Cancer Genetics (CGIX) saw its loss narrow to $3.74 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.21 million, or $0.56 a share.
Revenue during the quarter surged 68.71 percent to $6.75 million from $4 million in the previous year period. Gross margin for the quarter expanded 1172 basis points over the previous year period to 34.16 percent.
Operating loss for the quarter was $4.04 million, compared with an operating loss of $5.63 million in the previous year period.
Panna Sharma, Cancer Genetics chief executive officer and president commented, "During this past quarter we improved all aspects of our business: organic growth, cost of operations, contracts with biotech and pharmaceutical companies, capturing cost and revenue synergies from our Center of Excellence in Solid Tumor Profiling, and advancements in our disease-specific NGS panels for Renal Cancer, Lymphomas, and Multiple Myeloma."
Operating cash flow remains negativeCancer Genetics has spent $17.30 million cash to meet operating activities during the nine month period as against cash outgo of $9.95 million in the last year period. The company has spent $0.47 million cash to meet investing activities during the nine month period as against cash inflow of $4.57 million in the last year period
Cash flow from financing activities was $9.03 million for the nine month period as against cash outgo of $0.26 million in the last year period.
Cash and cash equivalents stood at $10.72 million as on Sep. 30, 2016, down 46.20 percent or $9.20 million from $19.92 million on Sep. 30, 2015.
Working capital declines
Cancer Genetics has witnessed a decline in the working capital over the last year. It stood at $15.96 million as at Sep. 30, 2016, down 20.67 percent or $4.16 million from $20.12 million on Sep. 30, 2015. Current ratio was at 2.50 as on Sep. 30, 2016, down from 4.09 on Sep. 30, 2015.
Days sales outstanding went up to 132 days for the quarter compared with 125 days for the same period last year.
Debt comes downCancer Genetics has recorded a decline in total debt over the last one year. It stood at $5.45 million as on Sep. 30, 2016, down 13.35 percent or $0.84 million from $6.29 million on Sep. 30, 2015. Total debt was 11.89 percent of total assets as on Sep. 30, 2016, compared with 17.47 percent on Sep. 30, 2015. Debt to equity ratio was at 0.20 as on Sep. 30, 2016, down from 0.28 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
