Capnia, Inc. (CAPN) saw its loss narrow to $2.75 million, or $0.41 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.29 million, or $0.33 a share.
Revenue during the quarter surged 33.20 percent to $0.33 million from $0.25 million in the previous year period. Gross margin for the quarter stood at negative 21.28 percent as compared to a positive 77.33 percent for the previous year period.
Operating loss for the quarter was $2.94 million, compared with an operating loss of $3.18 million in the previous year period.
"We continue to see significant interest from hospitals in the US and other countries for the installation of our CoSense ETCO monitor, and we believe the developing installed base will drive future revenue growth," said Anish Bhatnagar, M.D., chief executive officer of Capnia. "Also, consumer feedback from our pilot launch of Serenz Allergy Relief in the United Kingdom continues to be strong, and we are working on a full commercial launch of the product. We have established a solid foundation, and look forward to a fruitful 2017."
Working capital turns positive
Working capital of Capnia, Inc. has turned positive to $4.73 million on Sep. 30, 2016 from negative $0.50 million on Sep. 30, 2015. Current ratio was at 3.66 as on Sep. 30, 2016, up from 0.92 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 112 days for the quarter from 1039 days for the last year period. Days sales outstanding went up to 21 days for the quarter compared with 20 days for the same period last year.
Days inventory outstanding has decreased to 81 days for the quarter compared with 536 days for the previous year period. At the same time, days payable outstanding went down to 213 days for the quarter from 1595 for the same period last year.
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