Cempra, Inc. (CEMP) saw its loss narrow to $22.89 million, or $0.44 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $29.41 million, or $0.61 a share.
Revenue during the quarter surged 81.86 percent to $4.87 million from $2.68 million in the previous year period.
Operating loss for the quarter was $22.86 million, compared with an operating loss of $29.17 million in the previous year period.
"With our sizable cash resources and the significant cost reduction actions we took in the first quarter, along with advancing the regulatory process for solithromycin and fusidic acid and the robust process we have underway to evaluate potential strategic business opportunities, we believe we are well-positioned to deliver value to patients and shareholders," said David Zaccardelli, Pharm.D., acting chief executive officer of Cempra.
Working capital declines
Cempra, Inc. has witnessed a decline in the working capital over the last year. It stood at $186.63 million as at Mar. 31, 2017, down 10.85 percent or $22.72 million from $209.35 million on Mar. 31, 2016. Current ratio was at 8.88 as on Mar. 31, 2017, down from 11.82 on Mar. 31, 2016.
Days sales outstanding went down to 129 days for the quarter compared with 195 days for the same period last year.
Debt comes down significantly
Cempra, Inc. has recorded a decline in total debt over the last one year. It stood at $13.67 million as on Mar. 31, 2017, down 30.67 percent or $6.05 million from $19.72 million on Mar. 31, 2016. Total debt was 6.49 percent of total assets as on Mar. 31, 2017, compared with 8.61 percent on Mar. 31, 2016. Debt to equity ratio was at 0.08 as on Mar. 31, 2017, down from 0.11 as on Mar. 31, 2016.
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