HTG Molecular Diagnostics , Inc. (HTGM) saw its loss widen to $6.49 million, or $0.92 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.16 million, or $0.76 a share.
Revenue during the quarter dropped 9.60 percent to $0.91 million from $1.01 million in the previous year period. Gross margin for the quarter stood at negative 23.10 percent as compared to a positive 19.98 percent for the previous year period.
Operating loss for the quarter was $6.06 million, compared with an operating loss of $4.83 million in the previous year period.
"We are humbled that Merck has entered into a companion diagnostic agreement with HTG," said TJ Johnson, HTG President and CEO. "This agreement is a significant step towards our goal of building a successful molecular diagnostics business. Our fourth quarter is off to a healthy start as we continue to make strides with Pharma, especially in Immuno-oncology. We are also encouraged by the performance of our HTG EdgeSeq ALKPlus Assay in the first phase of clinical trials."
Working capital drops significantly
HTG Molecular Diagnostics , Inc. has witnessed a decline in the working capital over the last year. It stood at $9.72 million as at Sep. 30, 2016, down 67.71 percent or $20.38 million from $30.10 million on Sep. 30, 2015. Current ratio was at 1.99 as on Sep. 30, 2016, down from 7.29 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 40 days for the quarter from 200 days for the last year period. Days sales outstanding were almost stable at 58 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 76 days for the quarter compared with 266 days for the previous year period. At the same time, days payable outstanding went down to 94 days for the quarter from 123 for the same period last year.
Debt moves up
HTG Molecular Diagnostics , Inc. has witnessed an increase in total debt over the last one year. It stood at $13.16 million as on Sep. 30, 2016, up 22.32 percent or $2.40 million from $10.76 million on Sep. 30, 2015. Total debt was 56.74 percent of total assets as on Sep. 30, 2016, compared with 24.15 percent on Sep. 30, 2015.
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