Bionik Laboratories (BNKL) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $0.81 million, or $ 0.01 a share in the quarter, against a net profit of $1.21 million, or $0.02 a share in the last year period.
Revenues for the quarter were $0.37 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 10.11 percent.
Operating loss for the quarter was $1.57 million, compared with an operating loss of $1.07 million in the previous year period.
Peter Bloch, chief executive officer and chairman of the Board, stated, "Over the past quarter our strategic imperatives were to finalize the commercial strategy and begin building and executing on our plan for market expansion. We have expanded our sales and marketing team, developed a plan which focuses on moving our products into the next phases of their development as well as advanced discussions to secure strategic partners in key markets."
Working capital turns negativeWorking capital of Bionik Laboratories has turned negative to $3.43 million on Dec. 31, 2016 from positive $0.89 million on Dec. 31, 2015. Current ratio was at 0.26 as on Dec. 31, 2016, down from 1.14 on Dec. 31, 2015.
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