Orexigen Therapeutics, Inc (OREX) saw its loss widen to $24.61 million, or $1.69 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $17.81 million, or $1.22 a share. Revenue during the quarter surged 181.49 percent to $13.88 million from $4.93 million in the previous year period.
Operating loss for the quarter was $42.94 million, compared with an operating loss of $12.91 million in the previous year period.
“Last year was a year of transformational progress for Orexigen, beginning with the re-acquisition of the rights to Contrave in the United States. Commencing early March, the team at Orexigen demonstrated remarkable focus, executing on a myriad of projects and deals which reshaped and strengthened our Company while rewarding us full control of our FDA approved product,” said Mike Narachi, Chief executive officer of Orexigen. “Last year we built a fully-operational, high-quality commercial infrastructure in a matter of months. We re-positioned Contrave to focus on the attributes that we believe mattered most to patients, and launched an impactful, broadly-integrated patient campaign along with direct-to-consumer advertising in December. With an established platform to drive growth, and an unwavering commitment to our mission of helping improve the health and lives of patients struggling to lose weight, we are excited for the remainder of 2017.”
Working capital declinesOrexigen Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $159.10 million as at Dec. 31, 2016, down 21.10 percent or $42.55 million from $201.65 million on Dec. 31, 2015. Current ratio was at 3.43 as on Dec. 31, 2016, down from 7.25 on Dec. 31, 2015.
Debt increases substantially
Orexigen Therapeutics, Inc has witnessed an increase in total debt over the last one year. It stood at $166.18 million as on Dec. 31, 2016, up 89.12 percent or $78.31 million from $87.87 million on Dec. 31, 2015. Orexigen Therapeutics has witnessed an increase in long-term debt over the last one year. It stood at $166.18 million as on Dec. 31, 2016, up 89.12 percent or $78.31 million from $87.87 million on Dec. 31, 2015. Total debt was 54.56 percent of total assets as on Dec. 31, 2016, compared with 37.14 percent on Dec. 31, 2015. Debt to equity ratio was at 2.91 as on Dec. 31, 2016, up from 2.63 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
