Entellus Medical, Inc. (ENTL) saw its loss widen to $8.34 million, or $0.40 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.87 million, or $0.37 a share.
Revenue during the quarter grew 13.04 percent to $19.11 million from $16.90 million in the previous year period. Gross margin for the quarter contracted 196 basis points over the previous year period to 74.37 percent. Operating margin for the quarter stood at negative 40.99 percent as compared to a negative 37.66 percent for the previous year period.
Operating loss for the quarter was $7.83 million, compared with an operating loss of $6.37 million in the previous year period.
"Our first quarter performance was again marked by strong sales to physicians' offices and our balloon business performed well. Overall revenues came in at the low end of our guidance range as sales of certain capital equipment products were lighter than expected." said Robert White, president and chief executive officer of Entellus Medical. "With our broad product offering and execution of key initiatives, I am confident in the business and our ability to accelerate revenue growth throughout the remainder of 2017."
For the second-quarter 2017, Entellus Medical, Inc. projects revenue to be in the range of $20.70 million to $21.70 million. The company expects net income to be in the range of $7 million to $9 million for the second-quarter.
For fiscal year 2017, Entellus Medical, Inc. projects revenue to be in the range of $86 million to $89 million for financial year 2017. The company expects net income to be in the range of $24 million to $32 million.
Working capital increases
Entellus Medical, Inc. has recorded an increase in the working capital over the last year. It stood at $71.27 million as at Mar. 31, 2017, up 7.31 percent or $4.86 million from $66.41 million on Mar. 31, 2016. Current ratio was at 4.57 as on Mar. 31, 2017, down from 6.87 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 81 days for the quarter from 89 days for the last year period. Days sales outstanding went up to 57 days for the quarter compared with 56 days for the same period last year.
Days inventory outstanding has decreased to 67 days for the quarter compared with 88 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 55 for the same period last year.
Debt moves up
Entellus Medical, Inc. has witnessed an increase in total debt over the last one year. It stood at $21.15 million as on Mar. 31, 2017, up 6.63 percent or $1.32 million from $19.84 million on Mar. 31, 2016. Total debt was 19.56 percent of total assets as on Mar. 31, 2017, compared with 24.13 percent on Mar. 31, 2016. Debt to equity ratio was at 0.28 as on Mar. 31, 2017, down from 0.38 as on Mar. 31, 2016.
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