BioTime, Inc. (BTX) saw its loss narrow to $5.08 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.43 million, or $0.15 a share.
Revenue during the quarter dropped 25.87 percent to $1.08 million from $1.46 million in the previous year period.
Operating loss for the quarter was $11.25 million, compared with an operating loss of $21.70 million in the previous year period.
"I'm happy with the tremendous progress we made last year in all three of our strategic objectives, clinical development, simplification and unlocking value of non-core programs," said Adi Mohanty, Co-chief executive officer. "We still have more to do, and are well on our way to transforming the company in 2017."
Working capital drops significantly
BioTime, Inc. has witnessed a decline in the working capital over the last year. It stood at $16.80 million as at Dec. 31, 2016, down 51.69 percent or $17.98 million from $34.78 million on Dec. 31, 2015. Current ratio was at 2.90 as on Dec. 31, 2016, down from 3.79 on Dec. 31, 2015.
Debt increases substantially
BioTime, Inc. has witnessed an increase in total debt over the last one year. It stood at $2.60 million as on Dec. 31, 2016, up 269.27 percent or $1.89 million from $0.70 million on Dec. 31, 2015. Total debt was 1.82 percent of total assets as on Dec. 31, 2016, compared with 0.74 percent on Dec. 31, 2015. Debt to equity ratio was at 0.02 as on Dec. 31, 2016, up from 0.01 as 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: editor@irisindia.net
