Organovo Holdings, Inc (ONVO) saw its loss narrow to $9.58 million, or $0.09 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $10.46 million, or $0.11 a share.
Revenue during the quarter surged 250.91 percent to $1.15 million from $0.33 million in the previous year period.
Operating loss for the quarter was $9.63 million, compared with an operating loss of $10.47 million in the previous year period.
“We grew total revenue at a strong year-over-year pace during the fiscal third quarter, showing continued uptake of our tissue research services,” said Keith Murphy, chief executive officer, Organovo. “We recognized revenue from six new customers and seven repeat customers during the period, demonstrating market penetration and solid repeat business. We also added one global Top 25 pharma customer to our roster, bringing our total to eleven with this key group.”
Organovo Holdings, Inc forecasts revenue to be in the range of $3.70 million to $4.50 million for fiscal year 2017.
Operating cash flow remains almost stable
Organovo Holdings, Inc has spent $21.96 million cash to meet operating activities during the nine month period as against cash outgo of $21.84 million in the last year period.
The company has spent $1.11 million cash to meet investing activities during the nine month period as against cash outgo of $1.73 million in the last year period.
Cash flow from financing activities was $30.98 million for the nine month period, down 28.70 percent or $12.47 million, when compared with the last year period.
Cash and cash equivalents stood at $70 million as on Dec. 31, 2016, down 0.04 percent or $0.03 million from $70.03 million on Dec. 31, 2015.
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