Identiv, Inc. (INVE) saw its loss narrow to $1.06 million, or $0.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $19.06 million, or $1.77 a share.
Revenue during the quarter grew 12.01 percent to $14.65 million from $13.08 million in the previous year period. Gross margin for the quarter expanded 2048 basis points over the previous year period to 42.64 percent.
Operating loss for the quarter was $0.12 million, compared with an operating loss of $17.41 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.13 million compared to negative $6.65 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 7.74 percent for the quarter compared to negative 50.88 percent in the last year period.
"Throughout 2016, we have executed to plan while driving towards our target operating model. This is underscored by the positive adjusted EBITDA in the third and fourth quarter of the year, with a total positive adjusted EBITDA of over $2.8 million in the second half of the year, compared with negative adjusted EBITDA of over $(10.0) million in the second half of 2015. More importantly, we’ve refocused the Company and re-established growth in the core business with year-over-year revenue growth of 12% in the fourth quarter. With the recently announced debt refinancing also completed, we are going into 2017 with our full focus on business execution," said Steven Humphreys, Identiv CEO.
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