Stellar Biotechnologies, Inc. (SBOT) saw its loss widen to $1.10 million, or $0.11 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.86 million, or $0.10 a share.
Revenue during the quarter plunged 80.69 percent to $0.06 million from $0.33 million in the previous year period.
Operating loss for the quarter was $1.15 million, compared with an operating loss of $1.10 million in the previous year period.
"In the second quarter, we delivered on a number of strategic objectives, including expanding our opportunities for growth," said Stellar president and chief executive officer Frank Oakes. "We continue to closely monitor the progress of our customers as they generate the next set of clinical results and inflection points for our business."
Operating cash flow remains negative
Stellar Biotechnologies, Inc. has spent $2.64 million cash to meet operating activities during the first half as against cash outgo of $2.25 million in the last year period.
The company has spent $0.13 million cash to meet investing activities during the first half as against cash inflow of $2.75 million in the last year period.
Working capital increases
Stellar Biotechnologies, Inc. has recorded an increase in the working capital over the last year. It stood at $8.92 million as at Mar. 31, 2017, up 10.07 percent or $0.82 million from $8.10 million on Mar. 31, 2016. Current ratio was at 21.57 as on Mar. 31, 2017, up from 14.15 on Mar. 31, 2016.
Days sales outstanding went up to 25 days for the quarter compared with 6 days for the same period last year.
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