total debt was 32.35 percent of total assets as on Mar. 31, 2017, compared with 32.09 percent on Mar. 31, 2016. Debt to equity ratio was at 0.91 as on Mar. 31, 2017, down from 1.46 as on Mar. 31, 2016. 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
