Intersect ENT, Inc. (XENT) saw its loss narrow to $4.82 million, or $0.17 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.74 million, or $0.20 a share.
Revenue during the quarter grew 28.95 percent to $24.23 million from $18.79 million in the previous year period. Gross margin for the quarter expanded 372 basis points over the previous year period to 83.95 percent. Operating margin for the quarter stood at negative 20.88 percent as compared to a negative 31.13 percent for the previous year period.
Operating loss for the quarter was $5.06 million, compared with an operating loss of $5.85 million in the previous year period.
"We are pleased to have delivered another strong year in 2016 both in terms of commercial success and pipeline progress, highlighted by positive results in two pivotal randomized clinical trials," said Lisa Earnhardt, president and CEO of Intersect ENT. "We look forward to continuing to deliver innovative solutions to the ENT community in 2017 by expansion of PROPEL® use, bolstered by the frontal indication and the upcoming PROPEL Contour launch, combined with pursuit of FDA approval of the RESOLVE product. Our long-term goal remains the treatment of chronic sinusitis patients across the continuum of care."
For financial year 2017, Intersect ENT, Inc expects revenue to be in the range of $87 million to $89 million.
For the first-quarter, Intersect ENT, Inc. expects revenue to be in the range of $19 million to $19.50 million.
Working capital declines
Intersect ENT, Inc. has witnessed a decline in the working capital over the last year. It stood at $110.93 million as at Dec. 31, 2016, down 13.43 percent or $17.21 million from $128.14 million on Dec. 31, 2015. Current ratio was at 8.72 as on Dec. 31, 2016, down from 10.80 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 55 days for the quarter from 53 days for the last year period. Days sales outstanding were almost stable at 27 days for the quarter, when compared with the last year period.
Days inventory outstanding has increased to 66 days for the quarter compared with 49 days for the previous year period. At the same time, days payable outstanding went up to 39 days for the quarter from 24 for the same period last year.
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