InVivo Therapeutics Holdings Corp. (NVIV) saw its loss narrow to $23.44 million, or $0.76 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $33.31 million, or $1.26 a share. On the other hand, adjusted net loss for the year widened to $24.03 million, or $0.78 a share.
The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $24.06 million, compared with an operating loss of $22.40 million in the previous year.
Mark Perrin, InVivo’s CEO and Chairman, said, "2016 was a year marked by meaningful and significant progress. In 2016, we: received approval for converting the Neuro-Spinal Scaffold™ pilot study to the pivotal INSPIRE study; received approval to initiate the INSPIRE study in Canada (1st global step for InVivo)
Working capital increases sharply
InVivo Therapeutics Holdings Corp has recorded an increase in the working capital over the last year. It stood at $29.01 million as at Dec. 31, 2016, up 66.44 percent or $11.58 million from $17.43 million on Dec. 31, 2015. Current ratio was at 6.98 as on Dec. 31, 2016, up from 6.26 on Dec. 31, 2015.
Debt comes down
InVivo Therapeutics Holdings Corp. has recorded a decline in total debt over the last one year. It stood at $1.28 million as on Dec. 31, 2016, down 23.65 percent or $0.40 million from $1.67 million on Dec. 31, 2015. Total debt was 3.67 percent of total assets as on Dec. 31, 2016, compared with 7.66 percent on Dec. 31, 2015. Debt to equity ratio was at 0.04 as on Dec. 31, 2016, down from 0.10 as on Dec. 31, 2015.
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