Arcadia Biosciences, Inc. (RKDA) saw its loss narrow to $4.22 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.19 million, or $0.12 a share.
Revenue during the quarter grew 19.48 percent to $1.02 million from $0.85 million in the previous year period. Gross margin for the quarter expanded 684 basis points over the previous year period to 89.59 percent.
Operating loss for the quarter was $3.96 million, compared with an operating loss of $4.93 million in the previous year period.
"We are pleased with our progress in Q1 of this year, having increased revenue and lowered our operating expenses, reducing our loss by 20 percent compared to the same period last year," said Raj Ketkar, president and chief executive officer of Arcadia. "We also met with several of our key business partners, who continue to be committed to the commercialization of our rich pipeline in our yield trait and food ingredient platforms."
Operating cash flow remains negativeArcadia Biosciences has spent $4.53 million cash to meet operating activities during the quarter as against cash outgo of $4.86 million in the last year period. Cash flow from investing activities was $10.06 million for the quarter, down 2.59 percent or $0.27 million, when compared with the last year period.
Cash flow from financing activities was $0.02 million for the quarter, down 82.98 percent or $0.08 million, when compared with the last year period.
Cash and cash equivalents stood at $7.56 million as on Mar. 31, 2017, down 74.41 percent or $21.98 million from $29.54 million on Mar. 31, 2016.
Working capital declines
Arcadia Biosciences has witnessed a decline in the working capital over the last year. It stood at $45.27 million as at Mar. 31, 2017, down 6.42 percent or $3.10 million from $48.38 million on Mar. 31, 2016. Current ratio was at 9.76 as on Mar. 31, 2017, down from 12.63 on Mar. 31, 2016.
Days sales outstanding went down to 52 days for the quarter compared with 79 days for the same period last year.
Days inventory outstanding has decreased to 103 days for the quarter compared with 189 days for the previous year period.
Debt remains almost stableArcadia Biosciences has witnessed an increase in total debt over the last one year. It stood at $25.18 million as on Mar. 31, 2017, up 0.79 percent or $0.20 million from $24.98 million on Mar. 31, 2016. Short-term debt stood at $2.08 million as on Mar. 31, 2017. Total debt was 47.82 percent of total assets as on Mar. 31, 2017, compared with 35.63 percent on Mar. 31, 2016. Debt to equity ratio was at 1.37 as on Mar. 31, 2017, up from 0.70 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
