VIVEVE MEDICAL (VIVMF) saw its loss widen to $5.82 million, or $0.55 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.68 million, or $0.54 a share.
Revenue during the quarter surged 226.06 percent to $2.45 million from $0.75 million in the previous year period. Gross margin for the quarter expanded 82 basis points over the previous year period to 38.99 percent.
Operating loss for the quarter was $5.53 million, compared with an operating loss of $3.56 million in the previous year period.
"We have continued to exceed our commercial expectations with six consecutive quarters of double digit revenue growth and with extensive positive feedback from distributors, physicians and patients. In January, we launched our initial U.S. commercial team and we recently announced publication of the VIVEVE I study results, further validating the safety and efficacy of our cryogen-cooled monopolar radiofrequency CMRF technology and the GENEVEVE treatment to improve vaginal laxity and sexual function. The interest and increasing demand we are experiencing reinforces the opportunity for rapid worldwide adoption throughout 2017,”"said Patricia Scheller, chief executive officer of Viveve.
Working capital increases sharplyVIVEVE MEDICAL has recorded an increase in the working capital over the last year. It stood at $6.79 million as at Dec. 31, 2016, up 90.81 percent or $3.23 million from $3.56 million on Dec. 31, 2015. Current ratio was at 1.95 as on Dec. 31, 2016, up from 1.47 on Dec. 31, 2015.
Debt increases substantiallyVIVEVE MEDICAL has witnessed an increase in total debt over the last one year. It stood at $9.63 million as on Dec. 31, 2016, up 116.58 percent or $5.18 million from $4.45 million on Dec. 31, 2015. Long-term debt stood at $7.76 million as on Dec. 31, 2016. Total debt was 66.18 percent of total assets as on Dec. 31, 2016, compared with 38.68 percent on Dec. 31, 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
