BioSpecifics Technologies Corp (NASDAQ: BSTC), a biopharmaceutical company, has reported its financial results for the first quarter of 2017.

The company reported net income of USD3.3m, equivalent to USD0.47 per basic share and USD0.46 per share on a fully diluted basis, for the first quarter ended 31 March 2017, compared to a net income of USD2.8m or USD0.40 per basic share and USD0.39 per share on a fully diluted basis, for the same period in 2016.

The firm posted total revenue for the first quarter ended 13 March 2017 at USD7.7m, compared to USD6.6m in the same period in 2016. The increase in total revenues for the quarterly period was due mainly to royalties and the mark-up on cost of goods sold revenue associated with an increase in sales of XIAFLEX for the treatment of Peyronie's disease and Dupuytren's contracture.