OvaScience (OVAS) saw its loss narrow to $14.90 million, or $0.42 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $21.76 million, or $0.80 a share.
Revenue during the quarter plunged 56.85 percent to $0.06 million from $0.15 million in the previous year period.
Operating loss for the quarter was $14.59 million, compared with an operating loss of $21.44 million in the previous year period.
"During the first quarter, we advanced our portfolio of novel treatments for female fertility. We progressed our research and development efforts with OvaTure, and we are on track with patient enrollment in our ongoing clinical study of OvaPrime. We continue to expect multiple potential milestones by year-end, including the successful fertilization of a bovine Egg PC cell-derived egg and an initial data readout from our ongoing clinical study of OvaPrime," said Michelle Dipp, M.D., Ph.D., executive chair and Co-Founder of OvaScience.
Working capital declines
OvaScience has witnessed a decline in the working capital over the last year. It stood at $90.56 million as at Mar. 31, 2017, down 10.28 percent or $10.37 million from $100.93 million on Mar. 31, 2016. Current ratio was at 9.55 as on Mar. 31, 2017, up from 9.55 on Mar. 31, 2016.
At the same time, days payable outstanding went up to 960 days for the quarter from 293 for the same period last year.
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