Vericel (ASTM) saw its loss widen to $6.20 million, or $0.34 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.91 million, or $0.28 a share. On the other hand, adjusted net loss for the quarter narrowed to $3.46 million, or $0.14 a share from a loss of $4.98 million or $0.20 a share, a year ago.
Revenue during the quarter grew 7.15 percent to $16.52 million from $15.42 million in the previous year period. Gross margin for the quarter expanded 94 basis points over the previous year period to 54.06 percent. Operating margin for the quarter stood at negative 35.64 percent as compared to a negative 32.15 percent for the previous year period.
Operating loss for the quarter was $5.89 million, compared with an operating loss of $4.96 million in the previous year period.
"In 2016 we created the drivers for long-term growth of the company by achieving two important regulatory milestones with the approval of a pediatric indication for Epicel and the approval of MACI," said Nick Colangelo, president and chief executive officer of Vericel. "These significant approvals, combined with our expanded sales and marketing infrastructure and a strong balance sheet, have positioned the company for strong revenue growth in the years ahead."
Working capital increases sharplyVericel has recorded an increase in the working capital over the last year. It stood at $31.87 million as at Dec. 31, 2016, up 109.20 percent or $16.64 million from $15.24 million on Dec. 31, 2015. Current ratio was at 3.48 as on Dec. 31, 2016, up from 2.26 on Dec. 31, 2015. Debt increases substantiallyVericel has witnessed an increase in total debt over the last one year. It stood at $10.13 million as on Dec. 31, 2016, up 14,166.20 percent or $10.06 million from $0.07 million on Dec. 31, 2015. Short-term debt stood at $0.78 million as on Dec. 31, 2016. Total debt was 20.84 percent of total assets as on Dec. 31, 2016, compared with 0.21 percent on Dec. 31, 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]