AxoGen, Inc (AXGN) saw its loss widen to $3.76 million, or $0.11 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.68 million, or $0.12 a share. Revenue during the quarter surged 50.91 percent to $12.24 million from $8.11 million in the previous year period. Gross margin for the quarter expanded 168 basis points over the previous year period to 84.35 percent. Operating margin for the quarter stood at negative 26.14 percent as compared to a negative 32.33 percent for the previous year period.
Operating loss for the quarter was $3.20 million, compared with an operating loss of $2.62 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $2.22 million compared to negative $2.34 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 18.14 percent for the quarter compared to negative 28.88 percent in the last year period.
"We are pleased to complete another successful quarter, with record revenues of $12.2 million and growth of 51 percent,” stated Karen Zaderej, president and chief executive officer. ”We are successfully executing against our strategic initiatives and driving awareness and growth in the emerging peripheral nerve repair market.”
AxoGen, Inc expects revenue to grow at 40 percent for the fiscal year 2017.
Operating cash flow remains negative AxoGen, Inc has spent $3.95 million cash to meet operating activities during the quarter as against cash outgo of $4.61 million in the last year period. The company has spent $0.18 million cash to meet investing activities during the quarter as against cash outgo of $0.49 million in the last year period.
Cash flow from financing activities was $0.04 million for the quarter, down 73.13 percent or $0.10 million, when compared with the last year period.
Cash and cash equivalents stood at $25.91 million as on Mar. 31, 2017, up 23.70 percent or $4.97 million from $20.95 million on Mar. 31, 2016.
Working capital increases
AxoGen, Inc has recorded an increase in the working capital over the last year. It stood at $30.20 million as at Mar. 31, 2017, up 9.08 percent or $2.51 million from $27.69 million on Mar. 31, 2016. Current ratio was at 3.82 as on Mar. 31, 2017, down from 8.36 on Mar. 31, 2016.
Days sales outstanding went down to 48 days for the quarter compared with 57 days for the same period last year.
Days inventory outstanding has decreased to 137 days for the quarter compared with 274 days for the previous year period.
Debt comes down marginally
AxoGen, Inc has recorded a decline in total debt over the last one year. It stood at $24.28 million as on Mar. 31, 2017, down 2.13 percent or $0.53 million from $24.80 million on Mar. 31, 2016. Short-term debt stood at $4 million as on Mar. 31, 2017. Total debt was 56.10 percent of total assets as on Mar. 31, 2017, compared with 74.05 percent on Mar. 31, 2016. Debt to equity ratio was at 2 as on Mar. 31, 2017, down from 5.13 as on Mar. 31, 2016.
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