BioSpecifics Technologies Corp. (BSTC) has reported an 18.23 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.34 million, or $0.46 a share in the quarter, compared with $2.83 million, or $0.39 a share for the same period last year.
Revenue during the quarter grew 17.09 percent to $7.69 million from $6.57 million in the previous year period. Total expenses were 34.85 percent of quarterly revenues, down from 36.74 percent for the same period last year. This has led to an improvement of 188 basis points in operating margin to 65.15 percent.
Operating income for the quarter was $5.01 million, compared with $4.16 million in the previous year period.
"We were very excited to recently announce the initiation of our Phase 1 clinical trial of XIAFLEX for the treatment of uterine fibroids, a serious medical condition with upward of $9.4 billion in U.S. annual direct costs as a result of all of the surgeries, hospital visits and other complications that come with treatment. These benign tumors of the reproductive tract cause pelvic discomfort, pain, decreased fertility and many other adverse symptoms. We are looking forward to the progression of our trial as we hope to deliver a more effective and efficient treatment option to patients," said Thomas L. Wegman, president of BioSpecifics. "We continue to work with our partner Endo to maximize the potential of XIAFLEX and in particular, look forward to the start of the Phase 3 trials for cellulite in the second half of this year."
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