ConforMIS Inc (CFMS) saw its loss widen to $17.16 million, or $0.40 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $15.03 million, or $0.37 a share. Revenue during the quarter went up marginally by 1.01 percent to $20.46 million from $20.25 million in the previous year period. Gross margin for the quarter contracted 116 basis points over the previous year period to 31.75 percent. Operating margin for the quarter stood at negative 84.77 percent as compared to a negative 74.79 percent for the previous year period.
Operating loss for the quarter was $17.34 million, compared with an operating loss of $15.14 million in the previous year period.
"We reported better than expected revenue results in the first quarter of 2017,” said Mark Augusti, president and chief executive officer of ConforMIS, Inc. “Revenue exceeded the mid-point of the first quarter 2017 guidance range in excess of $2 million. Our full year guidance remains unchanged as we work through this year of transition.”
ConforMIS projects revenue to be in the range of $80 million to $84 million for financial year 2017.
Working capital drops significantly
ConforMIS Inc has witnessed a decline in the working capital over the last year. It stood at $76.70 million as at Mar. 31, 2017, down 34.47 percent or $40.35 million from $117.05 million on Mar. 31, 2016. Current ratio was at 6.13 as on Mar. 31, 2017, down from 9.46 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 64 days for the quarter from 107 days for the last year period. Days sales outstanding went down to 61 days for the quarter compared with 64 days for the same period last year.
Days inventory outstanding has decreased to 37 days for the quarter compared with 78 days for the previous year period. At the same time, days payable outstanding went down to 34 days for the quarter from 35 for the same period last year.
Debt increases substantially
ConforMIS Inc has witnessed an increase in total debt over the last one year. It stood at $14.72 million as on Mar. 31, 2017, up 3,525.12 percent or $14.31 million from $0.41 million on Mar. 31, 2016. Total debt was 12.93 percent of total assets as on Mar. 31, 2017, compared with 0.28 percent on Mar. 31, 2016.
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