Trovagene, Inc. (TROV) saw its loss widen to $10.19 million, or $0.34 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.74 million, or $0.23 a share. Revenue during the quarter surged 56.14 percent to $0.09 million from $0.06 million in the previous year period.
Operating loss for the quarter was $9.92 million, compared with an operating loss of $6.41 million in the previous year period.
"We made significant progress in expanding the awareness and value of our Precision Cancer Monitoring® (PCM) technology in the third quarter through the announcement of key collaborations with leading cancer centers and a national pancreatic cancer advocacy organization. In addition, we are pleased that data demonstrating the clinical utility of our Trovera™ liquid biopsy tests in lung cancer was published in peer-reviewed oncology journals," said Bill Welch, chief executive officer of Trovagene. "We also saw expanded access to our Trovera tests over the second quarter, both with existing and new physicians, and gained our first Tier I payor contract."
Operating cash flow remains negative
Trovagene, Inc. has spent $22.04 million cash to meet operating activities during the nine month period as against cash outgo of $15.31 million in the last year period. The company has spent $25.25 million cash to meet investing activities during the nine month period as against cash outgo of $1.26 million in the last year period.
Cash flow from financing activities was $2.36 million for the nine month period, down 96.28 percent or $61.06 million, when compared with the last year period.
Cash and cash equivalents stood at $22.57 million as on Sep. 30, 2016, down 69.56 percent or $51.58 million from $74.15 million on Sep. 30, 2015.
Working capital drops significantly
Trovagene, Inc. has witnessed a decline in the working capital over the last year. It stood at $41.41 million as at Sep. 30, 2016, down 38.96 percent or $26.44 million from $67.85 million on Sep. 30, 2015. Current ratio was at 7.31 as on Sep. 30, 2016, down from 10.74 on Sep. 30, 2015.
Days sales outstanding went down to 95 days for the quarter compared with 135 days for the same period last year.
At the same time, days payable outstanding went down to 221 days for the quarter from 584 for the same period last year.
Debt moves up
Trovagene, Inc. has witnessed an increase in total debt over the last one year. It stood at $16.40 million as on Sep. 30, 2016, up 7.41 percent or $1.13 million from $15.26 million on Sep. 30, 2015. Total debt was 30.93 percent of total assets as on Sep. 30, 2016, compared with 19.82 percent on Sep. 30, 2015. Debt to equity ratio was at 0.61 as on Sep. 30, 2016, up from 0.28 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
