Ironwood Pharmaceuticals Inc (IRWD) saw its loss widen to $52.50 million, or $0.36 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $13.30 million, or $0.09 a share. On the other hand, adjusted net loss for the quarter widened to $48.27 million, or $0.33 a share from a loss of $11.65 million or $0.08 a share, a year ago. Revenue during the quarter dropped 21.01 percent to $52.17 million from $66.04 million in the previous year period. Operating margin for the quarter stood at negative 76.11 percent as compared to a negative 2.98 percent for the previous year period.
Operating loss for the quarter was $39.70 million, compared with an operating loss of $1.97 million in the previous year period.
“Ironwood made steady progress in the first quarter towards becoming a top-performing commercial biotech company, with strong execution across all facets of our business,” said Peter Hecht, chief executive officer of Ironwood. “LINZESS demand was strong with greater than 20% year-over-year growth, and the brand remains on track to exceed $1 billion in U.S. annual net sales by 2020. We look forward to continued commercial momentum throughout the remainder of 2017, as well as several expected catalysts from our mid- to late-stage pipeline including the launch of DUZALLO, if approved, and at least three key data readouts and four clinical trial initiations.”
Working capital drops significantly
Ironwood Pharmaceuticals Inc has witnessed a decline in the working capital over the last year. It stood at $278.96 million as at Mar. 31, 2017, down 33.20 percent or $138.63 million from $417.59 million on Mar. 31, 2016. Current ratio was at 4.54 as on Mar. 31, 2017, down from 6.35 on Mar. 31, 2016. Days sales outstanding went up to 91 days for the quarter compared with 74 days for the same period last year.
Debt moves up marginally
Ironwood Pharmaceuticals Inc has witnessed an increase in total debt over the last one year. It stood at $389.41 million as on Mar. 31, 2017, up 2.61 percent or $9.89 million from $379.52 million on Mar. 31, 2016. Total debt was 55.53 percent of total assets as on Mar. 31, 2017, compared with 62.91 percent on Mar. 31, 2016. Debt to equity ratio was at 13.14 as on Mar. 31, 2017, up from 4.17 as on Mar. 31, 2016.
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