AxoGen, Inc (AXGN) saw its loss narrow to $2.31 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.98 million, or $0.11 a share.
Revenue during the quarter surged 37.43 percent to $11.21 million from $8.15 million in the previous year period. Gross margin for the quarter expanded 215 basis points over the previous year period to 84.85 percent. Operating margin for the quarter stood at negative 10.55 percent as compared to a negative 23.52 percent for the previous year period.
Operating loss for the quarter was $1.18 million, compared with an operating loss of $1.92 million in the previous year period.
"We are pleased with another successful quarter including record revenues of $11.2 million, continued growth in active and new accounts, and a significantly improved balance sheet" commented Karen Zaderej, president and chief executive officer. "With a large presence at two recent medical meetings, it’s particularly pleasing to see surgeons becoming more familiar with the role of our portfolio of products for peripheral nerve repair. Our recent equity raise and the refinancing of our debt provide us with a solid capital structure as we continue to drive awareness and growth in this emerging nerve repair market."
Operating cash flow remains negativeAxoGen, Inc has spent $9.78 million cash to meet operating activities during the nine month period as against cash outgo of $8.79 million in the last year period. The company has spent $0.77 million cash to meet investing activities during the nine month period as against cash outgo of $0.45 million in the last year period.
Cash flow from financing activities was $0.65 million for the nine month period, down 97.91 percent or $30.31 million, when compared with the last year period.
Cash and cash equivalents stood at $16 million as on Sep. 30, 2016, down 46.54 percent or $13.93 million from $29.94 million on Sep. 30, 2015.
Working capital drops significantly
AxoGen, Inc has witnessed a decline in the working capital over the last year. It stood at $24.07 million as at Sep. 30, 2016, down 30.17 percent or $10.40 million from $34.47 million on Sep. 30, 2015. Current ratio was at 6.24 as on Sep. 30, 2016, down from 9.41 on Sep. 30, 2015.
Days sales outstanding went down to 45 days for the quarter compared with 48 days for the same period last year.
Days inventory outstanding has decreased to 135 days for the quarter compared with 236 days for the previous year period.
Debt comes down marginallyAxoGen, Inc has recorded a decline in total debt over the last one year. It stood at $25 million as on Sep. 30, 2016, down 2.12 percent or $0.54 million from $25.54 million on Sep. 30, 2015. AxoGen, Inc has recorded a decline in long-term debt over the last one year. It stood at $25 million as on Sep. 30, 2016, down 2.12 percent or $0.54 million from $25.54 million on Sep. 30, 2015. Total debt was 81.23 percent of total assets as on Sep. 30, 2016, compared with 62.42 percent on Sep. 30, 2015. Debt to equity ratio was at 22.65 as on Sep. 30, 2016, up from 2.29 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: editor@irisindia.net
