Vermillion Inc (VRML) saw its loss narrow to $3.48 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.15 million, or $0.10 a share.
Revenue during the quarter surged 88.79 percent to $0.62 million from $0.33 million in the previous year period.
Operating loss for the quarter was $3.46 million, compared with an operating loss of $5.14 million in the previous year period.
Valerie Palmieri, president and chief executive officer of Vermillion, Inc., stated, “We continued to execute on our short-term and long-term goals, including reimbursement, publications, and awareness, as well as our ASPiRA pelvic mass specimen and data repository. We believe this foundation will allow us to provide solutions for women affected by a pelvic mass. Pelvic mass conditions impact 20 million women in the US and are a significant burden to the healthcare system and the patient lives they impact.”
Working capital drops significantly
Vermillion Inc has witnessed a decline in the working capital over the last year. It stood at $5.95 million as at Sep. 30, 2016, down 72.12 percent or $15.38 million from $21.33 million on Sep. 30, 2015. Current ratio was at 3.25 as on Sep. 30, 2016, down from 7.66 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 31 days for the quarter from 44 days for the last year period. Days sales outstanding went down to 22 days for the quarter compared with 32 days for the same period last year.
Days inventory outstanding was almost stable at 5 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 58 days for the quarter from 81 for the same period last year.
Debt increases substantially
Vermillion Inc has witnessed an increase in total debt over the last one year. It stood at $1.89 million as on Sep. 30, 2016, up 2,556.34 percent or $1.82 million from $0.07 million on Sep. 30, 2015. Short-term debt stood at $0.18 million as on Sep. 30, 2016. Total debt was 17.66 percent of total assets as on Sep. 30, 2016, compared with 0.28 percent on Sep. 30, 2015.
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