Cytori Therapeutics (CYTX) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $5.38 million, or $ 0.26 a share in the quarter, against a net profit of $1.53 million, or $0.15 a share in the last year period. Revenue during the quarter dropped 4.57 percent to $0.73 million from $0.77 million in the previous year period. Gross margin for the quarter contracted 1901 basis points over the previous year period to 15.46 percent.
Operating loss for the quarter was $4.80 million, compared with an operating income of $2 million in the previous year period.
Cytori Therapeutics expects revenue to be in the range of $11 million to $13 million for financial year 2016.
Operating cash flow remains negativeCytori Therapeutics has spent $15.37 million cash to meet operating activities during the nine month period as against cash outgo of $15.95 million in the last year period. The company has spent $0.11 million cash to meet investing activities during the nine month period as against cash outgo of $0.56 million in the last year period.
Cash flow from financing activities was $15.93 million for the nine month period, down 23.61 percent or $4.92 million, when compared with the last year period.
Cash and cash equivalents stood at $14.92 million as on Sep. 30, 2016, down 21.33 percent or $4.05 million from $18.97 million on Sep. 30, 2015.
Working capital drops significantly
Cytori Therapeutics has witnessed a decline in the working capital over the last year. It stood at $10.14 million as at Sep. 30, 2016, down 38.86 percent or $6.44 million from $16.58 million on Sep. 30, 2015. Current ratio was at 1.93 as on Sep. 30, 2016, down from 2.75 on Sep. 30, 2015.
Days sales outstanding went down to 105 days for the quarter compared with 113 days for the same period last year.
Days inventory outstanding has decreased to 294 days for the quarter compared with 796 days for the previous year period.
Debt moves up
Cytori Therapeutics has witnessed an increase in total debt over the last one year. It stood at $17.40 million as on Sep. 30, 2016, up 5.92 percent or $0.97 million from $16.42 million on Sep. 30, 2015. Total debt was 47.22 percent of total assets as on Sep. 30, 2016, compared with 38.69 percent on Sep. 30, 2015. Debt to equity ratio was at 1.27 as on Sep. 30, 2016, down from 3.28 as on Sep. 30, 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: [email protected]
