Pacific Biosciences Of California Inc (PACB) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $17.49 million, or $ 0.19 a share in the quarter, against a net profit of $1.82 million, or $0.02 a share in the last year period.
Revenue during the quarter surged 80.48 percent to $25.12 million from $13.92 million in the previous year period. Gross margin for the quarter expanded 324 basis points over the previous year period to 50.31 percent. Operating margin for the quarter stood at negative 66.63 percent as compared to a positive 18.78 percent for the previous year period.
Operating loss for the quarter was $16.74 million, compared with an operating income of $2.61 million in the previous year period.
Working capital increases sharply
Pacific Biosciences Of California Inc has recorded an increase in the working capital over the last year. It stood at $86.52 million as at Sep. 30, 2016, up 82.34 percent or $39.07 million from $47.45 million on Sep. 30, 2015. Current ratio was at 3.41 as on Sep. 30, 2016, up from 2.22 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 37 days for the quarter from 100 days for the last year period. Days sales outstanding went up to 29 days for the quarter compared with 27 days for the same period last year.
Days inventory outstanding has decreased to 61 days for the quarter compared with 147 days for the previous year period. At the same time, days payable outstanding went down to 52 days for the quarter from 74 for the same period last year.
Debt moves up
Pacific Biosciences Of California Inc has witnessed an increase in total debt over the last one year. It stood at $15.79 million as on Sep. 30, 2016, up 6.66 percent or $0.99 million from $14.81 million on Sep. 30, 2015. Pacific Biosciences Of California has witnessed an increase in long-term debt over the last one year. It stood at $15.79 million as on Sep. 30, 2016, up 6.66 percent or $0.99 million from $14.81 million on Sep. 30, 2015. Total debt was 10.48 percent of total assets as on Sep. 30, 2016, compared with 14.84 percent on Sep. 30, 2015. Debt to equity ratio was at 0.16 as on Sep. 30, 2016, down from 0.36 as on Sep. 30, 2015.
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