Viveve Medical, Inc. (VIVMF) saw its loss widen to $4.87 million, or $0.46 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.22 million, or $0.50 a share.
Revenue during the quarter surged 216.61 percent to $1.85 million from $0.58 million in the previous year period. Gross margin for the quarter expanded 878 basis points over the previous year period to 37.37 percent.
Operating loss for the quarter was $4.64 million, compared with an operating loss of $3.10 million in the previous year period.
"The third quarter continued to be a record breaking period for the company. We achieved our fifth consecutive quarter of double-digit growth, bringing our installed base to 162 Viveve Systems," said Patricia Scheller, Viveve's chief executive officer. "Additionally, we recently obtained regulatory clearances in six additional countries, including some of the largest aesethetic and sexual medicine markets in the world.
Working capital increases sharply
Viveve Medical, Inc. has recorded an increase in the working capital over the last year. It stood at $13.21 million as at Sep. 30, 2016, up 695.72 percent or $11.55 million from $1.66 million on Sep. 30, 2015. Current ratio was at 3.48 as on Sep. 30, 2016, up from 1.24 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 3 days for the quarter from 31 days for the last year period. Days sales outstanding went up to 45 days for the quarter compared with 19 days for the same period last year.
Days inventory outstanding has decreased to 56 days for the quarter compared with 71 days for the previous year period. At the same time, days payable outstanding went down to 98 days for the quarter from 121 for the same period last year.
Debt increases substantially
Viveve Medical, Inc. has witnessed an increase in total debt over the last one year. It stood at $9.60 million as on Sep. 30, 2016, up 91.90 percent or $4.60 million from $5 million on Sep. 30, 2015. Long-term debt stood at $8.73 million as on Sep. 30, 2016. Total debt was 50.22 percent of total assets as on Sep. 30, 2016, compared with 55.98 percent on Sep. 30, 2015. Debt to equity ratio was at 1.90 as on Sep. 30, 2016, down from 2.50 as on Sep. 30, 2015.
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