OvaScience, Inc. (OVAS) saw its loss widen to $19.29 million, or $0.54 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.92 million, or $0.66 a share.
Revenue during the quarter surged 162.67 percent to $0.20 million from $0.08 million in the previous year period.
Operating loss for the quarter was $18.96 million, compared with an operating loss of $17.77 million in the previous year period.
"OvaScience is focused on laying the clinical and operational foundation necessary to support the successful launch of AUGMENT in key international regions," said Harald Stock, Ph.D., president and chief executive officer of OvaScience. "To that end, we are working expeditiously to further build clinical evidence supporting AUGMENT’s use in a broader patient population, and to enter into additional agreements with IVF clinic networks in Canada and Japan. We also continue to progress our efforts with OvaPrime and OvaTure, and look forward to providing updates on both programs by year-end."
Working capital declines
OvaScience, Inc. has witnessed a decline in the working capital over the last year. It stood at $122.19 million as at Sep. 30, 2016, down 9.80 percent or $13.27 million from $135.46 million on Sep. 30, 2015. Current ratio was at 11.85 as on Sep. 30, 2016, down from 14.73 on Sep. 30, 2015.
At the same time, days payable outstanding went down to 170 days for the quarter from 350 for the same period last year.
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