Intersect ENT, Inc (XENT) saw its loss narrow to $6.68 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.22 million, or $0.29 a share. Revenue during the quarter grew 22.66 percent to $20.47 million from $16.69 million in the previous year period. Gross margin for the quarter expanded 514 basis points over the previous year period to 85.91 percent. Operating margin for the quarter stood at negative 33.94 percent as compared to a negative 50.36 percent for the previous year period.
Operating loss for the quarter was $6.95 million, compared with an operating loss of $8.41 million in the previous year period.
Intersect ENT, Inc forecasts revenue to be in the range of $22.50 million to $22.70 million for fiscal year 2017.
Working capital declines
Intersect ENT, Inc has witnessed a decline in the working capital over the last year. It stood at $106.59 million as at Mar. 31, 2017, down 12.51 percent or $15.24 million from $121.83 million on Mar. 31, 2016. Current ratio was at 9.47 as on Mar. 31, 2017, down from 11.74 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 98 days for the quarter from 115 days for the last year period. Days sales outstanding went down to 52 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has decreased to 111 days for the quarter compared with 126 days for the previous year period. At the same time, days payable outstanding went down to 65 days for the quarter from 68 for the same period last year.
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