Penumbra, Inc (PEN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1.11 million, or $ 0.04 a share in the quarter, against a net profit of $0.90 million, or $0.03 a share in the last year period. Revenue during the quarter surged 33.27 percent to $67.19 million from $50.42 million in the previous year period. Gross margin for the quarter contracted 263 basis points over the previous year period to 63.81 percent. Operating margin for the quarter stood at negative 2.03 percent as compared to a positive 4.33 percent for the previous year period.
Operating loss for the quarter was $1.36 million, compared with an operating income of $2.18 million in the previous year period.
Working capital increases marginally
Penumbra, Inc has recorded an increase in the working capital over the last year. It stood at $229.88 million as at Sep. 30, 2016, up 4.11 percent or $9.08 million from $220.80 million on Sep. 30, 2015. Current ratio was at 7.16 as on Sep. 30, 2016, down from 8.81 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 151 days for the quarter from 150 days for the last year period. Days sales outstanding went up to 25 days for the quarter compared with 24 days for the same period last year.
Days inventory outstanding has decreased to 133 days for the quarter compared with 137 days for the previous year period. At the same time, days payable outstanding went down to 7 days for the quarter from 11 for the same period last year.
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