Miramar Labs, Inc (MRLB) saw its loss widen to $3.43 million, or $0.37 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.80 million, or $6.89 a share. On the other hand, adjusted net loss for the quarter widened to $3.43 million, or $0.37 a share from a loss of $2.74 million or $6.89 a share, a year ago. Revenue during the quarter dropped 17.96 percent to $4.41 million from $5.38 million in the previous year period. Gross margin for the quarter expanded 301 basis points over the previous year period to 56.30 percent. Operating margin for the quarter stood at negative 71.81 percent as compared to a negative 46.59 percent for the previous year period.
Operating loss for the quarter was $3.17 million, compared with an operating loss of $2.51 million in the previous year period.
Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, "We continued to achieve very strong momentum in our North America business, which grew 38% in 2016, driven by our efforts to increase awareness and adoption of our technology. We are also benefiting from the indication expansion for the miraDry system, which now provides three distinct benefits to both physicians and patients with its ability to reduce axillary sweat, odor and hair. This unique value proposition for our customers and consumers, is a core driver of expanding our business and delivering on our growth objectives."
Debt comes down
Miramar Labs, Inc has recorded a decline in total debt over the last one year. It stood at $9.92 million as on Dec. 31, 2016, down 8.57 percent or $0.93 million from $10.85 million on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
