Aytu BioScience,Inc. (AYTU) saw its loss widen to $5.72 million, or $1.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.28 million, or $1.92 a share.
Revenue during the quarter surged 43.21 percent to $0.70 million from $0.49 million in the previous year period.
Operating loss for the quarter was $5.97 million, compared with an operating loss of $2.16 million in the previous year period.
"It continues to be an exciting time at Aytu, as we are now in full swing with the Natesto launch, and this potentially game-changing product is already performing ahead of our expectations" stated Josh Disbrow, Chairman and Chief Executive Officer of Aytu BioScience, Inc. "Additionally, we’ve continued to see very nice uptake for Primsol® and ProstaScint, contributing to an impressive 42% increase in net product sales compared to our previous quarter. Our commercial team is continuing to focus exclusively on growing revenue for these products, with the expectation that Natesto will become the primary value driver for Aytu due to its differentiated product profile and the unique timing of our entry into the $2.4 billion testosterone replacement therapy market."
Operating cash flow remains negative
Aytu BioScience,Inc. has spent $5.33 million cash to meet operating activities during the quarter as against cash outgo of $2.16 million in the last year period.
Cash flow from financing activities was $0.61 million for the quarter, down 87.55 percent or $4.27 million, when compared with the last year period.
Cash and cash equivalents stood at $2.75 million as on Sep. 30, 2016, down 72.70 percent or $7.32 million from $10.07 million on Sep. 30, 2015.
Working capital turns negative
Working capital of Aytu BioScience,Inc. has turned negative to $2.37 million on Sep. 30, 2016 from positive $9.53 million on Sep. 30, 2015. Current ratio was at 0.73 as on Sep. 30, 2016, down from 6.36 on Sep. 30, 2015.
Days sales outstanding went up to 44 days for the quarter compared with 15 days for the same period last year.
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