Alliqua BioMedical, Inc. (ALQA) saw its loss narrow to $7 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.68 million, or $0.28 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.18 million, or $0.17 a share from a loss of $6.70 million or $0.25 a share, a year ago. Revenue during the quarter grew 16.10 percent to $4.59 million from $3.96 million in the previous year period. Gross margin for the quarter expanded 405 basis points over the previous year period to 63.87 percent.
Operating loss for the quarter was $5.77 million, compared with an operating loss of $8.15 million in the previous year period.
"Our first quarter revenue performance represents an exciting start to 2017, with 28% growth in our products business, driven by Biologics growth of 197%," said David Johnson, Chief Executive Officer of Alliqua BioMedical. "We were successful in pursuing our targeted sales strategies for our regenerative technologies. Within Biologics, for example, we saw continued success in our efforts to focus on the surgical segment of the market and enhance our hybrid selling organization by adding relationships with new independent sales agencies. Likewise, within our UltraMIST franchise, we are excited about our targeted strategy for driving growth, by focusing on the hospital outpatient market, hosting peer-to-peer education events and establishing centers of excellence."
For financial year 2017, Alliqua BioMedical, Inc. expects revenue to be in the range of $20.40 million to $21.30 million .
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