Cytokinetics, Inc. (CYTK) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $7.16 million, or $ 0.16 a share in the quarter, against a net loss of $9.23 million, or $0.24 a share in the last year period.
Revenue during the quarter surged 239.63 percent to $33.14 million from $9.76 million in the previous year period. Operating margin for the quarter period stood at positive 23.20 percent as compared to a negative 92.46 percent for the previous year period.
Operating income for the quarter was $7.69 million, compared with an operating loss of $9.02 million in the previous year period.
"2016 culminated with another productive quarter marked by progress and momentum across our pipeline of late-stage muscle biology-directed drug candidates," said Robert I. Blum, Cytokinetics' president and chief executive officer. "With two drug candidates in Phase 3 clinical trials and a third advancing in multiple Phase 2 clinical trials, we are executing well against our Vision 2020 strategic initiative, alone and in collaboration with our partners. We expect 2017 to be a pivotal year highlighted by the expected results from VITALITY-ALS, our Phase 3 trial of tirasemtiv, as well as key data from our Phase 2 trial of CK-2127107 in patients with spinal muscular atrophy."
For fiscal year 2017, Cytokinetics, Inc. forecasts revenue to be in the range of $21 million to $23 million.
Working capital increases sharply
Cytokinetics, Inc. has recorded an increase in the working capital over the last year. It stood at $125.38 million as at Dec. 31, 2016, up 53.91 percent or $43.92 million from $81.46 million on Dec. 31, 2015. Current ratio was at 4.77 as on Dec. 31, 2016, up from 3.57 on Dec. 31, 2015.
Debt increases substantially
Cytokinetics, Inc. has witnessed an increase in total debt over the last one year. It stood at $27.38 million as on Dec. 31, 2016, up 87.04 percent or $12.74 million from $14.64 million on Dec. 31, 2015. Cytokinetics, Inc. has witnessed an increase in long-term debt over the last one year. It stood at $27.38 million as on Dec. 31, 2016, up 87.04 percent or $12.74 million from $14.64 million on Dec. 31, 2015. Total debt was 16.09 percent of total assets as on Dec. 31, 2016, compared with 12.70 percent on Dec. 31, 2015. Debt to equity ratio was at 0.29 as on Dec. 31, 2016, up from 0.21 as on Dec. 31, 2015.
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