HESKA CORP (HSKA) has reported a 288.45 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.61 million, or $0.61 a share in the quarter, compared with $1.19 million, or $0.17 a share for the same period last year.
Revenue during the quarter grew 11.92 percent to $30.38 million from $27.15 million in the previous year period. Gross margin for the quarter expanded 133 basis points over the previous year period to 43.48 percent. Total expenses were 90.82 percent of quarterly revenues, down from 92.74 percent for the same period last year. This has led to an improvement of 192 basis points in operating margin to 9.18 percent.
Operating income for the quarter was $2.79 million, compared with $1.97 million in the previous year period.
Kevin Wilson, Heska’s Chief Executive Officer and President, commented, "The first quarter of 2017 built nicely upon the foundations set over the past couple of years. Blood diagnostics subscribers grew as Heska again saw market share gains with lasting growth visibility unique to our subscriptions model. Blood diagnostics revenue rose 22% in the period. Digital imaging sales were in line with our expectations and below record 2016 levels, offset by vaccines, allergy, and pharmaceuticals sales that surged 56% in a great start to the year."
Working capital increases
HESKA has recorded an increase in the working capital over the last year. It stood at $24.92 million as at Mar. 31, 2017, up 9.64 percent or $2.19 million from $22.73 million on Mar. 31, 2016. Current ratio was at 1.83 as on Mar. 31, 2017, down from 2.30 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 76 days for the quarter from 112 days for the last year period. Days sales outstanding went down to 46 days for the quarter compared with 51 days for the same period last year.
Days inventory outstanding has decreased to 65 days for the quarter compared with 101 days for the previous year period. At the same time, days payable outstanding went down to 35 days for the quarter from 39 for the same period last year.
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