Natera, Inc. (NTRA) saw its loss widen to $26.02 million, or $0.50 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.63 million, or $0.39 a share.
Revenue during the quarter grew 19.96 percent to $53.89 million from $44.92 million in the previous year period. Gross margin for the quarter expanded 422 basis points over the previous year period to 36.42 percent. Operating margin for the quarter stood at negative 49.46 percent as compared to a negative 46.17 percent for the previous year period.
Operating loss for the quarter was $26.66 million, compared with an operating loss of $20.74 million in the previous year period.
"We are very pleased with our performance in the quarter," said Matt Rabinowitz, Natera's chief executive officer. "We made strong progress growing the NIPT and carrier screening business, and towards achieving broader reimbursement of NIPT in the average risk setting. We believe we are well-positioned for sustained volume growth."
Natera projects revenue to be in the range of $215 million to $220 million for financial year 2016.
Working capital drops significantly
Natera, Inc. has witnessed a decline in the working capital over the last year. It stood at $116.30 million as at Sep. 30, 2016, down 44.95 percent or $94.97 million from $211.27 million on Sep. 30, 2015. Current ratio was at 2.21 as on Sep. 30, 2016, down from 7.03 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 1 days for the quarter from 30 days for the last year period. Days sales outstanding went up to 13 days for the quarter compared with 11 days for the same period last year.
Days inventory outstanding has decreased to 12 days for the quarter compared with 41 days for the previous year period. At the same time, days payable outstanding went up to 24 days for the quarter from 23 for the same period last year.
Debt increases substantially
Natera, Inc. has witnessed an increase in total debt over the last one year. It stood at $49.47 million as on Sep. 30, 2016, up 132.53 percent or $28.20 million from $21.28 million on Sep. 30, 2015. Short-term debt stood at $49.47 million as on Sep. 30, 2016. Total debt was 20.41 percent of total assets as on Sep. 30, 2016, compared with 8.11 percent on Sep. 30, 2015. Debt to equity ratio was at 0.35 as on Sep. 30, 2016, up from 0.10 as on Sep. 30, 2015.
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