Navidea Biopharmaceuticals, Inc. (NAVB) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $85.58 million, or $ 0.52 a share in the quarter, against a net loss of $3.69 million, or $0.02 a share in the last year period.
Revenue during the quarter plunged 38.85 percent to $0.58 million from $0.95 million in the previous year period.
Operating loss for the quarter was $3.15 million, compared with an operating loss of $3.76 million in the previous year period.
"Navidea ended the first quarter with strong momentum built upon the strategic plan developed over the past two quarters. Our strategy is designed to maximize the value of our proprietary macrophage-targeting technology by developing and out-licensing promising imaging and therapeutic products," said Michael Goldberg, M.D., Navidea's president and chief executive officer. Dr. Goldberg continued, "Our completed sale of the North American rights to Lymphoseek® to Cardinal Health 414, LLC ensures that our focus remains on product development going forward."
Working capital turns positive
Working capital of Navidea Biopharmaceuticals, Inc. has turned positive to $11.72 million on Mar. 31, 2017 from negative $47.06 million on Mar. 31, 2016. Current ratio was at 2.18 as on Mar. 31, 2017, up from 0.18 on Mar. 31, 2016. Days sales outstanding went down to 287 days for the quarter compared with 312 days for the same period last year.
Debt comes down significantly
Navidea Biopharmaceuticals, Inc. has recorded a decline in total debt over the last one year. It stood at $2.10 million as on Mar. 31, 2017, down 96.54 percent or $58.75 million from $60.85 million on Mar. 31, 2016. Total debt was 6.39 percent of total assets as on Mar. 31, 2017, compared with 495.39 percent on Mar. 31, 2016.
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