Auxilio, Inc. (AUXO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.01 million in the quarter, against a net loss of $0.15 million in the last year period.
Revenue during the quarter grew 25.76 percent to $18.25 million from $14.52 million in the previous year period. Gross margin for the quarter expanded 922 basis points over the previous year period to 25.13 percent. Operating margin for the quarter period stood at positive 2.37 percent as compared to a negative 0.86 percent for the previous year period.
Operating income for the quarter was $0.43 million, compared with an operating loss of $0.13 million in the previous year period.
"Auxilio had yet another quarter of solid execution as we continue the process of both combining and expanding our sales, marketing and back office operations associated with the acquisition of CynergisTek. Integration efforts have been accelerated given the increased demand we are seeing from customers for complete document workflow solutions inclusive of a security component," stated Joseph J. Flynn, CEO of Auxilio. "The quarter was a period of substantial investment, and that trend will continue through the balance of the year given the opportunity in front of us. We are already seeing the benefits of being a larger entity with a national presence and we look forward to updating investors on both cross-selling and sales pipeline trends in the coming quarters."
Working capital turns negative Working capital of Auxilio, Inc. has turned negative to $0.82 million on Mar. 31, 2017 from positive $3.09 million on Mar. 31, 2016. Current ratio was at 0.95 as on Mar. 31, 2017, down from 1.27 on Mar. 31, 2016.
Days sales outstanding went up to 48 days for the quarter compared with 46 days for the same period last year.
Debt increases substantially
Auxilio, Inc. has witnessed an increase in total debt over the last one year. It stood at $14.73 million as on Mar. 31, 2017, up 698.72 percent or $12.88 million from $1.84 million on Mar. 31, 2016. Total debt was 27.43 percent of total assets as on Mar. 31, 2017, compared with 8.66 percent on Mar. 31, 2016. Debt to equity ratio was at 0.87 as on Mar. 31, 2017, up from 0.21 as on Mar. 31, 2016.
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