Vermillion, Inc. (VRML) saw its loss narrow to $2.67 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.90 million, or $0.09 a share.
Revenue during the quarter surged 43.76 percent to $0.73 million from $0.50 million in the previous year period. Gross margin for the quarter stood at negative 0.14 percent as compared to a negative 4.55 percent for the previous year period.
Operating loss for the quarter was $2.66 million, compared with an operating loss of $4.90 million in the previous year period.
Valerie Palmieri, president and chief executive officer of Vermillion, Inc., stated, "The first quarter was a milestone as the first time we have seen quarter-over-quarter and year-over-year growth in territories in which we have sales representation. We were pleased to see consistent momentum in field sales progress and managed care contracts as we continue our march in 2017 to expand payer coverage and adoption of our OVA1 test."
Working capital drops significantly
Vermillion, Inc. has witnessed a decline in the working capital over the last year. It stood at $6.45 million as at Mar. 31, 2017, down 41.33 percent or $4.54 million from $10.99 million on Mar. 31, 2016. Current ratio was at 3.85 as on Mar. 31, 2017, down from 4.74 on Mar. 31, 2016.
Days inventory outstanding was almost stable at 6 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 35 days for the quarter from 58 for the same period last year.
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