ORGANOVO HOLDINGS, INC. (ONVO) saw its loss widen to $10.66 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.37 million, or $0.09 a share.
Revenue during the quarter surged 48.18 percent to $0.81 million from $0.55 million in the previous year period.
Operating loss for the quarter was $10.69 million, compared with an operating loss of $8.43 million in the previous year period.
"Fiscal 2017 was a year of significant commercial progress for Organovo, as we grew total revenue 185% and achieved many important scientific targets," said Taylor J. Crouch, chief executive officer, Organovo. "We issued our outlook today for fiscal 2018 total revenue, which represents a robust increase in sales led by growth in tissue research services. In addition to our established work in the toxicology space, we’re seeing strong customer demand for compound screening in disease models, including key areas such as liver fibrosis and non-alcoholic steatohepatitis "NASH". With 30% of the developed world now living with progressive fatty liver disease, I believe our work and capabilities will become critical to understanding the effects of new drugs in realistically modeled patient populations."
For financial year 2018, ORGANOVO HOLDINGS expects revenue to be in the range of $6 million to $8.50 million .
Operating cash flow remains almost stableORGANOVO HOLDINGS has spent $29.18 million cash to meet operating activities during the year as against cash outgo of $29.37 million in the last year. The company has spent $1.39 million cash to meet investing activities during the year as against cash outgo of $2.14 million in the last year.
Cash flow from financing activities was $31.25 million for the year, down 28.09 percent or $12.20 million, when compared with the last year.
Cash and cash equivalents stood at $62.75 million as on Mar. 31, 2017, up 1.06 percent or $0.66 million from $62.09 million on Mar. 31, 2016.
Working capital remains almost stable
Working capital of ORGANOVO HOLDINGS remained almost stable for the quarter at $59.08 million, when compared with the previous year period. Current ratio was at 10.83 as on Mar. 31, 2017, down from 14.18 on Mar. 31, 2016.
Days sales outstanding went up to 36 days for the quarter compared with 22 days for the same period last year.
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