BioTime, Inc. (BTX) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $49.29 million, or $ 0.46 a share in the quarter, against a net loss of $17.11 million, or $0.19 a share in the last year period. Revenue during the quarter plunged 81.19 percent to $0.39 million from $2.07 million in the previous year period. Gross margin for the quarter contracted 376 basis points over the previous year period to 85.38 percent.
Operating loss for the quarter was $11.26 million, compared with an operating loss of $23.76 million in the previous year period.
"At BioTime we are continuing to make meaningful clinical progress with our core development programs in Ophthalmology, Aesthetics and Therapeutics Delivery. We are generating an increasing amount of positive human data from our clinical trials that provide a solid foundation for our optimism," said Adi Mohanty, co-chief executive officer. "We are excited to be announcing top line safety and efficacy data next month from our Renevia pivotal trial in Europe. This week, we are presenting encouraging ophthalmic clinical trial data at ARVO from the OpRegen® trial in dry-AMD. Separately at ARVO, tomorrow we are presenting promising pre-clinical data in retinal restoration."
Operating cash flow remains negative
BioTime, Inc. has spent $8.10 million cash to meet operating activities during the quarter as against cash outgo of $14.31 million in the last year period. The company has spent $9.15 million cash to meet investing activities during the quarter as against cash outgo of $1.66 million in the last year period.
Cash flow from financing activities was $19.10 million for the quarter, up 2,399.61 percent or $18.33 million, when compared with the last year period.
Cash and cash equivalents stood at $23.82 million as on Mar. 31, 2017, down 12.22 percent or $3.32 million from $27.13 million on Mar. 31, 2016.
Working capital increases
BioTime, Inc. has recorded an increase in the working capital over the last year. It stood at $20.44 million as at Mar. 31, 2017, up 6.23 percent or $1.20 million from $19.24 million on Mar. 31, 2016. Current ratio was at 3.32 as on Mar. 31, 2017, up from 2.41 on Mar. 31, 2016.
Days sales outstanding went up to 537 days for the quarter compared with 81 days for the same period last year.
Debt increases substantially
BioTime, Inc. has witnessed an increase in total debt over the last one year. It stood at $2.37 million as on Mar. 31, 2017, up 210.09 percent or $1.60 million from $0.76 million on Mar. 31, 2016. Total debt was 1.15 percent of total assets as on Mar. 31, 2017, compared with 0.95 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.01 as on Mar. 31, 2017, when compared with the last year.
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