Bioanalytical Systems, Inc. (BASI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.02 million in the quarter, against a net loss of $0.51 million in the last year period.
Revenue during the quarter grew 26.13 percent to $6.17 million from $4.90 million in the previous year period. Gross margin for the quarter expanded 1001 basis points over the previous year period to 30.11 percent. Operating margin for the quarter period stood at positive 1.52 percent as compared to a negative 10.81 percent for the previous year period.
Operating income for the quarter was $0.09 million, compared with an operating loss of $0.53 million in the previous year period.
Jill Blumhoff, BASi's vice president of finance and chief financial officer commented, "During the first quarter, revenues grew more than 25% compared to the same period of the prior year and nearly 20% sequentially from the fourth quarter of fiscal 2016. As we manage the challenges to rectify our liquidity position, the entire team at BASi remains focused on our core priorities including opportunities to refine our operations, capture more cost savings where appropriate and expand our business with existing customers and add new ones. Our performance in the first quarter reflects a significant improvement in our reported revenue and profitability versus recent trends. I sincerely want to thank our employees across the entire organization for their dedication to helping us achieve the results this quarter."
Working capital remains negative
Working capital of Bioanalytical Systems, Inc. was negative $8.32 million on Dec. 31, 2016 compared with negative $6.68 million on Dec. 31, 2015. Current ratio was at 0.38 as on Dec. 31, 2016, down from 0.42 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 3 days for the quarter from 33 days for the last year period. Days sales outstanding went down to 51 days for the quarter compared with 62 days for the same period last year.
Days inventory outstanding has decreased to 15 days for the quarter compared with 34 days for the previous year period. At the same time, days payable outstanding was almost stable at 63 days for the quarter, when compared with the previous year period.
Debt comes down
Bioanalytical Systems, Inc. has recorded a decline in total debt over the last one year. It stood at $4.35 million as on Dec. 31, 2016, down 18.06 percent or $0.96 million from $5.31 million on Dec. 31, 2015. Total debt was 20.61 percent of total assets as on Dec. 31, 2016, compared with 24.39 percent on Dec. 31, 2015. Debt to equity ratio was at 0.58 as on Dec. 31, 2016, up from 0.52 as on Dec. 31, 2015.
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