Quotient Limited (QTNT) saw its loss widen to $17.36 million, or $0.62 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.43 million, or $0.25 a share.
Revenue during the quarter surged 43.79 percent to $6.14 million from $4.27 million in the previous year period. Gross margin for the quarter expanded 477 basis points over the previous year period to 55.06 percent.
Operating loss for the quarter was $17.51 million, compared with an operating loss of $12.97 million in the previous year period.
"Strong progress continues to be made advancing MosaiQ™ towards commercial launch, both in terms of MosaiQ™ Microarray manufacturing and completion of the final MosaiQ™ instrument,” said Paul Cowan, Chairman and Chief Executive Officer of Quotient. "Customer feedback regarding MosaiQ™ continues to be extremely positive, following yet another successful showing at the AABB Annual Meeting in late October. While we have experienced a delay in completing planned internal validation studies for MosaiQ™, the prospects for its successful commercialization remain unchanged."
Quotient Limited projects revenue to be in the range of $21.70 million to $22.70 million for financial year 2017. For fiscal year 2017, the company projects operating loss to be in the range of $60 million to $65 million.
Operating cash flow remains negative
Quotient Limited has spent $29.02 million cash to meet operating activities during the first half as against cash outgo of $26.50 million in the last year period.
The company has spent $9.49 million cash to meet investing activities during the first six months as against cash outgo of $14.06 million in the last year period.
Cash flow from financing activities was $16.29 million for the first six months, down 41.35 percent or $11.48 million, when compared with the last year period.
Cash and cash equivalents stood at $19 million as on Sep. 30, 2016, down 25.95 percent or $6.66 million from $25.66 million on Sep. 30, 2015.
Working capital increases
Quotient Limited has recorded an increase in the working capital over the last year. It stood at $12.63 million as at Sep. 30, 2016, up 9.13 percent or $1.06 million from $11.57 million on Sep. 30, 2015. Current ratio was at 1.45 as on Sep. 30, 2016, up from 1.40 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 14 days for the quarter from 171 days for the last year period. Days sales outstanding were almost stable at 46 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 223 days for the quarter compared with 235 days for the previous year period. At the same time, days payable outstanding went down to 284 days for the quarter from 452 for the same period last year.
Debt moves up
Quotient Limited has witnessed an increase in total debt over the last one year. It stood at $31.07 million as on Sep. 30, 2016, up 6.65 percent or $1.94 million from $29.13 million on Sep. 30, 2015. Total debt was 30.50 percent of total assets as on Sep. 30, 2016, compared with 34.51 percent on Sep. 30, 2015. Debt to equity ratio was at 1.13 as on Sep. 30, 2016, down from 3.02 as on Sep. 30, 2015.
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