Eagle Pharmaceuticals, Inc (EGRX) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $22.92 million, or $ 1.42 a share in the quarter, against a net loss of $0.90 million, or $0.06 a share in the last year period. Revenue during the quarter surged 159.51 percent to $76.79 million from $29.59 million in the previous year period. Gross margin for the quarter expanded 2587 basis points over the previous year period to 76.57 percent. Operating margin for the quarter period stood at positive 42.58 percent as compared to a negative 3.03 percent for the previous year period.
Operating income for the quarter was $32.70 million, compared with an operating loss of $0.90 million in the previous year period.
“This was another strong quarter for Eagle, driven by Bendeka and Ryanodex, with sequential and year-over-year growth in revenue and profitability. We are executing our strategy and remain confident that it will be another transformative year for Eagle with ongoing progress,” stated Scott Tarriff, chief executive officer of Eagle Pharmaceuticals.
Working capital increases
Eagle Pharmaceuticals, Inc has recorded an increase in the working capital over the last year. It stood at $88.13 million as at Mar. 31, 2017, up 5.23 percent or $4.38 million from $83.75 million on Mar. 31, 2016. Current ratio was at 3.49 as on Mar. 31, 2017, down from 3.71 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 15 days for the quarter from 108 days for the last year period. Days sales outstanding went down to 65 days for the quarter compared with 81 days for the same period last year.
Days inventory outstanding has decreased to 8 days for the quarter compared with 71 days for the previous year period. At the same time, days payable outstanding went up to 57 days for the quarter from 44 for the same period last year.
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