Bioanalytical Systems (BASI) saw its loss widen to $2.04 million, or $0.25 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.72 million, or $0.09 a share.
Revenue during the quarter grew 3.56 percent to $5.15 million from $4.98 million in the previous year period. Gross margin for the quarter contracted 751 basis points over the previous year period to 18.47 percent. Operating margin for the quarter stood at negative 36.55 percent as compared to a negative 15.97 percent for the previous year period.
Operating loss for the quarter was $1.88 million, compared with an operating loss of $0.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.53 million compared to negative $0.44 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 10.21 percent for the quarter compared to negative 8.82 percent in the last year period.
Jill Blumhoff, BASi's vice president of Finance and chief financial officer commented, "Our performance in the fourth quarter reflects the recent trends we have been experiencing. There is no denying that we have encountered many challenges during the course of this fiscal year. However, we remain focused on positioning our Company for success by concentrating on rectifying our liquidity position as well as expanding market share and attracting and retaining superior talent. The management team continues to analyze liquidity alternatives and the factors that impacted our fiscal 2016 results and how they may impact our outlook for the coming fiscal year, and is working with the Board to consider what steps we may take to address these issues."
Working capital remains negativeWorking capital of Bioanalytical Systems was negative $8.61 million on Sep. 30, 2016 compared with negative $2.61 million on Sep. 30, 2015. Current ratio was at 0.36 as on Sep. 30, 2016, down from 0.72 on Sep. 30, 2015.
Debt moves upBioanalytical Systems has witnessed an increase in total debt over the last one year. It stood at $6.50 million as on Sep. 30, 2016, up 9.19 percent or $0.55 million from $5.95 million on Sep. 30, 2015. Total debt was 30.75 percent of total assets as on Sep. 30, 2016, compared with 25 percent on Sep. 30, 2015. Debt to equity ratio was at 0.87 as on Sep. 30, 2016, up from 0.55 as on Sep. 30, 2015. 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
