Bovie Medical Corporation (BVX) saw its loss narrow to $0.96 million, or $0.04 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.59 million, or $0.06 a share. On an adjusted basis, net loss for the quarter was $0.28 million, when compared with $1.85 million in the last year period.
Revenue during the quarter grew 28.63 percent to $10.06 million from $7.82 million in the previous year period. Gross margin for the quarter expanded 903 basis points over the previous year period to 50.30 percent. Operating margin for the quarter stood at negative 2.43 percent as compared to a negative 23.18 percent for the previous year period.
Operating loss for the quarter was $0.24 million, compared with an operating loss of $1.81 million in the previous year period.
"This was another quarter of strong performance for Bovie Medical, demonstrating our ability to scale the business, while significantly improving margins and operating profitability," said Robert L. Gershon, chief executive officer. "We continue to build upon the strong foundation put in place last year, leveraging our R&D, manufacturing and SG&A infrastructure as we drive double-digit sales growth."
Working capital declines
Bovie Medical Corporation has witnessed a decline in the working capital over the last year. It stood at $16.25 million as at Sep. 30, 2016, down 14.63 percent or $2.78 million from $19.03 million on Sep. 30, 2015. Current ratio was at 4.85 as on Sep. 30, 2016, down from 5.08 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 50 days for the quarter from 111 days for the last year period. Days sales outstanding were almost stable at 27 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 55 days for the quarter compared with 125 days for the previous year period. At the same time, days payable outstanding went down to 31 days for the quarter from 41 for the same period last year.
Debt comes down marginally
Bovie Medical Corporation has recorded a decline in total debt over the last one year. It stood at $3.13 million as on Sep. 30, 2016, down 3.09 percent or $0.10 million from $3.23 million on Sep. 30, 2015. Total debt was 10.75 percent of total assets as on Sep. 30, 2016, compared with 9.76 percent on Sep. 30, 2015. Debt to equity ratio was at 0.15 as on Sep. 30, 2016, up from 0.13 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
