Skyline Medical Inc. (SKLN) saw its loss widen to $6.53 million, or $2.31 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.79 million, or $30.86 a share.

Revenue during the year plunged 30.24 percent to $0.46 million from $0.65 million in the previous year. Gross margin for the year expanded 667 basis points over the previous year to 60.21 percent.

Operating loss for the year was $6.53 million, compared with an operating loss of $4.40 million in the previous year.

"Skyline management and staff worked tirelessly during 2016 to set a viable business strategy and build a strong foundation for growth in 2017 and beyond. I am delighted to report we are starting to see the positive results of our efforts, including the purchase by a top-ranked U.S. hospital of its fourth and fifth STREAMWAY Systems for its headquarters location during the fourth quarter," said Dr. Schwartz. "We are grateful to our shareholders for voting affirmatively for some very difficult initiatives - a reverse stock split and two increases in authorized shares - that permitted us to raise growth capital while maintaining our Nasdaq listing. These were vital actions to ensure Skyline's viability and allow us to continue bringing the innovative and exceptional STREAMWAY System to patients and clinicians."

Cash conversion cycle (CCC) has increased to 1073 days for the year from 778 days for the last year. Days sales outstanding went up to 21 days for the year compared with 15 days for the same period last year.

Days inventory outstanding has decreased to 274 days for the year compared with 281 days for the previous year period. At the same time, days payable outstanding went up to 1369 days for the year from 1074 for the same period last year.