Revenue during the quarter grew 9.53 percent to $5.53 million from $5.04 million in the previous year period. Gross margin for the quarter expanded 745 basis points over the previous year period to 56.75 percent.

Operating loss for the quarter was $17.74 million, compared with an operating loss of $12.84 million in the previous year period.

"Tremendous progress continues to be made towards the full commercial launch of MosaiQ in Europe later this year. The initial manufacturing system for MosaiQ Microarrays is now commissioned and validated. Working with our partner STRATEC, we have now taken delivery of the first "commercially ready" MosaiQ Instrument" said Paul Cowan, chairman and chief executive officer of Quotient. "Internal validation studies are now underway for the initial MosaiQ applications, with European field trials scheduled to commence early in the third calendar quarter of 2017. We look forward to sharing the results of the internal validation studies and European field trials when they are completed later this summer."

For financial year 2018, Quotient Ltd forecasts revenue to be in the range of $33 million to $34 million. The company forecasts operating income to be in the range of $63 million to $68 million.

The company has spent $36.26 million cash to meet investing activities during the year as against cash outgo of $28.98 million in the last year.

Cash flow from financing activities was $56.54 million for the year, down 33.98 percent or $29.11 million, when compared with the last year.

Cash and cash equivalents stood at $4.75 million as on Mar. 31, 2017, down 89.22 percent or $39.35 million from $44.10 million on Mar. 31, 2016.

Debt increases substantially
Quotient Ltd has witnessed an increase in total debt over the last one year. It stood at $82.25 million as on Mar. 31, 2017, up 167.18 percent or $51.47 million from $30.78 million on Mar. 31, 2016.