Cesca Therapeutics Inc. (KOOL) saw its loss narrow to $2.10 million in the quarter ended compared with $10.87 million, a year ago. Revenue during the quarter grew 14.83 percent to $3.25 million from $2.83 million in the previous year period. Gross margin for the quarter expanded 2794 basis points over the previous year period to 42.34 percent. Operating margin for the quarter stood at negative 65.07 percent as compared to a negative 96.79 percent for the previous year period.
Operating loss for the quarter was $2.12 million, compared with an operating loss of $2.74 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.68 million compared to negative $2.28 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 51.72 percent for the quarter compared to negative 80.40 percent in the last year period.
"I am pleased to note that during the three months ended March 31, 2017, my first full quarter since assuming the position of interim chief executive officer, we made notable progress in strengthening and repositioning the company to become a leader in point-of-care, automated cellular processing,” said Dr. Xiaochun “Chris” Xu, chairman and interim chief executive officer. “In particular, we established a separate subsidiary for our core device business, ThermoGenesis Corp., which will help us manage and expand this division while continuing to develop cutting-edge technologies for autologous cell-based applications. At the same time, the appointment of Vivian Liu, a seasoned biopharmaceutical executive who joined Cesca as chief operating officer in February, combined with several key additions to our Board of Directors and a number of important senior management promotions announced just after quarter end, served to round out our leadership team and ensures that we have the right people in place to successfully execute our long-term strategy. These developments, together with the added backing and resources of the Boyalife Group, position Cesca for success in the burgeoning regenerative medicine field, and I look forward to providing future updates on our continued progress."
Operating cash flow remains negativeCesca Therapeutics Inc. has spent $5.11 million cash to meet operating activities during the nine month period as against cash outgo of $8.35 million in the last year period. Cash flow from financing activities was $3.38 million for the nine month period, down 73.72 percent or $9.47 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $3.79 million as at Mar. 31, 2017.
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