TESARO, Inc (TSRO) saw its loss narrow to $66.59 million, or $1.66 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $101.15 million, or $1.98 a share. Revenue during the quarter plunged 97.67 percent to $0.09 million from $3.73 million in the previous year period.
Operating loss for the quarter was $62.74 million, compared with an operating loss of $97.57 million in the previous year period.
“We are very pleased to have submitted regulatory applications for niraparib in both the United States and in Europe for the maintenance treatment of patients with platinum-sensitive, recurrent ovarian cancer who are in response to platinum-based chemotherapy. Pre-launch activities are well underway in support of four potential product launches in 2017, including VARUBI® IV and niraparib in the U.S and VARUBI oral and niraparib in Europe,” said Lonnie Moulder, Chief executive officer of TESARO. “The recent ESMO 2016 Congress was very gratifying for TESARO, highlighted by the presentation of the landmark niraparib NOVA trial results during a Presidential Symposium by Dr. Mansoor Raza Mirza. We look forward to advancing our comprehensive ovarian cancer clinical program and expanding niraparib development into other tumor types in 2017.”
Working capital drops significantly
TESARO, Inc has witnessed a decline in the working capital over the last year. It stood at $189.81 million as at Sep. 30, 2016, down 28.61 percent or $76.07 million from $265.88 million on Sep. 30, 2015. Current ratio was at 5.07 as on Sep. 30, 2016, down from 7.23 on Sep. 30, 2015. Days sales outstanding went up to 359 days for the quarter compared with 14 days for the same period last year.
Debt remains almost stable
Total debt of TESARO, Inc remained almost stable for the quarter at $121.32 million, when compared with the last year period. Long-term debt of TESARO remained almost stable for the quarter at $121.32 million, when compared with the last year period. Total debt was 47.53 percent of total assets as on Sep. 30, 2016, compared with 38.70 percent on Sep. 30, 2015. Debt to equity ratio was at 1.40 as on Sep. 30, 2016, up from 0.81 as on Sep. 30, 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
