Dextera Surgical Inc. (DXTR) saw its loss narrow to $3.96 million, or $0.44 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.64 million, or $0.52 a share.
Revenue during the quarter plunged 38.15 percent to $0.47 million from $0.76 million in the previous year period. Gross margin for the quarter stood at negative 10.28 percent as compared to a negative 35.50 percent for the previous year period.
Operating loss for the quarter was $3.84 million, compared with an operating loss of $4.54 million in the previous year period.
"Recently, we announced the completion of more than 55 clinical cases with the MicroCutter 5/80 by several key opinion leading surgeons around the world, with excellent performance of both the blue and white reloads confirmed across multiple tissues and specialties," said Julian Nikolchev, president and chief executive officer of Dextera Surgical Inc. "Today, we believe we have a device that is working consistently and reliably in surgical settings, and the MicroCutter 5/80 has been termed 'procedure-enabling' by the surgeons using the device. We are now working to scale up our manufacturing capabilities in anticipation of a selective launch within a few weeks."
Debt moves up
Dextera Surgical Inc. has witnessed an increase in total debt over the last one year. It stood at $3.21 million as on Sep. 30, 2016, up 10.66 percent or $0.31 million from $2.90 million on Sep. 30, 2015. Dextera Surgical Inc. has witnessed an increase in long-term debt over the last one year. It stood at $3.21 million as on Sep. 30, 2016, up 10.66 percent or $0.31 million from $2.90 million on Sep. 30, 2015. Total debt was 26.59 percent of total assets as on Sep. 30, 2016, compared with 11.30 percent on Sep. 30, 2015. Debt to equity ratio was at 0.88 as on Sep. 30, 2016, up from 0.16 as on Sep. 30, 2015.
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