Xtant Medical Holdings (XTNT) saw its loss narrow to $4.90 million, or $0.40 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.69 million, or $0.64 a share.
Revenue during the quarter surged 30.53 percent to $23.09 million from $17.69 million in the previous year period. Gross margin for the quarter expanded 331 basis points over the previous year period to 69.20 percent. Operating margin for the quarter stood at negative 8.24 percent as compared to a negative 27.61 percent for the previous year period.
Operating loss for the quarter was $1.90 million, compared with an operating loss of $4.88 million in the previous year period.
"I am very pleased to have reported our strongest quarter in the history of the company," said Dan Goldberger, chief executive officer of Xtant Medical, "we have rectified our inventory supply chain constraints from the first half of 2016, and have positioned the company to take full advantage of the increasing demand for our proprietary differentiated product offerings. As a result, we have raised our 2016 revenue guidance to $89 to $91 million from our previous revenue guidance of $87 to $90 million provided earlier this year."
For fiscal year 2016, Xtant Medical Holdings forecasts revenue to be in the range of $89 million to $91 million.
Operating cash flow remains negative
Xtant Medical Holdings has spent $11.20 million cash to meet operating activities during the nine month period as against cash outgo of $9.03 million in the last year period.
The company has spent $5.55 million cash to meet investing activities during the nine month period as against cash outgo of $73.37 million in the last year period. It has incurred net capital expenditure of $5.55 million on net basis during the nine month period, down 92.44 percent or $67.82 million from year ago period.
Cash flow from financing activities was $11.79 million for the nine month period, down 86.27 percent or $74.06 million, when compared with the last year period.
Cash and cash equivalents stood at $1.41 million as on Sep. 30, 2016, down 82.20 percent or $6.50 million from $7.91 million on Sep. 30, 2015.
Working capital drops significantly
Xtant Medical Holdings has witnessed a decline in the working capital over the last year. It stood at $17.30 million as at Sep. 30, 2016, down 37.40 percent or $10.34 million from $27.63 million on Sep. 30, 2015. Current ratio was at 1.61 as on Sep. 30, 2016, down from 2.65 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 101 days for the quarter from 197 days for the last year period. Days sales outstanding went down to 43 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 171 days for the quarter compared with 240 days for the previous year period. At the same time, days payable outstanding went up to 113 days for the quarter from 92 for the same period last year.
Debt moves up
Xtant Medical Holdings has witnessed an increase in total debt over the last one year. It stood at $127.64 million as on Sep. 30, 2016, up 13.54 percent or $15.22 million from $112.42 million on Sep. 30, 2015. Total debt was 89.61 percent of total assets as on Sep. 30, 2016, compared with 89.06 percent on Sep. 30, 2015.
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