ConforMIS, Inc. (CFMS) saw its loss narrow to $12.76 million, or $0.31 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.11 million, or $0.45 a share.
Revenue during the quarter surged 34.18 percent to $18.64 million from $13.89 million in the previous year period. Gross margin for the quarter expanded 1229 basis points over the previous year period to 32.17 percent.
Operating loss for the quarter was $12.90 million, compared with an operating loss of $16.21 million in the previous year period.
"We had a solid third quarter of 2016," said Philipp Lang, MD, MBA, President and Chief Executive Officer of ConforMIS, Inc. "We saw double digit growth in our base business year-over-year with iTotal CR and our partial knee systems. The revenue growth for our newest product, iTotal PS, has been impressive. This innovative product approximately triples the addressable market for ConforMIS and is rapidly becoming our flagship product for new surgeon acquisition."
Working capital drops significantly
ConforMIS, Inc. has witnessed a decline in the working capital over the last year. It stood at $89.96 million as at Sep. 30, 2016, down 38.74 percent or $56.89 million from $146.85 million on Sep. 30, 2015. Current ratio was at 9.03 as on Sep. 30, 2016, down from 11.96 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 61 days for the quarter from 47 days for the last year period. Days sales outstanding went up to 34 days for the quarter compared with 27 days for the same period last year.
Days inventory outstanding has decreased to 43 days for the quarter compared with 44 days for the previous year period. At the same time, days payable outstanding went down to 16 days for the quarter from 24 for the same period last year.
Debt comes down significantly
ConforMIS, Inc. has recorded a decline in total debt over the last one year. It stood at $0.26 million as on Sep. 30, 2016, down 53.02 percent or $0.29 million from $0.55 million on Sep. 30, 2015. Total debt was 0.21 percent of total assets as on Sep. 30, 2016, compared with 0.31 percent on Sep. 30, 2015.
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