Pernix Therapeutics Holdings, Inc. (PTX) saw its loss widen to $29.46 million, or $2.94 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.94 million, or $4.24 a share. Revenue during the quarter dropped 8.40 percent to $29.74 million from $32.47 million in the previous year period. Gross margin for the quarter expanded 85 basis points over the previous year period to 66.24 percent. Operating margin for the quarter stood at negative 67.56 percent as compared to a negative 73.33 percent for the previous year period.
Operating loss for the quarter was $20.09 million, compared with an operating loss of $23.81 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $0.27 million compared to negative $4.50 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 0.92 percent for the quarter compared to negative 13.86 percent in the last year period.
"We continue to be pleased with the trajectory of our business," said John Sedor, chairman and chief executive officer of Pernix Therapeutics. "The first quarter of 2017 was highlighted by year-over-year prescription volume increases for Zohydro ER with BeadTekTM and Silenor, the impact of which was mitigated by less favorable gross-to-nets across all three core brands. Importantly, the cost savings plan that we implemented last year contributed to a significant improvement in adjusted EBITDA in the first quarter, as compared to the prior year period. We remain focused on growing our core brands and prudent cost management."
Working capital turns negative
Working capital of Pernix Therapeutics Holdings, Inc. has turned negative to $10.51 million on Mar. 31, 2017 from positive $8.01 million on Mar. 31, 2016. Current ratio was at 0.88 as on Mar. 31, 2017, down from 1.07 on Mar. 31, 2016. Days sales outstanding went down to 151 days for the quarter compared with 177 days for the same period last year.
Days inventory outstanding has decreased to 33 days for the quarter compared with 89 days for the previous year period.
Debt comes down marginally
Pernix Therapeutics Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $291.89 million as on Mar. 31, 2017, down 4.01 percent or $12.20 million from $304.10 million on Mar. 31, 2016. Pernix Therapeutics Holdings has recorded a decline in long-term debt over the last one year. It stood at $291.89 million as on Mar. 31, 2017, down 4.01 percent or $12.20 million from $304.10 million on Mar. 31, 2016. Total debt was 112.33 percent of total assets as on Mar. 31, 2017, compared with 67.69 percent on Mar. 31, 2016. 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: [email protected]
