Marrone Bio Innovations, Inc. (MBII) saw its loss narrow to $7.20 million, or $0.29 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.80 million, or $0.40 a share.
Revenue during the quarter surged 46.83 percent to $3.63 million from $2.48 million in the previous year period. Gross margin for the quarter expanded 2594 basis points over the previous year period to 31.40 percent.
Operating loss for the quarter was $5.28 million, compared with an operating loss of $8.62 million in the previous year period.
Dr. Pam Marrone, chief executive officer, commented, "We are excited to report our fourth consecutive quarter of strong results. We have continued to generate growth through existing products, new product introductions, and new partnerships." Dr. Marrone continued, "We are confident that our business strategies and culture are properly aligned with some fundamental and basic market trends. Our scientific approach to new product development has allowed us to consistently and timely deliver effective products that address unmet market needs."
Operating cash flow remains negative
Marrone Bio Innovations, Inc. has spent $18.35 million cash to meet operating activities during the nine month period as against cash outgo of $28.68 million in the last year period.
The company has spent $0.17 million cash to meet investing activities during the nine month period as against cash outgo of $1.49 million in the last year period.
Cash flow from financing activities was $14.69 million for the nine month period, down 35.21 percent or $7.99 million, when compared with the last year period.
Cash and cash equivalents stood at $16.01 million as on Sep. 30, 2016, down 42.48 percent or $11.82 million from $27.84 million on Sep. 30, 2015.
Working capital drops significantly
Marrone Bio Innovations, Inc. has witnessed a decline in the working capital over the last year. It stood at $18.06 million as at Sep. 30, 2016, down 43.32 percent or $13.80 million from $31.86 million on Sep. 30, 2015. Current ratio was at 2.44 as on Sep. 30, 2016, down from 3.77 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 119 days for the quarter from 398 days for the last year period. Days sales outstanding went down to 63 days for the quarter compared with 81 days for the same period last year.
Days inventory outstanding has decreased to 155 days for the quarter compared with 401 days for the previous year period. At the same time, days payable outstanding went up to 100 days for the quarter from 83 for the same period last year.
Debt comes down marginally
Marrone Bio Innovations, Inc. has recorded a decline in total debt over the last one year. It stood at $22.71 million as on Sep. 30, 2016, down 1.74 percent or $0.40 million from $23.11 million on Sep. 30, 2015. Total debt was 45.19 percent of total assets as on Sep. 30, 2016, compared with 28.85 percent on Sep. 30, 2015.
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