Great Basin Scientific, Inc. (GBSN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $29.05 million, or $ 50.36 a share in the quarter, against a net profit of $13.06 million, or $0.26 a share in the last year period. On an adjusted basis, net loss for the quarter was $9.77 million, when compared with $6.91 million in the last year period.
Revenue during the quarter surged 34.78 percent to $0.74 million from $0.55 million in the previous year period.
Operating loss for the quarter was $9.27 million, compared with an operating loss of $6.71 million in the previous year period.
"We're thrilled with the continued growth of our Group B Strep revenue and its increasing contribution to our business now at 15% which offset expected seasonal declines in C. diff revenue in the quarter. Further, with the commercial launch of two new assays in the third quarter, we have additional products to grow revenue while potentially reducing the seasonality of our revenue stream," said Ryan Ashton, co-founder and chief executive officer. "The Staph ID/R panel and the Shiga Toxin Direct test have opened the door to potential placement of our system at much larger hospitals and labs, as well as adding assays and volumes at existing customer sites without additional instruments a shift that should allow us to better utilize our fleet of instruments while we continue to seek increased revenue per customer. We believe this momentum is exciting in that the investments we're making in the business are paying off with revenue growth, an expanding customer base, and the continued commercialization of new assays, all of which benefits both our customers and shareholders."
Operating cash flow remains negative
Great Basin Scientific, Inc. has spent $24.14 million cash to meet operating activities during the nine month period as against cash outgo of $14.85 million in the last year period.
The company has spent $2.91 million cash to meet investing activities during the nine month period as against cash outgo of $4.07 million in the last year period.
Cash flow from financing activities was $23.07 million for the nine month period, down 4.67 percent or $1.13 million, when compared with the last year period.
Cash and cash equivalents stood at $0.81 million as on Sep. 30, 2016, down 88.91 percent or $6.49 million from $7.30 million on Sep. 30, 2015.
Working capital turns negative
Working capital of Great Basin Scientific, Inc. has turned negative to $37.88 million on Sep. 30, 2016 from positive $4.24 million on Sep. 30, 2015. Current ratio was at 0.57 as on Sep. 30, 2016, down from 1.84 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 24 days for the quarter from 16 days for the last year period. Days sales outstanding went down to 25 days for the quarter compared with 29 days for the same period last year.
Days inventory outstanding has decreased to 32 days for the quarter compared with 43 days for the previous year period. At the same time, days payable outstanding went down to 82 days for the quarter from 88 for the same period last year.
Debt increases substantially
Great Basin Scientific, Inc. has witnessed an increase in total debt over the last one year. It stood at $28.38 million as on Sep. 30, 2016, up 1,055.65 percent or $25.92 million from $2.46 million on Sep. 30, 2015. Total debt was 34.02 percent of total assets as on Sep. 30, 2016, compared with 14.54 percent on Sep. 30, 2015.
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