SANUWAVE Health, Inc (SNWV) saw its loss widen to $6.44 million, or $0.06 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.81 million, or $0.08 a share. Revenue during the year surged 42.52 percent to $1.38 million from $0.97 million in the previous year. Gross margin for the year contracted 1155 basis points over the previous year to 58.93 percent.
Operating loss for the year was $3.32 million, compared with an operating loss of $4.44 million in the previous year.
"We had the most eventful year in SANUWAVE's history in 2016. We grew international revenue by 40%, successfully submitted a de novo petition for the dermaPACE device to the FDA and increased our number of patents received and/or applied for from fifty-three to sixty-six" stated Kevin A. Richardson II, Chief executive officer and Chairman of the board of SANUWAVE. "In 2017, we expect to add seven to ten new regions or countries to our international portfolio, launch clinical work domestically in the tangential areas for growth and expand our board of directors and scientific advisory board. We also look forward working with the FDA to get our dermaPACE device approved for use in the United States."
Operating cash flow remains negative
SANUWAVE Health, Inc has spent $3.20 million cash to meet operating activities during the year as against cash outgo of $3.47 million in the last year. The company has spent $0.01 million cash to meet investing activities during the year as against cash inflow of $0.10 million in the last year.
Cash flow from financing activities was almost stable for the year at $3.21 million, when compared with the previous year.
Cash and cash equivalents stood at $0.13 million as on Dec. 31, 2016, down 12.66 percent or $0.02 million from $0.15 million on Dec. 31, 2015.
Working capital remains negative
Working capital of SANUWAVE Health, Inc was negative $7 million on Dec. 31, 2016 compared with negative $0.85 million on Dec. 31, 2015. Current ratio was at 0.12 as on Dec. 31, 2016, down from 0.43 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 192 days for the year from 139 days for the last year. Days sales outstanding went up to 66 days for the year compared with 20 days for the same period last year.
Days inventory outstanding has decreased to 75 days for the year compared with 369 days for the previous year period. At the same time, days payable outstanding went down to 333 days for the year from 528 for the same period last year.
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