TESARO, Inc. (TSRO) saw its loss widen to $136.72 million, or $2.55 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $90.98 million, or $2.22 a share. Revenue during the quarter surged 924.33 percent to $3.07 million from $0.30 million in the previous year period. Gross margin for the quarter period stood at positive 69.61 percent as compared to a negative 81 percent for the previous year period.
Operating loss for the quarter was $133.24 million, compared with an operating loss of $87.10 million in the previous year period.
“The recent FDA approval and U.S. launch of ZEJULA represents a significant advancement for patients with recurrent ovarian cancer and marked a key milestone for the Company,” said Lonnie Moulder, chief executive officer of TESARO. “TESARO is committed to supporting people bravely facing cancer, and we are very gratified by the early positive feedback we have received from physicians and patients as they begin to utilize ZEJULA. The unprecedented results of the NOVA trial support our view of ZEJULA as the foundation of a broad franchise opportunity with potential applications across a variety of tumor types, as both a monotherapy and in combination, and we will be advancing multiple new clinical trials of niraparib in metastatic ovarian, breast and lung cancers. Following the recent approval of VARUBY by the European Commission, we are preparing to globalize our mission and bring this important product to patients in Europe beginning in June. Our immuno-oncology programs continue to rapidly advance, and we look forward to reporting initial data from our trials this year.”
Working capital increases sharply
TESARO, Inc has recorded an increase in the working capital over the last year. It stood at $600.10 million as at Mar. 31, 2017, up 124.89 percent or $333.26 million from $266.84 million on Mar. 31, 2016. Current ratio was at 6.58 as on Mar. 31, 2017, up from 5.53 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 32 days for the quarter from 848 days for the last year period. Days sales outstanding went down to 99 days for the quarter compared with 263 days for the same period last year.
Days inventory outstanding has increased to 754 days for the quarter compared with 595 days for the previous year period. At the same time, days payable outstanding went down to 885 days for the quarter from 1705 for the same period last year.
Debt moves up
TESARO, Inc has witnessed an increase in total debt over the last one year. It stood at $134.53 million as on Mar. 31, 2017, up 8.67 percent or $10.74 million from $123.80 million on Mar. 31, 2016. TESARO has witnessed an increase in long-term debt over the last one year. It stood at $134.53 million as on Mar. 31, 2017, up 8.67 percent or $10.74 million from $123.80 million on Mar. 31, 2016. Total debt was 17.68 percent of total assets as on Mar. 31, 2017, compared with 35.99 percent on Mar. 31, 2016. Debt to equity ratio was at 0.26 as on Mar. 31, 2017, down from 0.77 as on Mar. 31, 2016.
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