Palatin Technologies, Inc. :PTN-US: Earnings Analysis: Q2, 2017 By the Numbers

Palatin Technologies, Inc. reports financial results for the quarter ended December 31, 2016.

Analysis

  • Summary numbers: Revenues of USD 0 million, Net Earnings of USD -10.03 million.
  • The company did not record any revenues for the last twelve months making the comparison of net margin versus asset turnover meaningless.
  • PTN-US‘s book value of equity is not positive and suggests that that it is not meaningful to analyze its ROE versus P/E in order to determine whether the company has an operating or growth advantage.
  • Cash and Cash equivalents were down this period to 13.49 million compared to 33.37 million in the same period last year.
  • With debt at 24.68% of its enterprise value compared to an overall benchmark of 25% (Note: The peer median is currently 24.68%), and relatively tight interest coverage level of -18.88x, PTN-US would have a hard time raising much additional debt.
  • Of the 10 chosen peers for the company, only 5 of the stocks have an outstanding debt balance. Companies with no debt include GLYC-US, ARDX-US and DRNA-US.
  • Net income of -10.03 million this period compared to a net income of -13.05 million last period. This is a growth of 23.16% over the previous period. In comparison, the peer group grew at 9.26%

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Company Profile

Palatin Technologies, Inc. is a biopharmaceutical company which develops targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product in development is bremelanotide for the treatment of female sexual dysfunction. It is also developing an inhalation formulation of peptide mimetic natriuretic peptide receptor A-agonist, for treatment of cardiovascular and pulmonary indications. The company was founded by Carl Spana and John K. A. Prendergast on November 21, 1986 and is headquartered in Cranbury, NJ.

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