Navidea Biopharmaceuticals Inc (NAVB) saw its loss narrow to $0.06 million in the quarter ended compared with $8.07 million, a year ago.
Revenue during the quarter surged 113.53 percent to $8.50 million from $3.98 million in the previous year period. Gross margin for the quarter expanded 65 basis points over the previous year period to 89.15 percent.
Operating income for the quarter was $3.36 million, compared with an operating loss of $4.32 million in the previous year period.
"We ended the third quarter with a clear plan for Navidea’s future. With our previously announced Letter of Intent with Cardinal Health, Inc., we believe that we have successfully identified an arrangement to extinguish the CRG (Capital Royalty Partners II L.P) debt and to focus Navidea on several attractive development efforts outside of lymphatic mapping, lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancer in North America. The contemplated transaction with Cardinal Health, as well as the impending launch of Lymphoseek in Europe by our partner SpePharm AG (Norgine BV), should provide additional income for many years to come,” said Dr. Michael Goldberg, Navidea president and chief executive officer. “Our focus moving forward will be on expansion and development of Manocept-based diagnostic markets initially in rheumatoid arthritis and cardiovascular disease, as well as developing our immunotherapeutic platform with a strong preclinical pipeline for cancer, autoimmune, inflammatory and infectious diseases.”
Working capital turns negative
Working capital of Navidea Biopharmaceuticals Inc has turned negative to $54.33 million on Sep. 30, 2016 from positive $8.73 million on Sep. 30, 2015. Current ratio was at 0.15 as on Sep. 30, 2016, down from 2.40 on Sep. 30, 2015.
Days sales outstanding went down to 10 days for the quarter compared with 43 days for the same period last year.
Debt moves up marginally
Navidea Biopharmaceuticals Inc has witnessed an increase in total debt over the last one year. It stood at $62.20 million as on Sep. 30, 2016, up 1.50 percent or $0.92 million from $61.28 million on Sep. 30, 2015. Total debt was 555.89 percent of total assets as on Sep. 30, 2016, compared with 350.50 percent on Sep. 30, 2015.
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