Arcadia Biosciences, Inc. (RKDA) saw its loss widen to $19.62 million, or $0.44 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $17.96 million, or $0.73 a share.
Revenue during the year plunged 41.12 percent to $3.19 million from $5.41 million in the previous year. Gross margin for the year contracted 1160 basis points over the previous year to 71.93 percent.
Operating loss for the year was $18.62 million, compared with an operating loss of $15.56 million in the previous year.
"2016 was a year of transition for Arcadia, as we focused on high value yield and nutrition traits that we believe will deliver near-term revenue," said Raj Ketkar, president and chief executive officer. "After a comprehensive strategic review, in Q4 we realigned the organization and operations to conserve cash, and we expect to see the benefits of these changes in 2017."
Operating cash flow remains negative
Arcadia Biosciences, Inc. has spent $17.06 million cash to meet operating activities during the year as against cash outgo of $15.11 million in the last year.
The company has spent $5.30 million cash to meet investing activities during the year as against cash outgo of $46.36 million in the last year.
Cash flow from financing activities was $0.40 million for the year, down 99.43 percent or $68.48 million, when compared with the last year.
Cash and cash equivalents stood at $2.01 million as on Dec. 31, 2016, down 91.60 percent or $21.96 million from $23.97 million on Dec. 31, 2015.
Working capital increases marginally
Arcadia Biosciences, Inc. has recorded an increase in the working capital over the last year. It stood at $49.09 million as at Dec. 31, 2016, up 1.08 percent or $0.53 million from $48.57 million on Dec. 31, 2015. Current ratio was at 16.69 as on Dec. 31, 2016, up from 15.08 on Dec. 31, 2015.
Days sales outstanding went up to 95 days for the year compared with 64 days for the same period last year.
Days inventory outstanding has decreased to 52 days for the year compared with 182 days for the previous year period.
Debt remains almost stable
Arcadia Biosciences, Inc. has witnessed an increase in total debt over the last one year. It stood at $25.13 million as on Dec. 31, 2016, up 0.79 percent or $0.20 million from $24.93 million on Dec. 31, 2015. Total debt was 44.41 percent of total assets as on Dec. 31, 2016, compared with 33.58 percent on Dec. 31, 2015. Debt to equity ratio was at 1.13 as on Dec. 31, 2016, up from 0.62 as on Dec. 31, 2015.
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