The ExOne Company (XONE) saw its loss narrow to $3.61 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.08 million, or $0.70 a share.
Revenue during the quarter surged 46.53 percent to $12.99 million from $8.86 million in the previous year period. Gross margin for the quarter expanded 1422 basis points over the previous year period to 27.41 percent.
Operating loss for the quarter was $3.57 million, compared with an operating loss of $10.09 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.60 million compared to negative $4 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 12.32 percent for the quarter compared to negative 45.13 percent in the last year period.
Jim McCarley, chief executive officer, commented, "We're pleased to see continued growth in the third quarter and year-to-date periods, with sales of more of our larger, indirect machines. Underlying this momentum are customers who are indicating that our S-Max® platform is setting the standard for industrial applications, evidencing growing adoption of our binder jetting technology."
Operating cash flow remains negative
The ExOne Company has spent $1.91 million cash to meet operating activities during the nine month period as against cash outgo of $11.01 million in the last year period.
The company has spent $0.64 million cash to meet investing activities during the nine month period as against cash outgo of $4.42 million in the last year period.
Cash flow from financing activities was $12.88 million for the nine month period as against cash outgo of $0.36 million in the last year period.
Cash and cash equivalents stood at $29.81 million as on Sep. 30, 2016, up 47.20 percent or $9.56 million from $20.25 million on Sep. 30, 2015.
Working capital increases
The ExOne Company has recorded an increase in the working capital over the last year. It stood at $39.18 million as at Sep. 30, 2016, up 12.67 percent or $4.41 million from $34.77 million on Sep. 30, 2015. Current ratio was at 3.35 as on Sep. 30, 2016, up from 3.15 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 109 days for the quarter from 290 days for the last year period. Days sales outstanding went down to 44 days for the quarter compared with 66 days for the same period last year.
Days inventory outstanding has decreased to 93 days for the quarter compared with 264 days for the previous year period. At the same time, days payable outstanding went down to 28 days for the quarter from 40 for the same period last year.
Debt comes down
The ExOne Company has recorded a decline in total debt over the last one year. It stood at $1.95 million as on Sep. 30, 2016, down 11.50 percent or $0.25 million from $2.21 million on Sep. 30, 2015. Total debt was 1.75 percent of total assets as on Sep. 30, 2016, compared with 2.02 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.02 as on Sep. 30, 2016, when compared with the last year.
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