MRI Interventions, Inc. saw its loss widen to $1.68 million, or $0.47 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.20 million, or $0.62 a share. Revenue during the quarter grew 8.17 percent to $1.64 million from $1.51 million in the previous year period. Gross margin for the quarter expanded 139 basis points over the previous year period to 58.60 percent.
Operating loss for the quarter was $1.79 million, compared with an operating loss of $1.42 million in the previous year period.
"We were very pleased with fourth quarter results, as well as our accomplishments in 2016. During the last year, we established a solid foundation for the Company and a platform for continued growth. As we drive the adoption of our technology, we continue to focus on adding new sites, growing procedures, and tightly managing expenses," said Frank Grillo, president and chief executive officer of MRI Interventions. "Real time intra-operative MRI guidance is a significant advance in neurosurgery, and we are proud to be the leader in this field."
Operating cash flow remains negative
MRI Interventions, Inc. has spent $5.82 million cash to meet operating activities during the year as against cash outgo of $8.64 million in the last year. The company has spent $0.10 million cash to meet investing activities during the year as against cash outgo of $0.08 million in the last year.
Cash flow from financing activities was $3.83 million for the year, down 21.54 percent or $1.05 million, when compared with the last year.
Cash and cash equivalents stood at $3.32 million as on Dec. 31, 2016, down 38.69 percent or $2.09 million from $5.41 million on Dec. 31, 2015.
Working capital increases sharply
MRI Interventions, Inc. has recorded an increase in the working capital over the last year. It stood at $3.07 million as at Dec. 31, 2016, up 249.16 percent or $2.19 million from $0.88 million on Dec. 31, 2015. Current ratio was at 2.02 as on Dec. 31, 2016, up from 1.11 on Dec. 31, 2015.
Debt comes down significantly
MRI Interventions, Inc. has recorded a decline in total debt over the last one year. It stood at $4.49 million as on Dec. 31, 2016, down 43.48 percent or $3.46 million from $7.95 million on Dec. 31, 2015. Total debt was 60.69 percent of total assets as on Dec. 31, 2016, compared with 78.66 percent 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
