Marrone Bio Innovations, Inc. (MBII) saw its loss narrow to $7.63 million, or $0.31 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.28 million, or $0.38 a share.
Revenue during the quarter surged 55.64 percent to $4.15 million from $2.67 million in the previous year period. Gross margin for the quarter expanded 3015 basis points over the previous year period to 45.14 percent.
Operating loss for the quarter was $5.91 million, compared with an operating loss of $7.45 million in the previous year period.
Dr. Pam Marrone, chief executive officer, commented, "We have achieved another quarter of excellent growth, with a new record of product shipments and solid improvement in gross margin. We believe that we are well positioned to continue to capture a powerful, technology-driven opportunity and to stand out as a high growth company in the relatively mature agricultural products market."
Operating cash flow remains negative
Marrone Bio Innovations, Inc. has spent $7.55 million cash to meet operating activities during the quarter as against cash outgo of $9.71 million in the last year period.
The company has spent $0.08 million cash to meet investing activities during the quarter as against cash outgo of $0.05 million in the last year period.
The company has spent $0.19 million cash to carry out financing activities during the quarter as against cash outgo of $0.25 million in the last year period.
Cash and cash equivalents stood at $1.78 million as on Mar. 31, 2017, down 81.86 percent or $8.04 million from $9.82 million on Mar. 31, 2016.
Working capital drops significantly
Marrone Bio Innovations, Inc. has witnessed a decline in the working capital over the last year. It stood at $5.77 million as at Mar. 31, 2017, down 60.65 percent or $8.89 million from $14.65 million on Mar. 31, 2016. Current ratio was at 1.31 as on Mar. 31, 2017, down from 2.09 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 174 days for the quarter from 381 days for the last year period. Days sales outstanding went down to 113 days for the quarter compared with 120 days for the same period last year.
Days inventory outstanding has decreased to 161 days for the quarter compared with 353 days for the previous year period. At the same time, days payable outstanding went up to 99 days for the quarter from 92 for the same period last year.
Debt comes down
Marrone Bio Innovations, Inc. has recorded a decline in total debt over the last one year. It stood at $22 million as on Mar. 31, 2017, down 5.01 percent or $1.16 million from $23.16 million on Mar. 31, 2016. Total debt was 51.12 percent of total assets as on Mar. 31, 2017, compared with 36.17 percent on Mar. 31, 2016.
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