Emergent BioSolutions Inc. (EBS) has reported a 3.18 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $32.29 million, or $0.67 a share in the quarter, compared with $33.35 million, or $0.71 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $36.60 million, or $0.74 a share compared with $37.10 million or $0.77 a share, a year ago. Revenue during the quarter dropped 5.08 percent to $151.66 million from $159.78 million in the previous year period. Gross margin for the quarter contracted 370 basis points over the previous year period to 74.77 percent. Total expenses were 66.42 percent of quarterly revenues, up from 59.23 percent for the same period last year. That has resulted in a contraction of 719 basis points in operating margin to 33.58 percent.
Operating income for the quarter was $50.93 million, compared with $65.15 million in the previous year period.
Debt moves up
Emergent BioSolutions Inc. has witnessed an increase in total debt over the last one year. It stood at $268.09 million as on Dec. 31, 2016, up 8.59 percent or $21.20 million from $246.89 million on Dec. 31, 2015. Short-term debt stood at $20 million as on Dec. 31, 2016. Total debt was 27.64 percent of total assets as on Dec. 31, 2016, compared with 23.66 percent on Dec. 31, 2015. Debt to equity ratio was at 0.45 as on Dec. 31, 2016, up from 0.37 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 20.09 for the quarter from 40.72 for the same period last year.
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