Pfenex Inc. (PFNX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $34.50 million, or $ 1.46 a share in the quarter, against a net loss of $7.59 million, or $0.33 a share in the last year period.
Revenue during the quarter surged 2,273.55 percent to $48.82 million from $2.06 million in the previous year period. Gross margin for the quarter expanded 3052 basis points over the previous year period to 97.37 percent.
Operating income for the quarter was $34.44 million, compared with an operating loss of $7.58 million in the previous year period.
“In the third quarter, Pfenex has continued to make steady progress, advancing our broad pipeline of biosimilar therapeutics and government funded anthrax vaccine candidates,” stated Bertrand C. Liang, chief executive officer of Pfenex. “This quarter we announced several important updates, including the formation of our Scientific Advisory Board and the hiring of Steven Sandoval as our Chief Manufacturing Officer. The addition of these key resources will support the advancement of our portfolio towards commercialization. We are looking forward to sharing additional product updates and data over future quarters.”
Working capital drops significantly
Pfenex Inc. has witnessed a decline in the working capital over the last year. It stood at $78.49 million as at Sep. 30, 2016, down 29.90 percent or $33.48 million from $111.97 million on Sep. 30, 2015. Current ratio was at 5.14 as on Sep. 30, 2016, down from 11.55 on Sep. 30, 2015.
Days sales outstanding went down to 3 days for the quarter compared with 71 days for the same period last year.
At the same time, days payable outstanding went down to 129 days for the quarter from 211 for the same period last year.
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