Castlight Health, Inc. (CSLT) saw its loss narrow to $11.40 million, or $0.11 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $20.01 million, or $0.21 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.43 million, or $0.05 a share from a loss of $15.90 million or $0.17 a share, a year ago.
Revenue during the quarter surged 30.51 percent to $25.50 million from $19.54 million in the previous year period. Gross margin for the quarter expanded 1322 basis points over the previous year period to 68.76 percent.
Operating loss for the quarter was $11.52 million, compared with an operating loss of $20.06 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $5.54 million compared to operating profit of $15.95 million in prior year period.
"We were pleased to pass a milestone during the third quarter by reaching $100 million in annualized revenue run rate. We also added 14 net new logos, with a majority of our new customers buying our full platform solution," said Giovanni Colella, M.D., co-founder and chief executive officer of Castlight Health.
For fiscal year 2016, Castlight Health projects revenue to be in the range of $99 million to $102 million. The company projects adjusted operating loss to be in the range of $40 million to $42 million. The company forecasts diluted loss per share to be in the range of $0.40 to $0.42 on adjusted basis.
Operating cash flow remains negative
Castlight Health, Inc. has spent $35.26 million cash to meet operating activities during the nine month period as against cash outgo of $44.91 million in the last year period.
Cash flow from investing activities was $51.41 million for the nine month period, up 2.67 percent or $1.34 million, when compared with the last year period.
Cash flow from financing activities was $19.81 million for the nine month period, up 542 percent or $16.73 million, when compared with the last year period.
Cash and cash equivalents stood at $55.11 million as on Sep. 30, 2016, up 114.67 percent or $29.44 million from $25.67 million on Sep. 30, 2015.
Working capital declines
Castlight Health, Inc. has witnessed a decline in the working capital over the last year. It stood at $97.58 million as at Sep. 30, 2016, down 23.02 percent or $29.18 million from $126.76 million on Sep. 30, 2015. Current ratio was at 3.10 as on Sep. 30, 2016, down from 3.94 on Sep. 30, 2015.
Days sales outstanding went down to 49 days for the quarter compared with 58 days for the same period last year.
At the same time, days payable outstanding went down to 30 days for the quarter from 32 for the same period last year.
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