SANUWAVE Health, Inc. (SNWV) saw its loss widen to $1.14 million, or $0.01 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.03 million, or $0.02 a share.
Revenue during the quarter surged 78.02 percent to $0.26 million from $0.14 million in the previous year period. Gross margin for the quarter contracted 1161 basis points over the previous year period to 61.40 percent.
Operating loss for the quarter was $0.83 million, compared with an operating loss of $1.32 million in the previous year period.
"We have had another productive quarter, maintaining steady revenue growth over 2015 and acquiring funds to finance operations as we prepare for the fourth quarter and beyond" stated Kevin A. Richardson, II, chairman of the board of SANUWAVE. "We continue to explore opportunities to expand our distribution of dermaPACE and orthoPACE to other countries around the world."
Operating cash flow remains negative
SANUWAVE Health, Inc. has spent $2.71 million cash to meet operating activities during the nine month period as against cash outgo of $3.01 million in the last year period.
The company has spent $0.01 million cash to meet investing activities during the nine month period as against cash inflow of $0.10 million in the last year period
Cash and cash equivalents stood at $0.50 million as on Sep. 30, 2016, down 19.35 percent or $0.12 million from $0.63 million on Sep. 30, 2015.
Working capital remains negative
Working capital of SANUWAVE Health, Inc. was negative $0.36 million on Sep. 30, 2016 compared with negative $0.18 million on Sep. 30, 2015. Current ratio was at 0.74 as on Sep. 30, 2016, down from 0.86 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 150 days for the quarter from 24 days for the last year period. Days sales outstanding went up to 34 days for the quarter compared with 26 days for the same period last year.
Days inventory outstanding has decreased to 124 days for the quarter compared with 664 days for the previous year period. At the same time, days payable outstanding went down to 308 days for the quarter from 714 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
