BioTime, Inc. (BTX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $31.20 million, or $ 0.30 a share in the quarter, against a net loss of $13.63 million, or $0.18 a share in the last year period.
Revenue during the quarter plunged 35 percent to $1.50 million from $2.31 million in the previous year period. Gross margin for the quarter expanded 1486 basis points over the previous year period to 96.13 percent.
Operating loss for the quarter was $9.56 million, compared with an operating loss of $17.10 million in the previous year period.
"Through the quarter, we continued to execute on our plan with great progress across all our programs within the BioTime family of companies. We are particularly encouraged by the early data reported on Renevia and OpRegen. Both Asterias and OncoCyte also reported promising data from their clinical trials," said Adi Mohanty, co-chief executive officer. "For the remainder of the year and into 2017, we expect to achieve a substantial number of value-enhancing milestones, including additional efficacy and safety data from the second and third patient cohorts in the OpRegen clinical trial, and pivotal data and potential CE mark approval for Renevia in Europe."
Working capital increases
BioTime, Inc. has recorded an increase in the working capital over the last year. It stood at $26.81 million as at Sep. 30, 2016, up 11.59 percent or $2.78 million from $24.03 million on Sep. 30, 2015. Current ratio was at 4.22 as on Sep. 30, 2016, up from 3.32 on Sep. 30, 2015.
Days sales outstanding went up to 168 days for the quarter compared with 134 days for the same period last year.
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