Hemispherx BioPharma, Inc (NYSEMKT:HEB)
Hemispherx BioPharma, Inc (NYSEMKT:HEB) reported its fiscal 2016 financial results on March 31 and held a conference call to discuss the results on April 7. The release of the 2016 financial scorecard came only a few weeks after the company announced that it had reached a sales milestone for its product called Ampligen.
The most notable progress is that Hemispherx was able to significantly reduce its net loss compared to the prior year. EPS loss of $0.34 in 2016 compared with EPS loss of $0.77 in 2015.
A closer scrutiny of the income statement reveals how the company was able to significantly cut its losses in 2016. For example, the company cut its operating expenses to $12.3 million in 2016, down from $17.1 million in 2015. That was helped by research and development cost dropping to $5.1 million from more than $8.0 million in the prior year.
Cash balance declines
Hemispherx BioPharma, Inc (NYSEMKT:HEB) exited 2016 with cash and equivalents totaling $2.41 million, up from $2.12 million in the previous year.
Though Hemispherx is still a loss-making operation, the 2016 results hint that it could generate stronger results in the future as the market for its products expand and the company brings new products to market. Hemispherx recently updated on a development that expands patients’ access to its drug in Europe, specifically the Netherlands.
Q1 2017 international sales milestone
Hemispherx BioPharma, Inc (NYSEMKT:HEB) announced on March 6 that it was able to generate revenue from the sale of its newly manufactured batches of Ampligen in Q1 2017. That was a goal that the company had set for its self when entering the new year.
The Ampligen sales were generated abroad and the company’s CEO, Tom Equels, said they are pursuing the path to U.S. clearance of Ampligen.
Shares of Hemispherx BioPharma, Inc (NYSEMKT:HEB) gained 5.7% to close the regular session at $0.56. Late hour trading saw the stock gain another 3.6% to set at $.58 at the end of the day. But the shares are down more than 18% year-to-date and have declined more than 64% over the last 12 months.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.