Stellar Biotechnologies, Inc. (SBOT) saw its loss widen to $5.03 million, or $0.57 a share for the year ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.84 million, or $0.36 a share.

Revenue during the year surged 67.62 percent to $1.27 million from $0.76 million in the previous year. Gross margin for the year period stood at positive 11.31 percent as compared to a negative 10.75 percent for the previous year.

Operating loss for the year was $4.91 million, compared with an operating loss of $4.34 million in the previous year.

"In fiscal year 2016 we met our strategic objectives, significantly strengthened our financial position and set the stage for Stellar to continue expanding our growth opportunities. We are closely monitoring our customers’ clinical trials and have a number of key objectives ahead to measure the company's progress," said Stellar president and chief executive officer Frank Oakes. He noted that Stellar expects to move ahead with planned upgrades to its infrastructure. The company also plans to expand its commercial and clinical opportunities through new licensing, supply and research collaborations."

Cash flow from investing activities was $0.56 million for the year, up 355.14 percent or $0.43 million, when compared with the last year.

Cash flow from financing activities was $7.31 million for the year, up 6,748.85 percent or $7.21 million, when compared with the last year.

Working capital increases sharply

Stellar Biotechnologies, Inc. has recorded an increase in the working capital over the last year. It stood at $11.48 million as at Sep. 30, 2016, up 53.30 percent or $3.99 million from $7.49 million on Sep. 30, 2015. Current ratio was at 19.40 as on Sep. 30, 2016, up from 4.14 on Sep. 30, 2015.

Days sales outstanding went down to 16 days for the year compared with 65 days for the same period last year.