Corcept Therapeutics Incorporated (CORT) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $4.39 million in the quarter, against a net loss of $0.02 million in the last year period. On the other hand, adjusted net income for the quarter stood at $7.36 million, or $0.06 a share compared with $2.18 million or $0.02 a share, a year ago. Revenue during the quarter surged 71.84 percent to $27.60 million from $16.06 million in the previous year period. Gross margin for the quarter expanded 17 basis points over the previous year period to 97.66 percent. Total expenses were 82.83 percent of quarterly revenues, down from 96.31 percent for the same period last year. This has led to an improvement of 1349 basis points in operating margin to 17.17 percent.
Operating income for the quarter was $4.74 million, compared with $0.59 million in the previous year period.
"Our strong performance last quarter was driven by the hard work of our clinical specialists, who continue to become more productive," said Joseph K. Belanoff, MD, Corcept’s chief executive officer. "They were helped by the fact that physicians are increasingly aware that even less severe hypercortisolism is a serious disorder and that, for many patients, using Korlym to modulate the effects of their cortisol excess is the optimum treatment. In the eyes of physicians, the number of patients who might benefit from Korlym is increasing. "We expect our Cushing’s syndrome franchise to continue growing," added Dr. Belanoff, “and to fund our advancing development programs.
For financial year 2017, Corcept Therapeutics Incorporated projects revenue to be in the range of $125 million to $135 million.
Debt comes down significantly
Corcept Therapeutics Incorporated has recorded a decline in total debt over the last one year. It stood at $10.11 million as on Mar. 31, 2017, down 59.64 percent or $14.93 million from $25.04 million 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
