Vocera Communications, Inc (VCRA) saw its loss widen to $9.78 million, or $0.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.98 million, or $0.11 a share. On an adjusted basis, net profit for the quarter was $0.05 million, when compared with net loss $0.29 million in the last year period. Revenue during the quarter grew 26.96 percent to $36.01 million from $28.36 million in the previous year period. Gross margin for the quarter contracted 398 basis points over the previous year period to 59.45 percent. Operating margin for the quarter stood at negative 25.84 percent as compared to a negative 10.56 percent for the previous year period.
Operating loss for the quarter was $9.30 million, compared with an operating loss of $3 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.97 million compared with $0.25 million in the prior year period. At the same time, adjusted EBITDA margin improved 183 basis points in the quarter to 2.70 percent from 0.87 percent in the last year period.
“2016 was a pivotal year for Vocera. We had strong sales execution and believe our highly differentiated software platform is unmatched in the marketplace today,” said Brent Lang, president and Chief executive officer of Vocera. “The demand for our platform is expanding as customers seek unified solutions to address their communication, collaboration and clinical workflow challenges.”
For the first-quarter, Vocera Communications, Inc forecasts revenue to be in the range of $33.50 million to $35.50 million. Vocera Communications forecasts revenue to be in the range of $154 million to $161 million for fiscal year 2017. Vocera Communications projects net loss to be in the range of $8.90 million to $7.90 million for the first-quarter. For financial year 2017, Vocera Communications projects net loss to be in the range of $18.80 million to $14.30 million. Vocera Communications expects adjusted net loss to be in the range of $3.20 million to $1.70 million for the first-quarter. For the financial year 2017, Vocera Communications expects adjusted net income to be in the range of $2 million to $7 million. The company expects diluted loss per share to be in the range of $0.32 to $0.28 for the first-quarter. For fiscal year 2017, the company expects diluted loss per share to be in the range of $0.67 to $0.51. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.12 to $0.06 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.07 to $0.24 on adjusted basis.
Working capital drops significantly
Vocera Communications, Inc has witnessed a decline in the working capital over the last year. It stood at $44.37 million as at Dec. 31, 2016, down 54.50 percent or $53.13 million from $97.50 million on Dec. 31, 2015. Current ratio was at 1.70 as on Dec. 31, 2016, down from 3.04 on Dec. 31, 2015. Cash conversion cycle (CCC) was almost stable at 37 days for the quarter, when compared with the last year period. Days sales outstanding went down to 32 days for the quarter compared with 38 days for the same period last year.
Days inventory outstanding has increased to 14 days for the quarter compared with 12 days for the previous year period. At the same time, days payable outstanding went down to 10 days for the quarter from 13 for the same period last year.
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