MannKind Corporation (NASDAQ:MNKD) has announced that it would be releasing its financial results for the 1Q2017 on May 10, 2017. The release of the financial statements would be shortly followed by a conference call, by the management, to discuss the results. The conference call is scheduled for 5:00 pm, Eastern Time, on the same date. MNKD has stated that the call would be hosted by its CEO, Matthew J. Pfeffer, while other senior members would also be present.
There have not been a lot of updates from the company, since it filed its last financial results, for the 4Q2016, in March 2017. Recently, MNKD announced that it would be concentrating its efforts on increasing brand awareness, through television. The company was also reported to be working with Bella & Elle Media LLC, on the development of a production series, titled “Reversed”. The show aims to educate its viewers about the effects of poorly managed diabetes. The show is expected to air in summer of 2017.
For its 4Q2016, MannKind recorded a net income of $54 million, as compared to a net loss a year ago. It is important to note here that the company had revenues of just $12.4 million, of which $10.2 million was from sales to Sanofi. However, unfortunately that deal has now fallen through. In fact, the large net income was largely made possible due to the extinguishing of debt, worth $72 million, through a settlement with Sanofi. Moreover, for its FY2016, MNKD recorded a net revenue of $174.8 million, of which $172 million was due to sales to Sanofi.
It would be interesting to see what the company has in-store for its shareholders, for the 1Q2017. Without the significant revenues from Sanofi, MannKind needs a new large deal, for recording profits, once again. Added to this, the accompanying corporate update would also provide investors with a better idea about the company’s plans for the future.
MannKind Corporation (NASDAQ:MNKD) recorded a trade volume of 1.46 million, during the May 2 trading session, to close at $0.798 per share, 5.94% lower than the session before.
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