Stellar Biotechnologies, Inc. saw its loss narrow to $1.49 million, or $0.15 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.63 million, or $0.19 a share. Revenue during the quarter plunged 70.94 percent to $0.14 million from $0.49 million in the previous year period. Gross margin for the quarter stood at negative 15.19 percent as compared to a positive 18.68 percent for the previous year period.
Operating loss for the quarter was $1.41 million, compared with an operating loss of $1.31 million in the previous year period.
"We are preparing our infrastructure and processes to support our customers as they reach exciting inflection points in their clinical studies. Our goal is to be in a position to increase production capacity in order to supply multiple commercial-scale drugs currently under development, while continuing to manage upfront costs," said Stellar president and chief executive officer Frank Oakes. "Over the past two years, we have increased our customer base due in part to the control, traceability and scalability of our Stellar KLH products, and we look forward to building on this track record with new customers."
Operating cash flow remains negative
Stellar Biotechnologies, Inc. has spent $1.37 million cash to meet operating activities during the quarter as against cash outgo of $1.17 million in the last year period. The company has spent $0.09 million cash to meet investing activities during the quarter as against cash outgo of $0.18 million in the last year period.
Cash and cash equivalents stood at $5.89 million as on Dec. 31, 2016, up 51.39 percent or $2 million from $3.89 million on Dec. 31, 2015.
Working capital increases
Stellar Biotechnologies, Inc. has recorded an increase in the working capital over the last year. It stood at $9.99 million as at Dec. 31, 2016, up 11.36 percent or $1.02 million from $8.97 million on Dec. 31, 2015. Current ratio was at 17.59 as on Dec. 31, 2016, up from 13.39 on Dec. 31, 2015.
Days sales outstanding went up to 51 days for the quarter compared with 18 days for the same period last year.
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