Revenue during the quarter grew 21.58 percent to $4 million from $3.29 million in the previous year period. Gross margin for the quarter expanded 754 basis points over the previous year period to 38.75 percent. Operating margin for the quarter stood at negative 89.21 percent as compared to a negative 59.74 percent for the previous year period.

Operating loss for the quarter was $3.57 million, compared with an operating loss of $1.97 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $2.63 million compared to negative $1.71 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 65.57 percent for the quarter compared to negative 52 percent in the last year period.

"I am pleased with the increase in revenue for this quarter," Dr. Xiaochun "Chris" Xu, our interim chief executive officer, commented. "Our short-term goal is to build strong leadership position in automated cell processing, providing cutting-edge technologies for cord blood processing, point-of-care applications, and immune-oncology uses. First, we want to increase revenues. Secondly, we want to continue to build a strong pipeline based on our own proprietary technology, namely the AutoXpress® platform. Our ultimate goal is to ensure Cesca has a competitive advantage in the growing regenerative medicine field."

The company has spent $0.28 million cash to meet investing activities during the first six months as against cash outgo of $0.60 million in the last year period.

Cash flow from financing activities was $1.91 million for the first six months, down 59.24 percent or $2.78 million, when compared with the last year period.

Cash and cash equivalents stood at $4.90 million as on Dec. 31, 2016, up 66.52 percent or $1.96 million from $2.94 million on Dec. 31, 2015.