HTG Molecular Diagnostics, Inc (HTGM) saw its loss narrow to $5.82 million, or $0.73 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.03 million, or $1.02 a share. Revenue during the quarter surged 58.47 percent to $1.37 million from $0.87 million in the previous year period. Gross margin for the quarter expanded 302 basis points over the previous year period to 5.53 percent.
Operating loss for the quarter was $5.43 million, compared with an operating loss of $6.67 million in the previous year period.
“We are pleased with our momentum as we make progress towards increasing adoption of our products and services,” said TJ Johnson, President and Chief executive officer. “Going forward we will continue to focus on growing our partnerships with pharma and developing high-value diagnostic tests.”
Working capital turns negative
Working capital of HTG Molecular Diagnostics, Inc has turned negative to $1.86 million on Mar. 31, 2017 from positive $22.94 million on Mar. 31, 2016. Current ratio was at 0.82 as on Mar. 31, 2017, down from 3.19 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 40 days for the quarter from 155 days for the last year period. Days sales outstanding went down to 63 days for the quarter compared with 68 days for the same period last year.
Days inventory outstanding has decreased to 44 days for the quarter compared with 246 days for the previous year period. At the same time, days payable outstanding went down to 67 days for the quarter from 159 for the same period last year.
Debt comes down significantly
HTG Molecular Diagnostics, Inc has recorded a decline in total debt over the last one year. It stood at $10.35 million as on Mar. 31, 2017, down 34.37 percent or $5.42 million from $15.78 million on Mar. 31, 2016. Total debt was 90.85 percent of total assets as on Mar. 31, 2017, compared with 39.69 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
