TransEnterix, Inc. (TRXC) saw its loss widen to $15.41 million, or $0.13 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.91 million, or $0.12 a share.
Revenues for the quarter were $1.95 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 31.45 percent.
Operating loss for the quarter was $15.88 million, compared with an operating loss of $14.98 million in the previous year period.
"We are very pleased with the progress we have made thus far in 2017, including the submission of our Senhance 510(k) application," said Todd M. Pope, president and chief executive officer of TransEnterix. "We will continue to build upon the strong foundation we've established to drive growth in Europe, and continue to expect FDA clearance for the Senhance in 2017."
Operating cash flow remains negative
TransEnterix, Inc. has spent $13.95 million cash to meet operating activities during the quarter as against cash outgo of $14.87 million in the last year period.
The company has spent $0.50 million cash to meet investing activities during the quarter as against cash outgo of $0.15 million in the last year period.
Cash flow from financing activities was $3.34 million for the quarter, down 88.89 percent or $26.71 million, when compared with the last year period.
Working capital drops significantly
TransEnterix, Inc. has witnessed a decline in the working capital over the last year. It stood at $3.89 million as at Mar. 31, 2017, down 88.44 percent or $29.80 million from $33.69 million on Mar. 31, 2016. Current ratio was at 1.16 as on Mar. 31, 2017, down from 2.10 on Mar. 31, 2016.
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