Revenue during the quarter went down marginally by 2.97 percent to $13.23 million from $13.64 million in the previous year period. Gross margin for the quarter expanded 587 basis points over the previous year period to 69.85 percent. Operating margin for the quarter period stood at positive 3.59 percent as compared to a negative 5.24 percent for the previous year period.

Operating income for the quarter was $0.47 million, compared with an operating loss of $0.71 million in the previous year period.

“During 2016, Cogentix Medical successfully executed our plan to grow our business in the urology market, broaden the number of deep relationships with our customer base and dramatically improve the Company’s balance sheet. We’ve never been in a better position to drive value for our customers as well as our shareholders,” said Darin Hammers, president and chief executive officer. “The Company’s PrimeSight™ endoscopy products for the urology market led the way in the fourth quarter with 18 percent revenue growth and continue to represent a meaningfully differentiated solution for our urology customers and a significant growth opportunity for Cogentix. Our total Urology revenue grew 6% in the fourth quarter, but our overall revenue showed a slight decline from the prior year as our non-urology Industrial and Airway Management products each saw a significant reduction in revenue. As we look forward to 2017, our team’s key objectives are to drive the organic growth of the urology business while expanding our sales efforts to targeted Urology, Uro/Gyn and Gynecology practices. At the same time, we expect to supplement our organic growth through the execution of business development activities in our targeted market segments enabled by our greatly improved balance sheet.”

The company has spent $19.30 million cash to meet investing activities during the year as against cash outgo of $1.41 million in the last year.

Cash flow from financing activities was $23.43 million for the year, up 34,430.43 percent or $23.43 million, when compared with the last year.

Cash and cash equivalents stood at $9.37 million as on Dec. 31, 2016, up 374.03 percent or $7.39 million from $1.98 million on Dec. 31, 2015.

Working capital increases sharply
Cogentix Medical, Inc has recorded an increase in the working capital over the last year. It stood at $28.61 million as at Dec. 31, 2016, up 130.48 percent or $16.20 million from $12.41 million on Dec. 31, 2015. Current ratio was at 4.21 as on Dec. 31, 2016, up from 2.28 on Dec. 31, 2015.