Quotient Limited (QTNT) saw its loss widen to $31.17 million, or $1.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.78 million, or $0.48 a share.
Revenue during the quarter grew 11.19 percent to $4.84 million from $4.35 million in the previous year period. Gross margin for the quarter contracted 265 basis points over the previous year period to 46.25 percent.
Operating loss for the quarter was $22.43 million, compared with an operating loss of $12.78 million in the previous year period.
"Our team continues to work diligently to advance MosaiQ through to the final internal validation process prior to commencing European field trials," said Paul Cowan, chairman and chief executive officer of Quotient. "Final internal performance evaluation studies for the initial disease screening panel have now been completed successfully. We remain on schedule to complete European field trials for MosaiQ for blood grouping and the initial disease screening panel in the first half of calendar 2017."
For fiscal year 2017, Quotient Limited projects revenue to be in the range of $21 million to $21.30 million. It projects operating income to be in the range of $70 million to $75 million for the same period.
Operating cash flow remains almost stable
Cash flow from operating activities was almost stable for the quarter at $42.78 million, when compared with the previous year period
The company has spent $45.28 million cash to meet investing activities during the nine month period as against cash outgo of $19.90 million in the last year period.
Cash flow from financing activities was $61.32 million for the nine month period, up 25.39 percent or $12.42 million, when compared with the last year period.
Cash and cash equivalents stood at $14.33 million as on Dec. 31, 2016, down 40.45 percent or $9.73 million from $24.06 million on Dec. 31, 2015.
Working capital increases sharply
Quotient Limited has recorded an increase in the working capital over the last year. It stood at $36.03 million as at Dec. 31, 2016, up 49.80 percent or $11.98 million from $24.05 million on Dec. 31, 2015. Current ratio was at 2.38 as on Dec. 31, 2016, down from 2.54 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 111 days for the quarter from 120 days for the last year period. Days sales outstanding went down to 36 days for the quarter compared with 38 days for the same period last year.
Days inventory outstanding has decreased to 233 days for the quarter compared with 282 days for the previous year period. At the same time, days payable outstanding went down to 380 days for the quarter from 440 for the same period last year.
Debt increases substantially
Quotient Limited has witnessed an increase in total debt over the last one year. It stood at $81.61 million as on Dec. 31, 2016, up 166.27 percent or $50.96 million from $30.65 million on Dec. 31, 2015. Total debt was 65.88 percent of total assets as on Dec. 31, 2016, compared with 34.23 percent on Dec. 31, 2015.
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