Penumbra Inc (PEN) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $2.40 million, or $ 0.08 a share in the quarter, against a net profit of $1.63 million, or $0.05 a share in the last year period.
Revenue during the quarter surged 34.34 percent to $73.10 million from $54.42 million in the previous year period. Gross margin for the quarter contracted 328 basis points over the previous year period to 63.72 percent. Operating margin for the quarter stood at negative 1.58 percent as compared to a positive 3.34 percent for the previous year period.
Operating loss for the quarter was $1.15 million, compared with an operating income of $1.82 million in the previous year period.
“We are extremely proud of our accomplishments in the fourth quarter and full year 2016. Both our Neuro and Peripheral Vascular businesses saw strong growth driven by several important product and geographic launches, as well as an uncharacteristically strong December,” said Adam Elsesser, Penumbra’s chairman, president and chief executive officer. “Tens of thousands of patients were treated with our products in 2016, and for that we are particularly proud. We also made significant strategic strides to position ourselves to treat multiple times that number of patients in the future.”
Penumbra expects revenue to be in the range of $312 million to $317 million for financial year 2017.
Working capital increases
Penumbra Inc has recorded an increase in the working capital over the last year. It stood at $228.03 million as at Dec. 31, 2016, up 5.46 percent or $11.81 million from $216.21 million on Dec. 31, 2015. Current ratio was at 7.37 as on Dec. 31, 2016, down from 8.68 on Dec. 31, 2015.
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