EnteroMedics Inc (ETRM) saw its loss narrow to $4.43 million, or $2.65 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.77 million, or $66.70 a share. Revenue during the quarter dropped 4.77 percent to $0.14 million from $0.15 million in the previous year period. Gross margin for the quarter contracted 1540 basis points over the previous year period to 36.99 percent.
Operating loss for the quarter was $4.13 million, compared with an operating loss of $7.55 million in the previous year period.
“2016 was an outstanding year for EnteroMedics marked by substantial progress across multiple fronts as we continued to work toward expanding the reach of vBloc Therapy," said Dan Gladney, Chief Executive Officer of EnteroMedics. “Through our expanded agreement with Academy Medical, LLC, the numerous first-hand commercial patient success stories we’ve had the privilege of sharing, and the continued publication of long-term data reinforcing the effectiveness and safety of vBloc Therapy, we have entered 2017 with strong momentum which will be crucial as we execute on our goal of achieving broad reimbursement coverage for this cutting edge therapy. We look forward to sharing our continued progress throughout the year.”
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