TerraVia (TVIA) saw its loss narrow to $20.49 million, or $0.24 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $34.92 million, or $0.43 a share. On the other hand, adjusted net loss for the quarter narrowed to $20.52 million, or $0.24 a share from a loss of $31.48 million or $0.39 a share, a year ago. Revenue during the quarter dropped 4.58 percent to $4.31 million from $4.52 million in the previous year period. Gross margin for the quarter expanded 3287 basis points over the previous year period to 79.49 percent.
Operating loss for the quarter was $15.67 million, compared with an operating loss of $26.22 million in the previous year period.
"I believe we are in an important moment for innovation in the food industry. TerraVia’s revolutionary platform gives us the opportunity to be a major factor in addressing the growing demands for plant-based, healthy and sustainable food and nutrition products," said Apu Mody, chief executive officer of TerraVia. "Since joining the company just a couple months ago, I have had the opportunity to spend significant time with our teams, visit the production facilities in Peoria and Brazil, and meet with our strategic partners and many customers. Everything I have seen and heard reaffirms my initial belief in what the company has built and the opportunities ahead."
Working capital drops significantly
TerraVia has witnessed a decline in the working capital over the last year. It stood at $71.97 million as at Sep. 30, 2016, down 40.27 percent or $48.53 million from $120.50 million on Sep. 30, 2015. Current ratio was at 4.21 as on Sep. 30, 2016, down from 7.39 on Sep. 30, 2015. Days sales outstanding went down to 48 days for the quarter compared with 92 days for the same period last year.
Debt comes down
TerraVia Holdings has recorded a decline in total debt over the last one year. It stood at $191.65 million as on Sep. 30, 2016, down 5.04 percent or $10.18 million from $201.83 million on Sep. 30, 2015. TerraVia Holdings has recorded a decline in long-term debt over the last one year. It stood at $191.65 million as on Sep. 30, 2016, down 5.04 percent or $10.18 million from $201.83 million on Sep. 30, 2015. Total debt was 121.99 percent of total assets as on Sep. 30, 2016, compared with 96.55 percent on Sep. 30, 2015.
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