InVivo Therapeutics Holdings Corporation (NVIV) saw its loss narrow to $6.39 million, or $0.20 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.62 million, or $0.24 a share. On the other hand, adjusted net loss for the quarter widened to $6.63 million, or $0.21 a share from a loss of $5.58 million or $0.20 a share, a year ago. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $6.67 million, compared with an operating loss of $5.57 million in the previous year period.
Mark Perrin, InVivo’s chief executive officer and chairman, said, “In the first quarter, we continued to make significant progress at InVivo and with the INSPIRE study. By early April, we had enrolled four new patients into the INSPIRE study, with three patients enrolled within 30 days of each other. We also announced four new clinical sites for the INSPIRE study.
Working capital drops significantly
InVivo Therapeutics Holdings Corporation has witnessed a decline in the working capital over the last year. It stood at $23.28 million as at Mar. 31, 2017, down 44.51 percent or $18.68 million from $41.96 million on Mar. 31, 2016. Current ratio was at 6.67 as on Mar. 31, 2017, down from 9.76 on Mar. 31, 2016.
Debt comes down significantly
InVivo Therapeutics Holdings Corporation has recorded a decline in total debt over the last one year. It stood at $1.17 million as on Mar. 31, 2017, down 25.54 percent or $0.40 million from $1.57 million on Mar. 31, 2016. Total debt was 4.05 percent of total assets as on Mar. 31, 2017, compared with 3.30 percent on Mar. 31, 2016. Debt to equity ratio was at 0.05 as on Mar. 31, 2017, up from 0.04 as on Mar. 31, 2016.
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