Oxford Immunotec Global PLC (OXFD) saw its loss narrow to $4 million, or $0.18 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.48 million, or $0.20 a share. Revenue during the quarter surged 45.50 percent to $26.11 million from $17.94 million in the previous year period. Gross margin for the quarter expanded 91 basis points over the previous year period to 55.94 percent. Operating margin for the quarter stood at negative 16.26 percent as compared to a negative 26.92 percent for the previous year period.
Operating loss for the quarter was $4.25 million, compared with an operating loss of $4.83 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.16 million compared to negative $1.97 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 8.29 percent for the quarter compared to negative 10.97 percent in the last year period.
"We are very pleased with our financial and operating results during the third quarter," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "Sales performance exceeded our expectations in our core tuberculosis (TB) business with solid organic growth coming from the United States and Asia. We also saw better than expected results in our tick-borne disease business which has recently been strengthened through our acquisitions of Imugen and Immunetics."
For fiscal year 2016, Oxford Immunotec Global PLC forecasts revenue to be in the range of $85 million to $85.80 million.
For the fourth-quarter 2016, Oxford Immunotec Global PLC forecasts revenue to be in the range of $22.60 million to $23.40 million.
Working capital drops significantly
Oxford Immunotec Global PLC has witnessed a decline in the working capital over the last year. It stood at $48.28 million as at Sep. 30, 2016, down 47.61 percent or $43.89 million from $92.17 million on Sep. 30, 2015. Current ratio was at 4.52 as on Sep. 30, 2016, down from 8.06 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 50 days for the quarter from 74 days for the last year period. Days sales outstanding went up to 40 days for the quarter compared with 39 days for the same period last year.
Days inventory outstanding has decreased to 29 days for the quarter compared with 68 days for the previous year period. At the same time, days payable outstanding went down to 19 days for the quarter from 33 for the same period last year.
Debt comes down
Oxford Immunotec Global PLC has recorded a decline in total debt over the last one year. It stood at $0.40 million as on Sep. 30, 2016, down 15.45 percent or $0.07 million from $0.48 million on Sep. 30, 2015. Total debt was 0.44 percent of total assets as on Sep. 30, 2016, compared with 0.42 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.01 as on Sep. 30, 2016, when compared with the last year. 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
