Ekso Bionics Holdings, Inc. (EKSO) saw its loss widen to $8.48 million, or $0.60 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.18 million, or $0.35 a share.
Revenue during the quarter plunged 45.25 percent to $1.60 million from $2.92 million in the previous year period. Gross margin for the quarter expanded 920 basis points over the previous year period to 25.25 percent.
Operating loss for the quarter was $6.87 million, compared with an operating loss of $5.18 million in the previous year period.
"I am so proud of the significant progress we have made in the past few months at Ekso Bionics. Our clinical strategy is well underway, our sales team has gained momentum and traction as we market our product for the largest patient population, and everyone at Ekso Bionics is working hard to ensure that patients and customers are able to benefit from our life-changing technology" said Thomas Looby, president and chief executive officer of Ekso Bionics. "We also continue to make strides in R&D as we move forward on products for both the industrial and home markets. We believe we are positioned for success as we work to establish Ekso Bionics as the premier exoskeleton company in the world."
Working capital increases sharply
Ekso Bionics Holdings, Inc. has recorded an increase in the working capital over the last year. It stood at $12.07 million as at Sep. 30, 2016, up 34.21 percent or $3.08 million from $8.99 million on Sep. 30, 2015. Current ratio was at 3.19 as on Sep. 30, 2016, up from 2.09 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 66 days for the quarter from 33 days for the last year period. Days sales outstanding went up to 133 days for the quarter compared with 72 days for the same period last year.
Days inventory outstanding has increased to 74 days for the quarter compared with 44 days for the previous year period. At the same time, days payable outstanding went up to 141 days for the quarter from 84 for the same period last year.
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