Pfenex Inc. (PFNX) saw its loss widen to $10.64 million, or $0.45 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.67 million, or $0.37 a share.
Revenue during the quarter surged 67.77 percent to $5.47 million from $3.26 million in the previous year period. Gross margin for the quarter expanded 2904 basis points over the previous year period to 76.02 percent.
Operating loss for the quarter was $10.90 million, compared with an operating loss of $8.30 million in the previous year period.
In January 2017, Pfenex announced that Dr. Bertrand C. Liang resigned his position as chief executive officer, president, Secretary and as a member of the Board of Directors of the Company following the completion of an independent investigation overseen by the Audit Committee that revealed Dr. Liang had not acted in accordance with the Company's Board Approval Process Policy and Code of Ethics and Conduct. The misconduct did not impact the operating results for Pfenex. Patrick K. Lucy, the Company’s Chief Business Officer, was appointed to serve as Interim Chief Executive Officer, President, and Secretary. The Board of Directors has formed a search committee consisting of select independent directors to initiate an executive search for a replacement CEO.
Working capital drops significantly
Pfenex Inc. has witnessed a decline in the working capital over the last year. It stood at $69.71 million as at Dec. 31, 2016, down 29.44 percent or $29.08 million from $98.79 million on Dec. 31, 2015. Current ratio was at 5.05 as on Dec. 31, 2016, down from 7.08 on Dec. 31, 2015.
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