Mri Interventions (MRIC) saw its loss widen to $2.56 million, or $0.92 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.25 million, or $0.13 a share.
Revenue during the quarter grew 29.68 percent to $1.62 million from $1.25 million in the previous year period. Gross margin for the quarter contracted 134 basis points over the previous year period to 53.70 percent.
Operating loss for the quarter was $1.71 million, compared with an operating loss of $1.93 million in the previous year period.
"We had good growth in disposable product sales this quarter, including strong orders from our drug delivery partners. As we look toward the end of the year, we expect we will achieve more than 500 procedures for the first time in a twelve-month period, with a growing presence in laser ablation, biopsy, and other procedures contributing to our growth. On the capital side, two systems sales contributed to our overall revenue, and we look forward to a strong fourth quarter," said Frank Grillo, chief executive officer, MRI Interventions, Inc. "We were pleased with the execution of the PIPE financing we completed in the third quarter, the support of two large debt holders who converted into equity, and the participation of Voyager Therapeutics and their purchase of $2 million in equity. Companies in the neurological drug delivery space continue to show strong interest in our technology, and we believe in the growth and potential in this area."
Operating cash flow remains negativeMri Interventions has spent $4.71 million cash to meet operating activities during the nine month period as against cash outgo of $7.32 million in the last year period. The company has spent $0.10 million cash to meet investing activities during the nine month period as against cash outgo of $0.07 million in the last year period.
Cash flow from financing activities was almost stable for the quarter at $3.83 million, when compared with the previous year period.
Cash and cash equivalents stood at $4.43 million as on Sep. 30, 2016, up 139.35 percent or $2.58 million from $1.85 million on Sep. 30, 2015.
Working capital turns positive
Working capital of Mri Interventions has turned positive to $4.20 million on Sep. 30, 2016 from negative $3.12 million on Sep. 30, 2015. Current ratio was at 2.24 as on Sep. 30, 2016, up from 0.60 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 19 days for the quarter from 270 days for the last year period. Days sales outstanding went down to 37 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 111 days for the quarter compared with 322 days for the previous year period. At the same time, days payable outstanding went up to 129 days for the quarter from 101 for the same period last year.
Debt comes down significantlyMri Interventions has recorded a decline in total debt over the last one year. It stood at $4.39 million as on Sep. 30, 2016, down 45.10 percent or $3.61 million from $8 million on Sep. 30, 2015. Total debt was 48.70 percent of total assets as on Sep. 30, 2016, compared with 127.47 percent on Sep. 30, 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
