Cytori Therapeutics (CYTXW) saw its loss widen to $7.54 million, or $0.33 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.34 million, or $0.41 a share. Revenue during the quarter plunged 55.66 percent to $0.59 million from $1.33 million in the previous year period. Gross margin for the quarter stood at negative 21.15 percent as compared to a positive 57.46 percent for the previous year period.
Operating loss for the quarter was $7.13 million, compared with an operating loss of $5.10 million in the previous year period.
"Our areas of primary focus is on stockholder value creation through bringing two valuable late stage products to market," said Dr. Marc Hedrick, president and chief executive officer of Cytori. “Specifically, our U.S. pivotal STAR trial for HabeoTM Cell Therapy for scleroderma will report top line data in Q3. Also, we currently project completing bulk manufacturing of our nanoparticle doxorubicin oncology product for testing and validation purposes by year end. In parallel, our marketing team is preparing for initial commercial launch of our scleroderma and oncologic products with the goal of obtaining regulatory approvals in the late 2018 and 2019, respectively. Until then, we will carefully manage our capital resources as we have in prior quarters."
Operating cash flow remains negative
Cytori Therapeutics has spent $4.83 million cash to meet operating activities during the quarter as against cash outgo of $5.06 million in the last year period. The company has spent $1.16 million cash to meet investing activities during the quarter as against cash outgo of $0.07 million in the last year period.
The company has spent $0.34 million cash to carry out financing activities during the quarter as against cash inflow of $0.06 million in the last year period.
Cash and cash equivalents stood at $6.26 million as on Mar. 31, 2017, down 33.16 percent or $3.10 million from $9.36 million on Mar. 31, 2016.
Working capital turns negative
Working capital of Cytori Therapeutics has turned negative to $0.80 million on Mar. 31, 2017 from positive $6.83 million on Mar. 31, 2016. Current ratio was at 0.94 as on Mar. 31, 2017, down from 1.71 on Mar. 31, 2016.
Days sales outstanding went up to 147 days for the quarter compared with 64 days for the same period last year.
Days inventory outstanding has decreased to 258 days for the quarter compared with 703 days for the previous year period.
Debt comes down marginally
Cytori Therapeutics has recorded a decline in total debt over the last one year. It stood at $16.09 million as on Mar. 31, 2017, down 4.94 percent or $0.84 million from $16.92 million on Mar. 31, 2016. Total debt was 54.03 percent of total assets as on Mar. 31, 2017, compared with 51.41 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 2.18 as on Mar. 31, 2017, when compared with the last year. 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
