Biolife Solutions (BLFS) saw its loss narrow to $0.97 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.07 million, or $0.09 a share.
Revenue during the quarter surged 30.82 percent to $2.14 million from $1.63 million in the previous year period. Gross margin for the quarter contracted 276 basis points over the previous year period to 56.86 percent. Operating margin for the quarter stood at negative 53.30 percent as compared to a negative 79.41 percent for the previous year period.
Operating loss for the quarter was $1.14 million, compared with an operating loss of $1.30 million in the previous year period.
Mike Rice, BioLife president & chief executive officer, commented, "Demand for CryoStor and HypoThermosol continues to increase as more cell therapy companies and clinical centers embed our proprietary biopreservation media products into their manufacturing and logistics processes. We anticipate that some of these late stage clinical customers, including Kite Pharma, could gain regulatory approvals and begin commercial manufacturing in 2017, which could result in accelerated growth in high margin revenue for BioLife."
Operating cash flow remains negativeBiolife Solutions has spent $3.66 million cash to meet operating activities during the nine month period as against cash outgo of $3.70 million in the last year period. Cash flow from investing activities was $0.66 million for the nine month period, down 80.62 percent or $2.75 million, when compared with the last year period.
Cash flow from financing activities was $2.19 million for the nine month period, up 2,092 percent or $2.09 million, when compared with the last year period.
Cash and cash equivalents stood at $1.37 million as on Sep. 30, 2016, down 41.78 percent or $0.98 million from $2.35 million on Sep. 30, 2015.
Working capital drops significantly
Biolife Solutions has witnessed a decline in the working capital over the last year. It stood at $1.50 million as at Sep. 30, 2016, down 77.43 percent or $5.15 million from $6.65 million on Sep. 30, 2015. Current ratio was at 1.43 as on Sep. 30, 2016, down from 5.08 on Sep. 30, 2015.
Days sales outstanding were almost stable at 46 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 95 days for the quarter compared with 217 days for the previous year period.
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