TESARO, Inc. (TSRO) saw its loss narrow to $75.76 million, or $1.89 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $136.94 million, or $2.60 a share.
Revenue during the quarter plunged 94.56 percent to $0.23 million from $4.22 million in the previous year period. Gross margin for the quarter stood at negative 16.52 percent as compared to a positive 76.76 percent for the previous year period.
Operating loss for the quarter was $71.80 million, compared with an operating loss of $131.80 million in the previous year period.
“2017 is poised to be an eventful year for TESARO as we prepare for four product launches across the United States and Europe,” said Lonnie Moulder, chief executive officer of TESARO. “2016 was an important year for the Company, highlighted by the landmark NOVA trial results for niraparib, which were published in the New England Journal of Medicine and presented in a presidential session at the European Society of Medical Oncology annual meeting. We intend to build upon these successes in 2017 with the planned launch of niraparib in the U.S. during the first half of this year and in Europe by year end. Looking beyond ovarian and breast cancer, we aim to finalize and initiate our registration program for niraparib in lung cancer in the first half of this year. Lastly, we are excited about the progress in our immuno-oncology pipeline, and expect to initiate a registrational program for TSR-042 in the coming months.”
Working capital remains stable
Working capital of TESARO Inc remained stable for the quarter at $189.81 million, when compared with the previous year period. Current ratio was at 5.07 as on Dec. 31, 2016, up from 5.07 on Dec. 31, 2015.
Debt comes down
TESARO Inc has recorded a decline in total debt over the last one year. It stood at $121.32 million as on Dec. 31, 2016, down 7.93 percent or $10.45 million from $131.78 million on Dec. 31, 2015. TESARO has recorded a decline in long-term debt over the last one year. It stood at $121.32 million as on Dec. 31, 2016, down 7.93 percent or $10.45 million from $131.78 million on Dec. 31, 2015. Total debt was 47.53 percent of total assets as on Dec. 31, 2016, compared with 51.62 percent on Dec. 31, 2015. Debt to equity ratio was at 1.40 as on Dec. 31, 2016, down from 1.52 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
