Arcadia Biosciences, Inc (RKDA) saw its loss narrow to $4.18 million, or $0.09 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.62 million, or $0.11 a share. Revenue during the quarter plunged 41.03 percent to $1.08 million from $1.82 million in the previous year period. Gross margin for the quarter contracted 224 basis points over the previous year period to 94.42 percent.
Operating loss for the quarter was $3.93 million, compared with an operating loss of $4.24 million in the previous year period.
“I’m pleased to report that Arcadia advanced several pipeline traits this quarter with the completion of current season field trials in corn hybrids and wheat, as well as USDA and FDA regulatory submissions for HB4 stress tolerant soybeans,” said Raj Ketkar, President and Chief executive officer. “In addition, we made substantial progress in our comprehensive pipeline review, which will result in a realignment of our priorities, a refined focus on near-term revenue and continued optimization in our cost structure.”
Operating cash flow remains negative
Arcadia Biosciences, Inc has spent $12.78 million cash to meet operating activities during the nine month period as against cash outgo of $11.16 million in the last year period. The company has spent $1.10 million cash to meet investing activities during the nine month period as against cash outgo of $11.37 million in the last year period.
Cash flow from financing activities was $0.38 million for the nine month period, down 99.45 percent or $68.55 million, when compared with the last year period.
Cash and cash equivalents stood at $10.47 million as on Sep. 30, 2016, down 83.37 percent or $52.49 million from $62.97 million on Sep. 30, 2015.
Working capital declines
Arcadia Biosciences, Inc has witnessed a decline in the working capital over the last year. It stood at $51.85 million as at Sep. 30, 2016, down 21.14 percent or $13.90 million from $65.75 million on Sep. 30, 2015. Current ratio was at 14.56 as on Sep. 30, 2016, up from 7.03 on Sep. 30, 2015.
Days sales outstanding went down to 26 days for the quarter compared with 37 days for the same period last year.
Days inventory outstanding has decreased to 276 days for the quarter compared with 882 days for the previous year period.
Debt moves up
Arcadia Biosciences, Inc has witnessed an increase in total debt over the last one year. It stood at $25.08 million as on Sep. 30, 2016, up 8.55 percent or $1.98 million from $23.10 million on Sep. 30, 2015. Total debt was 40.72 percent of total assets as on Sep. 30, 2016, compared with 28.89 percent on Sep. 30, 2015. Debt to equity ratio was at 0.91 as on Sep. 30, 2016, up from 0.53 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]
