CAS Medical Systems, Inc. (CASM) saw its loss narrow to $1.56 million, or $0.07 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.79 million, or $0.08 a share.
Revenue during the quarter grew 3.22 percent to $5.48 million from $5.31 million in the previous year period. Gross margin for the quarter expanded 515 basis points over the previous year period to 58.20 percent. Operating margin for the quarter stood at negative 19.92 percent as compared to a negative 33.41 percent for the previous year period.
Operating loss for the quarter was $1.09 million, compared with an operating loss of $1.77 million in the previous year period.
"The financial results we are reporting today are consistent with the preliminary results we announced on January 10, 2017. Notably, U.S. FORE-SIGHT sensor sales growth of 16% for the fourth quarter marked our 27th consecutive quarter of double-digit domestic sensor growth over the prior year," said Thomas M. Patton, President and Chief Executive Officer of CASMED. "For the year, U.S. sensor sales increased 23% and contributed to gross margin expansion throughout the year.
Debt moves up
CAS Medical Systems, Inc. has witnessed an increase in total debt over the last one year. It stood at $7.49 million as on Dec. 31, 2016, up 8.46 percent or $0.58 million from $6.91 million on Dec. 31, 2015.
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