TerraVia Holdings Inc (TVIA) saw its loss narrow to $22.59 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $26.51 million, or $0.32 a share. On the other hand, adjusted net loss for the quarter narrowed to $19.19 million, or $0.19 a share from a loss of $21.17 million or $0.26 a share, a year ago. Revenue during the quarter dropped 7.55 percent to $4.52 million from $4.89 million in the previous year period. Gross margin for the quarter contracted 96 basis points over the previous year period to 72.36 percent.
Operating loss for the quarter was $11.14 million, compared with an operating loss of $17.48 million in the previous year period.
“We met all of our commercial and operational goals for the first quarter as we executed against our focused strategy. We remain on track to meet our 2017 guidance,” said Apu Mody, chief executive officer of TerraVia. “In particular, we’re excited about the market traction we are seeing with AlgaPrime™ DHA, which is showing early signs of being a blockbuster new product that can become a vital feed ingredient for aquaculture and potentially other nutrition markets. Also, as we disclosed today, the company now has a defined timeframe in place for the consideration of strategic alternatives that will chart the future course for TerraVia and our valuable technology platform.”
Debt comes down
TerraVia Holdings Inc has recorded a decline in total debt over the last one year. It stood at $167.88 million as on Mar. 31, 2017, down 20.49 percent or $43.25 million from $211.13 million on Mar. 31, 2016. TerraVia Holdings has recorded a decline in long-term debt over the last one year. It stood at $167.88 million as on Mar. 31, 2017, down 17.14 percent or $34.72 million from $202.60 million on Mar. 31, 2016. Total debt was 141.81 percent of total assets as on Mar. 31, 2017, compared with 112.08 percent on Mar. 31, 2016.
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